Patrick Industries, Inc. (NASDAQ:PATK) Q1 2024 Earnings Call Transcript May 5, 2024

Patrick Industries, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning, ladies and gentlemen, and welcome to Patrick Industries First Quarter 2024 Earnings Conference Call. My name is Darryl, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note that this conference is being recorded. And I will now turn the call over to Mr. Steve O'Hara, Vice President of Investor Relations. Mr. O'Hara, you may begin.

Steve O'Hara: Good morning, everyone, and welcome to our call this morning. I'm joined on the call today by Andy Nemeth, CEO; Jeff Rodino, President RV; and Andy Roeder, CFO; Kip Ellis, President, Powersports Technology and Housing; and Matt Filer, SVP, Finance is also here for Q&A. Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws. There are a number of factors, many of which are beyond the company's control, which could cause the actual results and events to differ materially from those described in the forward-looking statements. These factors are identified in our press releases, our Form 10-K for the year ended 2023 and in our other filings with the Securities and Exchange Commission.

We undertake no obligation to update these statements to reflect circumstances or events that occur after the date the forward-looking statements are made. I would now like to turn the call over to Andy Nemeth.

Andy Nemeth: Thank you, Steve. Good morning, everyone, and thank you for joining us on the call today. As we finished the first quarter of the 2024 fiscal year Patrick remains in a position of strength, as a result of the work our team has put in day in and day out and the strong performance and results that we have generated, while diligently managing our business and balance sheet. Our success would not be possible without the dedication of our incredible team members, and I thank them for their tremendous efforts and focus. Our family of trusted, independent brands building better component solutions is guiding our model as we strive to be the supplier of choice in the outdoor enthusiast and housing markets. Our accretive growth strategy has evolved over the years through our team's relentless pursuit of great customer service and building innovative high-quality product solutions.

We have become a key supplier to RV, marine, manufactured housing, and now Powersports OEMs alike, and we believe our ability to scale and adapt to our customers' needs is unmatched. As we have further refined our business objectives, we identified and executed on the appeal of a more diversified end market ecosystem, which is proving resilient, especially in these uncertain market conditions. Our first quarter acquisition of Sportech further solidifies the foundation in the Powersports industry and serves as another platform for future strategic and organic growth. We are excited by the promising potential in this space, particularly in the utility side-by-side segment on which Sportech focuses. The Sportech acquisition brings in a team aligned with our purpose as passionate outdoor enthusiasts dedicated to creating highly engineered, innovative products in close partnership with our valued OEM customers.

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