Quarterly ResultAug 6, 2026, 08:18 AM
Patrick Industries Q2 Net Income Up 33.9% to $43.4M; Sales Down 0.6%
AI Summary
Patrick Industries reported a 33.9% increase in net income to $43.4 million for the second quarter of 2026, primarily benefiting from the absence of a $24.4 million legal settlement expense incurred in the prior year. Net sales for the quarter saw a slight decrease of 0.6% to $1.04 billion. Diluted earnings per share rose 33.3% to $1.28. For the first half of 2026, net cash provided by operating activities significantly decreased by 63.6% to $68.9 million, while stock repurchases increased to $106.1 million. Additionally, the conditional conversion feature of the 1.75% Convertible Senior Notes due 2028 was triggered, allowing holders to convert from July 1 to September 30, 2026.
Key Highlights
- Q2 net income increased 33.9% to $43.4 million, compared to $32.4 million in Q2 2025, partly due to no other expenses.
- Q2 net sales slightly decreased 0.6% to $1.04 billion from $1.05 billion in the prior year quarter.
- Q2 diluted EPS rose 33.3% to $1.28, up from $0.96 in the second quarter of 2025.
- Net cash from operating activities for H1 2026 decreased 63.6% to $68.9 million from $189.5 million.
- Stock repurchases under buyback program for H1 2026 increased to $106.1 million from $32.0 million.
- Conditional conversion feature of 1.75% Convertible Notes due 2028 was triggered, allowing conversion from July 1 to September 30, 2026.
- Completed two acquisitions in the first half of 2026 for $7.0 million, adding $1.8 million in net sales.
- The OBBBA tax law, enacted in July 2025, is expected to reduce federal income tax liability in current and future years.
Price Impact
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