MergerJul 30, 2026, 09:01 AM
Patrick Industries to Merge with LCI; Q2 Net Income Up 34% to $43M
AI Summary
Patrick Industries announced a definitive agreement to combine with LCI Industries in an all-stock merger, previously announced on June 30, 2026. Concurrently, the company reported its second quarter 2026 financial results, with net sales of $1.04 billion, a slight decrease from the prior year. Net income increased 34% to $43 million, and diluted EPS rose 33% to $1.28, though adjusted diluted EPS declined. Growth in Marine, Powersports, and Housing segments largely offset a decline in RV market revenue.
Key Highlights
- Signed definitive agreement to combine with LCI Industries in an all-stock merger.
- Q2 2026 net sales were $1.04 billion, down less than 1% from Q2 2025.
- Q2 2026 net income increased 34% to $43 million ($1.28 diluted EPS).
- Operating income was $77 million (7.4% margin) vs $87 million (8.3% margin) in Q2 2025.
- Marine revenue grew 22% to $191 million; Powersports revenue grew 28% to $123 million.
- RV revenue decreased 15% to $407 million, impacted by a 16% decline in RV wholesale unit shipments.
- Returned $106 million to shareholders in Q2 2026, including $91 million in share repurchases.
- Available liquidity stood at $691 million with a total net leverage ratio of 3.0x.
Price Impact
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