Patrick Inds Inc Stock Price, News & Analysis

Patrick Industries, Inc. (NASDAQ: PATK) will release its third quarter and nine months 2021 financial results on October 28, 2021. The results will be available before the market opens, followed by a conference call at 10:00 a.m. Eastern Time the same day. Key executives will participate in the call, discussing earnings and business matters. Interested parties can join the call via phone or through a live webcast on the company's website. The announcement reinforces Patrick's ongoing focus on transparency and communication with investors.

Patrick Industries announced a quarterly cash dividend of $0.28 per share, payable on September 13, 2021, to shareholders of record by August 30, 2021. Additionally, the company authorized an increase in its stock repurchase program to $50 million, including $14.4 million from the previous authorization. Year-to-date, Patrick has repurchased 260,000 shares at an average price of $82.89 per share, totaling $21.6 million.

Patrick Industries (NASDAQ: PATK) has successfully acquired Coyote Mfg. Co., a manufacturer of marine components, based in Nashville, Georgia. This acquisition enhances Patrick's portfolio in the OEM marine market, allowing for further expansion into leisure lifestyle markets. Coyote is recognized for its innovative products and customer service. The deal is expected to be immediately accretive to earnings per share, with Coyote continuing to operate independently under its brand. Patrick aims to support Coyote's growth while maintaining its entrepreneurial spirit.

Patrick Industries reported a remarkable 141% increase in net sales for Q2 2021, reaching $1.02 billion, up from $424 million in Q2 2020. Operating income surged to $95.3 million, a substantial rise from $12.1 million the previous year, with an operating margin of 9.3%. Net income was $59 million, up from $0.7 million. Key revenue growth areas included RV (192% increase), Marine (182%), and MH (54%). The company completed strategic acquisitions worth $238.9 million and returned $28.2 million to shareholders. Positive market conditions and low dealer inventories suggest continued growth into 2022.

Patrick Industries, Inc. (NASDAQ: PATK) plans to release its Q2 2021 financial results on July 29, 2021, before the market opens. The company will host a conference call on the same day at 10:00 a.m. ET to discuss these results. Key company executives, including CEO Andy Nemeth, will participate in the call. Patrick Industries is a significant manufacturer and distributor in the recreational vehicle and marine markets, among others. Investors can listen to the call live via the company's website, and a replay will also be available.

Patrick Industries, Inc. (NASDAQ: PATK) has appointed Jeffrey M. Rodino as its new President, while Andy L. Nemeth remains CEO. Rodino's promotion recognizes his significant contributions and leadership, having served in various roles since 2009. Under Rodino, the company has seen tremendous growth, reaching over $3.4 billion in annualized sales. Patrick Industries is a major manufacturer and distributor serving multiple sectors, including recreational vehicles and marine markets, and aims for continued strategic expansion.

Patrick Industries, Inc. (NASDAQ: PATK) has announced a quarterly cash dividend of $0.28 per share, effective from June 14, 2021. Shareholders of record as of June 1, 2021, will be eligible for this payment. This dividend declaration signifies the company's ongoing commitment to returning value to its shareholders amidst its operations across multiple markets, including recreational vehicles, marine, and industrial sectors.

Patrick Industries (NASDAQ: PATK) has successfully completed the acquisition of Alpha Systems, a leader in manufacturing component products for the RV industry, among others. With trailing revenues of approximately $158 million through March 2021, this strategic acquisition is anticipated to be immediately accretive to earnings per share. CEO Andy Nemeth highlighted the synergy between the two companies, noting the opportunity to enhance competitive advantages and expand market presence. Alpha will continue operating independently, preserving its brand and operational structure.

Patrick Industries reported a strong financial performance for Q1 2021, with net sales rising by $261.3 million (44%) to $850.5 million, driven primarily by the RV and marine markets. Operating income surged 74% to $68.5 million, while net income climbed 124% to $47.5 million. Diluted earnings per share reached $2.04, a 124% increase. The company continues to benefit from the growing demand for outdoor recreation. Strong cash flow of $50.3 million was noted, with significant capital investments aimed at expanding production capacity and supporting acquisitions.