Patrick Industries Shares Rise After Earnings Beat
Analysts Raise Price Target
Strong Q2 Performance Boosts Outlook
Patrick Industries (NASDAQ: PATK) shares rose on Tuesday after the company reported strong second-quarter earnings. The company beat analyst estimates on both revenue and earnings per share (EPS).
Patrick Industries reported revenue of $765.6 million in the second quarter, up 12.1% year-over-year. The company's EPS was $2.16, up 16.7% year-over-year. Analysts had expected the company to report revenue of $750 million and EPS of $2.05.
Patrick Industries' strong performance was driven by growth in its RV and marine businesses. The company's RV business grew 13.1% year-over-year, while its marine business grew 10.1% year-over-year.
Following the strong earnings report, RothMKM raised its price target on Patrick Industries shares to $135 from $125. The firm maintained an Outperform rating on the stock.
Analysts are now forecasting that Patrick Industries will deliver EPS of $9.15 in 2023 and $10.20 in 2024. This would represent growth of 15.8% in 2023 and 11.5% in 2024.
**Conclusion:** Patrick Industries' strong second-quarter earnings and positive analyst outlook suggest that the company is well-positioned for continued growth in 2023 and beyond. Investors should consider adding Patrick Industries shares to their portfolios as the company is a leader in the RV and marine industries.
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