Adjusted earnings per diluted share increased 4% to $1.50, excluding a $0.03 dilution impact from convertible notes and related warrants; GAAP net income decreased 32% to $32 million due to a nonrecurring legal settlement.
Adjusted EBITDA grew 4% to $135 million with a margin of 12.9%, up 10 basis points year-over-year.
Cash flow from operations for the first six months was $189 million, with free cash flow of approximately $151 million; capital expenditures were $18 million in Q2 and $38 million year-to-date.
Gross margin improved by 110 basis points to 23.9%, reflecting diversification, acquisitions, labor management, and automation benefits; operating margin remained flat at 8.3%.
Net liquidity stood at $835 million, including $22 million cash and $813 million unused revolving credit facility capacity; net leverage ratio improved slightly to 2.6x from 2.7x in Q1.
Patrick Industries reported second quarter 2025 revenue of approximately $1.05 billion, a 3% increase year-over-year, driven by 7% growth in RV and 3% growth in housing, offsetting declines in marine (-1%) and powersports (-7%).
The company returned value to shareholders with $13 million in dividends and over $23 million in share repurchases during the quarter.
Dafinchi