Patrick Industries Inc. (NASDAQ:PATK) Q1 2018 Earnings Conference Call - Final Transcript

Apr 26, 2018 • 10:00 am ET


Patrick Industries Inc. (NASDAQ:PATK) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen and welcome to the Patrick Industries Inc First Quarter 2018 Conference Call. My name is Jason and I will be your operator for today's call. At this time all participants are in a listen-only mode. Following the prepared remarks we will conduct a question-and-answer session. Also, please note that this conference call is being recorded. And I will now turn the call over to Julie Ann Kotowski from Investor Relations. You may begin.

Julie Ann Kotowski

Good morning everyone and welcome to Patrick Industries first quarter 2018 conference call. I am joined on the call today by Todd Cleveland, CEO; Andy Nemeth, President; and Josh Boone, CFO. 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 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 2017, 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, except as required by law. I would now like to turn the call over to Todd Cleveland.

Todd Cleveland

Thank you Julie Ann, and thank you all for joining us on the call today. This morning we'd like to discuss the company's first quarter 2018 results and provide an update on the major markets we serve. We will then conclude by providing an update on our overall business outlook. After a strong fiscal 2017 our primary markets continue to perform into 2018. Our first quarter performance reflects a combination of continued strong demand patterns, coupled with the execution of our operational and strategic initiatives leading to improved year-over-year results and continue to outpace the markets we serve.

Both our revenues and our net income per diluted share increased 60% from the first quarter of 2017 to $552 million and $1.20 per share respectively in the first quarter of 2018. We continue to focus heavily on putting our capital work through disciplined strategic investments managing, aligning and motivating our tremendously talented workforce leveraging our fixed cost and driving our customer first performance oriented culture. Our acquisition pipeline remains forward, potential acquisitions across all primary markets we serve and we expect to continue to drive strategic and oriented growth.

Now, I'll turn the call over to Andy who will further review our primary markets and performance.

Andy Nemeth

Thank you, Todd. We continue to be optimistic about the momentum in all of our primary market sectors. Solid fundamentals and demographic trends are expected to continue to drive retail demand in both our leisure for the lifestyle markets and our housing and industrial markets for the foreseeable future. And we are highly focused on putting capital to work and driving our strategic growth platform which has resulted