Patrick Inds Inc Stock Price, News & Analysis

Patrick Industries, Inc. (NASDAQ: PATK) is set to release its first quarter 2021 financial results on April 29, 2021, before the market opens. A conference call will follow at 10:00 a.m. Eastern Time, featuring CEO Andy Nemeth and CFO Jake Petkovich. This event will allow them to discuss the results and other business matters. Interested parties can listen live via Patrick's website, with a replay available afterward. The company operates in the recreational vehicle, marine, and industrial markets.

Patrick Industries announces a private offering of $350 million of 4.75% senior notes maturing in 2029. The offering is expected to close around April 20, 2021. Proceeds will be used to pay down debts under its senior secured credit facility and for general corporate purposes. Following the offering, Patrick plans to restructure its existing $650 million credit facility into a new $700 million facility, which will include a $550 million revolving credit line and a $150 million term loan, extending the maturity to April 2026.

Patrick Industries, Inc. (NASDAQ: PATK) announced a private offering of up to $350 million in senior notes due 2029. The offering is subject to market conditions and aims to repay part of its existing credit facility and cover related expenses. The company plans to establish a new $700 million senior secured credit facility, extending its borrowings' maturity to April 2026. The interest rate and other terms will be determined during the offering. The notes will only be offered to qualified institutional buyers and non-U.S. persons.

Patrick Industries (NASDAQ: PATK) has successfully acquired Hyperform Inc., the manufacturer of non-slip foam flooring under the SeaDek brand, primarily for the marine OEM market. The acquisition will enhance Patrick's product offerings and is expected to be immediately accretive to net income per share. SeaDek, which generated approximately $25 million in revenue in 2020, operates from two facilities in Florida. With this strategic move, Patrick aims to expand its market presence in the OEM and aftermarket sectors, benefiting from SeaDek's innovative products and strong brand recognition.

Patrick Industries, Inc. (NASDAQ: PATK) has completed its acquisition of Sea-Dog Corporation and Sea-Lect Plastics, both based in Everett, Washington. Sea-Dog is a significant distributor of marine and powersports accessories, generating approximately $20 million in revenue in 2020. The acquisition is expected to enhance Patrick's net income per share immediately, expanding its operational capabilities in the marine aftermarket. Both companies will operate under their existing brand names while benefiting from Patrick's resources and market reach.

Patrick Industries, Inc. (NASDAQ: PATK) has declared a quarterly cash dividend of $0.28 per share on February 23, 2021. The dividend is set to be paid on March 22, 2021 to shareholders on record as of March 8, 2021. This marks a continued commitment to returning value to shareholders as the company operates across various markets, including recreational vehicles and marine sectors.

Patrick Industries reported robust fourth-quarter fiscal 2020 results with net sales reaching $772.6 million, a 41% increase from the previous year. This growth is driven by strong demand in the RV and marine markets. Operating income surged 73% to $62.2 million, while net income rose 89% to $37.8 million. Diluted EPS climbed to $1.64, reflecting a 91% increase. Full-year net sales also grew by 6% to $2.49 billion, supported by strategic investments and acquisitions within key markets, despite earlier pandemic-related disruptions.

Patrick Industries (NASDAQ: PATK) will release its Q4 2020 and full year financial results on February 11, 2021, before market opening. A conference call will follow at 10:00 a.m. ET to discuss the results and other business matters. The call will feature CEO Andy Nemeth and CFO Jake Petkovich, with participation limited to institutional investors. Interested parties may join via phone or listen live on Patrick's website. Further details and a replay will be available post-call.

Patrick Industries has acquired Taco Metals, a renowned manufacturer of boating products, for an undisclosed amount. Taco, projected to generate $40 million in revenue for 2020, is expected to be immediately accretive to Patrick’s net income per share. The acquisition aims to enhance Patrick's marine brand and aftermarket platforms while continuing to operate Taco as a standalone entity. The deal is expected to leverage Taco's innovative products and strong customer base, driven by Patrick's strategic resources and industry presence.