Patrick industries, inc. reports first quarter 2023 financial results

First quarter 2023 highlights (compared to first quarter 2022 unless otherwise noted) net sales of $900 million decreased 33%, as 25% growth in our marine end-market sales partially offset the impact of a 54% reduction in rv industry wholesale shipments on our rv sales gross profit of $194 million decreased 34%, gross margin decreased 40 basis points to 21.6% operating income of $56 million decreased 65%, operating margin decreased 590 basis points to 6.2% net income of $30 million decreased 73% diluted earnings per share of $1.35 decreased 70% adjusted ebitda of $97 million decreased 49%, adjusted ebitda margin decreased 350 basis points to 10.8% cash used in operations of $1 million improved compared to cash used in operations of $23 million on a trailing twelve-month basis, free cash flow through the first quarter of 2023 was $352 million, an increase of 222% compared to $110 million through the first quarter of 2022 returned $15 million to shareholders in the quarter, including $4 million through common share purchases and $11 million through dividends elkhart, ind. , april 27, 2023 /prnewswire/ -- patrick industries, inc. (nasdaq: patk) ("patrick" or the "company"), a leading component solutions provider for the leisure lifestyle and housing markets today reported financial results for the first quarter ended april 2, 2023.
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