Patrick Industries Inc
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Consumer Discretionary : Auto Components | Small Cap Value
Company profile

Patrick Industries, Inc. is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets. The Company's segments include Manufacturing and Distribution. It manufactures a range of products, which include decorative vinyl and paper laminated panels, solid surface, granite and quartz countertops, fabricated aluminum products, wrapped vinyl, paper and hardwood profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass and plastic component products including front and rear caps and marine helms, interior passage doors, RV painting, and slotwall panels and components, among others.

Closing Price
$77.70
Day's Change
-0.80 (-1.02%)
Bid
--
Ask
--
B/A Size
--
Day's High
79.00
Day's Low
77.10
Volume
(Below Average)
Volume:
110,187

10-day average volume:
123,388
110,187

BlackBerry stock falls as sales come up short, adjusted or not

5:21 pm ET March 30, 2021 (MarketWatch)
Print

By Jeremy C. Owens

Revenue comes up short in report that is expected to be the end of company's non-GAAP sales-reporting practices that SEC questioned

BlackBerry Ltd. revenue failed to live up to expectations Tuesday, whether adjusted or not, and shares fell in the extended session.

BlackBerry (BB.T) on Tuesday afternoon reported fourth-quarter losses of $315 million, or 56 cents a share, after posting losses of 7 cents a share a year ago. After adjusting the changed value of convertible debt added more than $250 million to the bottom line, the Canadian tech company reported earnings of 3 cents a share, down from adjusted earnings of 9 cents a share a year ago.

Revenue for the fourth quarter was $210 million, down from $282 million in the same period last year. Analysts on average expected adjusted earnings of 3 cents a share on sales of $245 million.

BlackBerry reported adjusted revenue of $215 million, part of a practice of reporting non-GAAP revenue, or revenue that does not conform with Generally Accepted Accounting Principles, that started in 2019. The company recently told the Securities and Exchange Commission it would halt that practice (https://www.marketwatch.com/story/sec-tells-blackberry-to-stop-using-non-gaap-revenue-metric-first-highlighted-by-marketwatch-11616768793), which MarketWatch detailed beginning in 2019 as being against SEC rules (https://www.marketwatch.com/story/blackberrys-use-of-non-standard-metrics-violates-sec-rules-2019-06-26), in the current fiscal year.

While BlackBerry is widely known for its early mobile phones that included physical keyboards, it has transitioned into a software company focused on cybersecurity and automotive markets. The company's stock became popular late last year, pushing prices to a five-year high, a dynamic that was largely responsible for the fair-value adjustment that boosted adjusted earnings.

For BlackBerry's full fiscal year of 2020, which concluded at the end of February, the company reported adjusted earnings of 18 cents a share on GAAP sales of $893 million. BlackBerry did not provide a 2021 forecast in its announcement, but is expected to provide projections in a conference call scheduled to begin at 5:30 p.m. Eastern time.

Shares fell 4% in after-hours trading Tuesday immediately following the release of the results, after closing the regular session with a 1.5% gain at $9.34. The stock has more than doubled in the past year, gaining 138.9% as the S&P 500 index increased 51.2%.

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

March 30, 2021 17:21 ET (21:21 GMT)

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