Patrick Industries (PATK) Releases Earnings Results, Beats Expectations By $0.11 EPS

Patrick Industries (PATK) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $1.10 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.11. Analysts had a consensus of $0.99. The company posted revenue of $315.20 million in the period, compared to analysts expectations of $292.68 million. The company’s revenue was up 35.0% compared to the same quarter last year.

Many Wall Street Analysts have commented on Patrick Industries. Patrick Industries was Initiated by Sidoti to “Buy” on Jun 16, 2016.

Patrick Industries opened for trading at $66.74 and hit $69.53 on the upside on Thursday, eventually ending the session at $66.4, with a gain of 1.98% or 1.29 points. The heightened volatility saw the trading volume jump to 2,36,405 shares. Company has a market cap of $1,015 M.

In a different news, on Jul 1, 2016, Todd M Cleveland (CEO) sold 20,000 shares at $59.41 per share price. According to the SEC, on May 20, 2016, Andy L Nemeth (President) sold 10,118 shares at $49.19 per share price. On May 18, 2016, Courtney Blosser (VP Human Resources) sold 1,870 shares at $49.03 per share price, according to the Form-4 filing with the securities and exchange commission.

Patrick Industries Inc. is a manufacturer of component products and distributor of building products and materials for the recreational vehicle and manufactured housing industries. It is a supplier to certain other industrial markets such as kitchen cabinet office and household furniture fixtures and commercial furnishings marine and other industrial markets. The Company operates in two segments: Manufacturing and Distribution. The Company manufactures a variety of products including decorative vinyl and paper laminated panels fabricated aluminum products wrapped vinyl paper and hardwood profile moldings solid surface granite and quartz countertops cabinet doors and components hardwood furniture fiberglass bath and shower fixtures fiberglass and plastic component products including front and rear caps and marine helms slide-out trim and fascia interior passage doors exterior graphics and RV painting and slotwall panels and components among others.

Patrick Industries

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