Patrick Inds Inc Stock Price, News & Analysis

Patrick Industries, Inc. (NASDAQ: PATK) announced a quarterly cash dividend of $0.33 per share, declared on February 22, 2022. The dividend will be paid on March 21, 2022, to shareholders recorded by the close of business on March 7, 2022. This reflects the company's ongoing commitment to return value to its shareholders amid its operations as a leading component solutions provider across various markets including RV, marine, and housing.

Patrick Industries reported record financial results for Q4 and full year 2021. Q4 net sales rose 49% to $1.1 billion, driven by strong performance in leisure and housing markets. Operating income increased 52% to $95 million, with a margin of 8.3%. Net income surged 61% to $61 million, translating to diluted EPS of $2.62, a 60% increase. For the full year, net sales reached $4.1 billion, up 64%, with net income increasing 132% to $225 million. The company invested $210 million in acquisitions in Q4 and returned $25 million to shareholders, while maintaining a net leverage ratio of 2.3x.

Patrick Industries, Inc. (NASDAQ: PATK) announced a new $100 million share repurchase program, increasing its previous authorization. The company repurchased 612,325 shares in 2021 at an average price of $79.93, totaling $48.9 million. In 2022, they have already repurchased 166,236 shares at an average price of $69.77, costing $11.6 million. CEO Andy Nemeth stated that this move supports their strategy to enhance shareholder value and reflects strong earnings and free cash flow generation.

Patrick Industries, Inc. (NASDAQ: PATK) will release its fourth quarter and annual financial results for 2021 on February 10, 2022, before market open. A conference call will follow at 10:00 a.m. ET, led by CEO Andy Nemeth, President Jeff Rodino, and CFO Jake Petkovich, to discuss results and other business matters. Interested parties can listen via phone or through a live webcast on Patrick's website. Patrick Industries is a leading provider of component solutions for various markets including RV and marine, and employs over 11,000 individuals across the United States.

Patrick Industries (NASDAQ: PATK) has priced a private offering of $225 million in convertible senior notes maturing in 2028. The offering is directed at qualified institutional buyers under Rule 144A. The initial conversion price is approximately $100.11 per share, representing a 30% premium over the last stock price of $77.01. Net proceeds are estimated at $217 million for corporate purposes including acquisitions and paying down existing debt. The company is also engaging in convertible note hedge transactions to reduce potential dilution upon conversion.

Patrick Industries (NASDAQ: PATK) announced a proposed offering of $225 million in convertible senior notes due 2028, subject to market conditions. The company may also issue an additional $33.75 million in notes if initial purchasers exercise their option. Proceeds will be used to cover costs of convertible note hedge transactions, general corporate purposes, including acquisitions, and to repay portions of its current credit facility. The notes are senior unsecured obligations, maturing on December 1, 2028, with semiannual interest payments.

Patrick Industries announced the acquisition of Williamsburg Marine LLC and Williamsburg Furniture, Inc., manufacturers of marine and RV seating, with trailing revenues of approximately $41 million. The acquisitions are expected to enhance Patrick's market presence and be immediately accretive to net income per share. CEO Andy Nemeth emphasized the strategic fit and support for Williamsburg's operational capabilities, while Williamsburg's founder expressed excitement about joining a larger industry player. Williamsburg will operate independently under its brand, maintaining its current facilities.

Patrick Industries, Inc. (NASDAQ: PATK) announced on November 11, 2021, an increase in its quarterly cash dividend to $0.33 per share from $0.28. This dividend will be payable on December 13, 2021, to shareholders of record by the close of business on November 29, 2021. The increase reflects management and Board confidence in the company's disciplined capital allocation strategy and strong financial position, reinforcing their commitment to returning capital to shareholders.

On November 1, 2021, Patrick Industries (NASDAQ: PATK) announced the acquisition of Wet Sounds, Inc., a Texas-based provider of innovative audio systems for the marine, home audio, and powersports markets. Wet Sounds reported trailing revenues of approximately $55 million for the last 12 months. The acquisition is anticipated to be immediately accretive to net income per share. Patrick aims to enhance its position in the marine industry by integrating Wet Sounds’ premium audio offerings into its existing product lines.