Patrick Industries Inc (NASDAQ:PATK) Q1 2022 Results Conference Call April 28, 2022 10:00 AM ET

Company Participants

Julie Ann Kotowski - Director, IR

Andy Nemeth - CEO

Jeff Rodino - President

Jake Petkovich - CFO

Conference Call Participants

Brett Andress – KeyBanc

Daniel Moore - CJS Securities

Mike Swartz - Truist Securities

Rafe Jadrosich - Bank of America

Julie Ann Kotowski

Good morning, everyone, and welcome to our call this morning. I am joined on the call today by Andy Nemeth, CEO; Jeff Rodino, President; and Jake Petkovich, 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 the 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 2021 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.

I would now like to turn the call over to Andy Nemeth.

Andy Nemeth

Thank you, Julie Ann. Good morning, ladies and gentlemen, and thank you for joining us on the call today. We are excited to report our first quarter results, which marked the continuation of strength across all 4 primary markets. Traction was gained from several areas, which we'll talk about, including acquisitions completed in 2021, our automation initiatives implemented over the past 21 months, efficiency as a result of improved consistency of material flow through procurement, better visibility into customer production scheduling with longer runs and our team's tireless commitment to taking care of our customers.

In addition to our strongest financial performance to date and aligned with our disciplined capital allocation strategy, we strategically expanded our premium audio and aftermarket platform in the first quarter, exemplified by the acquisition of Rockford Fosgate. We are continuing to grow our presence in the power sports and leisure lifestyle enthusiasts, OEM and aftermarket, providing an extension of our strategic diversification initiatives while also creating margin expansion opportunities. We are very excited about this addition to our family and look forward to how this will continue to accelerate our strategic growth.

While supply chain consistency and visibility continue to present challenges and resonate across our markets, our team and brands have worked together to leverage our combined global purchasing resources and value streams to drive as many synergies as possible.