Patrick Inds Inc Stock Price, News & Analysis

Patrick Industries, Inc. (NASDAQ: PATK) announced a quarterly cash dividend increase from $0.33 to $0.45 per share, reflecting the Board's commitment to long-term shareholder value. This dividend is payable on December 12, 2022, for shareholders on record by November 28, 2022. CEO Andy Nemeth stated that the increase demonstrates management's confidence in the company's financial position and capital allocation strategy. Patrick Industries is a leading component solutions provider for the Leisure Lifestyle and Housing markets, employing over 12,000 across the U.S.

Patrick Industries reported Q3 2022 revenues of $1.11 billion, a 5% increase year-over-year, driven by growth in marine and housing markets despite a 40% decline in RV OEM shipments. Gross profit rose to $236 million, up 14%, with a gross margin of 21.3%. Operating income remained stable at $93 million but operating margin decreased to 8.3%. Net income increased 2% to $59 million, while diluted EPS was $2.43, impacted by convertible note accounting. The company returned $14 million to shareholders, reflecting strong cash flow of $156 million.

Patrick Industries, Inc. (PATK) will release its third quarter and nine months 2022 financial results before market opens on October 27, 2022. A conference call to discuss these results is scheduled for the same day at 10:00 a.m. Eastern Time, featuring key executives. Investors can participate via a live webcast on the company’s website. Founded in 1959 and based in Elkhart, Indiana, Patrick Industries serves various markets, employing over 12,000 people across the United States.

Rockford Fosgate unveils its latest audio solution for the Harley-Davidson Icons Collection motorcycle, specifically designed for the Low Rider ST. This system features a 250-watt Bluetooth amplifier, two 5.25-inch midrange speakers, and one-inch tweeters, all housed in a vehicle-specific enclosure. The audio app allows for easy setup and tuning adjustments, including Smart Speed Control for automatic volume adjustment based on bike speed. Motorcycle enthusiasts can view this innovation at the Hometown Rally in Milwaukee, WI, from September 1-5, 2022. Rockford is a subsidiary of Patrick Industries.

Patrick Industries, Inc. (NASDAQ: PATK) announced the expansion of its credit facility from $700 million to $925 million on August 11, 2022. The facility includes a $775 million revolving credit line and a $150 million term loan, with the maturity extended to August 2027. The company shifted interest rate benchmarks from LIBOR to the Secured Overnight Financing Rate (SOFR). CEO Andy Nemeth emphasized that this financial flexibility supports their business strategy and growth initiatives.

Patrick Industries, Inc. (NASDAQ: PATK) has announced a quarterly cash dividend of $0.33 per share, declared by its Board of Directors on August 10, 2022. This dividend will be paid on September 12, 2022 to shareholders recorded as of August 29, 2022. Patrick Industries is a major component solutions provider in the Leisure Lifestyle and Housing markets, operating since 1959 and based in Elkhart, Indiana, with over 12,000 employees nationwide.

Rockford Fosgate, a leading audio system manufacturer, continues its partnership with the City of Sturgis as the "Official Motorcycle Audio Sponsor" of the Sturgis® Motorcycle Rally™, taking place from August 5 to 13. This year, Rockford will host events at its booth on Lazelle Street and participate in the "20th Anniversary Mayor's Ride." New aftermarket audio kits, including the 800-watt M5 systems, will be showcased. The All-Out Bagger Show is scheduled for August 9, with a cash reward of $1,000 for top competitors. Rockford's sponsorship reinforces its presence in the motorcycle audio market.

Rockford Fosgate has launched new 800-watt audio kits specifically designed for Harley-Davidson motorcycles. These kits will debut at the City of Sturgis Motorcycle Rally, demonstrating the product's capabilities. The line includes eleven options that enhance sound quality for various Harley models from 1998 onwards, featuring weather-resistant design and a high-power M5 amplifier. For models 1998-2013, a radio upgrade with Bluetooth streaming is available, while 2014 and newer models can add subwoofers. Purchase and installation will be offered at multiple rally locations.

Patrick Industries reported a remarkable 45% increase in net sales for Q2 2022, reaching $1.5 billion, boosted by performance across end markets and recent acquisitions. Gross profit surged 60% to $327 million, and net income soared 98% to $117 million. Diluted earnings per share jumped 90% to $4.79, despite accounting adjustments. The company experienced outstanding operating cash flows of $97 million, reflecting a 242% increase. Recent investments in technology and acquisitions, notably Diamondback Towers, are expected to enhance future growth.