PATRICK INDUSTRIES INC

Patrick Industries, Inc. reported its third-quarter financial results, showing a decrease in net income and EPS compared to the prior year. Net sales for the quarter were $975.3 million, slightly down from $975.6 million in the same period last year. Net income fell to $21.1 million, or $0.64 per diluted share, from $35.3 million, or $1.01 per diluted share, in the prior year. The company also incurred $15.1 million in merger-related costs for the nine-month period due to its pending merger with LCI Industries. Total assets grew to $3.20 billion.

Patrick Industries reported third quarter 2026 financial results with net sales of $975 million, nearly flat compared to the prior year. While RV revenue declined 15%, strong performance in Powersports (+30%) and Marine (+14%) offset the decrease. Operating income and diluted EPS saw a year-over-year decline, but adjusted EBITDA increased by 3%. The company continues to advance its merger with LCI Industries, with a shareholder meeting scheduled for November 18, 2026. Patrick Industries returned $15 million to shareholders via dividends.

Patrick Industries, Inc. and LCI Industries have provided an update on their previously announced merger agreement. Both companies filed their respective Premerger Notification and Report Forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on August 5, 2026. The expiration or termination of this waiting period is a key condition for the completion of the merger, which remains subject to other closing conditions.

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.

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.

Patrick Industries, Inc. and LCI Industries have entered into a definitive agreement to combine in an all-stock merger. LCI shareholders will receive 1.2440 shares of Patrick common stock for each LCI share, resulting in Patrick shareholders owning approximately 52% and LCI shareholders 48% of the combined entity. This strategic combination aims to create a premier component solutions provider for outdoor enthusiast, housing, and transportation markets, with an estimated $150+ million in run-rate synergies. The combined company will be headquartered in Elkhart, Indiana, and is expected to close in the first half of 2027.

Patrick Industries declared a quarterly cash dividend of $0.47 per share, payable on June 8, 2026, to shareholders of record on May 26, 2026. At its Annual Meeting of Shareholders, all nine director nominees were elected, Deloitte & Touche LLP was ratified as the independent registered public accounting firm for 2026, and the advisory vote on executive compensation for fiscal year 2025 was approved.

PATRICK INDUSTRIES reported a net income of $39.48 million for Q1 2026, an increase from $38.24 million in Q1 2025, with basic EPS rising to $1.21 from $1.17. Net sales slightly decreased to $997.17 million from $1,003.42 million year-over-year. The company completed two acquisitions for approximately $7.0 million and increased stock repurchases to $14.69 million. The conditional conversion feature of its 1.75% Convertible Senior Notes due 2028 was triggered.

Patrick Industries, Inc. announced on May 4, 2026, that it has terminated discussions with LCI Industries regarding a potential merger of equals. While both companies had reached consensus on leadership and strategic vision for the combined entity, they were unable to agree on certain other key terms of the transaction. Patrick's CEO, Andy Nemeth, stated the company remains committed to its independent strategic plan, focusing on organic growth, innovation, and its proven M&A strategy to drive long-term shareholder value.

Patrick Industries, Inc. reported first quarter 2026 financial results, with net sales of $997 million, a slight decrease from $1,003 million in Q1 2025. Net income increased 3% to $39 million, while diluted EPS was $1.10, down from $1.11. The company confirmed ongoing discussions with LCI Industries regarding a potential merger of equals transaction. Patrick returned $31 million to shareholders through dividends and share repurchases during the quarter.