Patrick industries, inc. reports second quarter 2023 financial results

Second quarter 2023 highlights (compared to second quarter 2022 unless otherwise noted) net sales of $921 million decreased 38%, primarily due to a 44% reduction in rv industry wholesale unit shipments gross profit of $210 million decreased 36%, gross margin increased 60 basis points to 22.8% operating income of $76 million decreased 57%, operating margin decreased 360 basis points to 8.2% net income of $42 million decreased 64% diluted earnings per share of $1.94 decreased 59% adjusted ebitda of $114 million decreased 46%, adjusted ebitda margin decreased 200 basis points to 12.4% inventory reduction of $113 million from year-end 2022 and $184 million from the second quarter of 2022 cash provided by operations of $179 million improved compared to cash provided by operations of $97 million in the second quarter of 2022 on a trailing twelve-month basis, free cash flow through the second quarter of 2023 was $444 million, an increase of 169% compared to $165 million through the second quarter of 2022 returned $18 million to shareholders in the quarter, including $8 million through common share repurchases and $10 million through dividends elkhart, ind. , july 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 second quarter ended july 2, 2023.
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