Monitor the November 18 shareholder vote on the LCI merger; the deal's completion would transform the company's scale and capital structure. Near-term focus is on RV demand trends and the pace of Marine/Powersports growth offsetting RV weakness.
Price Chart
Executive Summary
Patrick Industries reported Q3 2026 adjusted EPS of $1.03, beating the $0.99 consensus, while revenue of $975M was above the $938.5M estimate but essentially flat YoY. Operating income fell to $50M from $66M due to merger-related costs and a 15% RV revenue decline, though adjusted operating margin held at 6.8%. The pending all-stock merger with LCI Industries remains on track for a shareholder vote on November 18, 2026.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS $1.03 vs consensus $0.99 (beat of +4.0%)
- Revenue $975M vs consensus $938.5M (beat), flat vs $976M YoY
- GAAP diluted EPS $0.64 vs $1.01 YoY, impacted by $14.7M merger costs
- RV revenue down 15% to $362M; Marine +14%, Powersports +30%, Housing +4%
- Adjusted EBITDA $116M, up 3% YoY; margin expanded 40bps to 11.9%
- Pending all-stock merger with LCI Industries; special meeting Nov 18, 2026
- Free cash flow $203M on trailing 12-month basis; net leverage 2.9x
Financial Impact
Adjusted EPS beat consensus by $0.04 (+4%); revenue beat by $36.5M (+3.9%) but flat YoY; operating income declined 24% due to $14.7M merger costs
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| RV | $362.0M | -15.0% |
| Marine | $171.0M | +14.0% |
| Powersports | $128.0M | +30.0% |
| Housing | $314.0M | +4.0% |
Risk Factors
- RV industry wholesale shipments declined 13%, pressuring the largest segment (37% of revenue)
- Merger-related costs of $14.7M depressed GAAP operating margin to 5.1% from 6.8%
- Operating cash flow for 9 months fell to $147M from $199M YoY on working capital deployment
- High interest rates and inflation continue to weigh on consumer confidence and RV demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302923617 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 today | 425 | $73.72 | awaiting T+20 | awaiting T+20 | $77.68 (+5.37%) |
Oct 29, 2026 1d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 1d ago | Press Release | $75.18 | awaiting T+20 | awaiting T+20 | $77.68 (+3.33%) |
Oct 28, 2026 2d ago | 425 | $75.18 | awaiting T+20 | awaiting T+20 | $77.68 (+3.33%) |
Oct 28, 2026 2d ago | Press Release | $69.93 | awaiting T+20 | awaiting T+20 | $77.68 (+11.08%) |
Oct 22, 2026 8d ago | 425 | $68.86 | awaiting T+20 | awaiting T+20 | $77.68 (+12.81%) |
Oct 20, 2026 10d ago | EFFECT | $66.86 | awaiting T+20 | awaiting T+20 | $77.68 (+16.18%) |
Oct 19, 2026 11d ago | 425 | $66.86 | awaiting T+20 | awaiting T+20 | $77.68 (+16.18%) |
Oct 15, 2026 15d ago | Press Release | $68.04 | awaiting T+20 | awaiting T+20 | $77.68 (+14.17%) |
Oct 15, 2026 15d ago | S-4/A | $68.04 | awaiting T+20 | awaiting T+20 | $77.68 (+14.17%) |
US Market Status
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