Patrick Inds Inc Stock Price, News & Analysis

Patrick Industries, Inc. (NASDAQ: PATK) has successfully acquired Geremarie Corporation, a key player in high-precision aluminum components for various industries including marine and medical. The acquisition is projected to generate approximately $44 million in revenue for 2020 and is expected to be immediately accretive to net income per share. Geremarie's advanced manufacturing capabilities are anticipated to enhance Patrick's operational efficiency and create synergies across multiple markets. Patrick will continue to operate Geremarie independently, supporting its growth while preserving its entrepreneurial spirit.

Patrick Industries reported third-quarter 2020 net sales of $700.7 million, up 24% from $566.2 million in Q3 2019. Operating income rose 60% to $59.8 million, yielding a margin increase from 6.6% to 8.5%. Net income surged 75% to $37.3 million, translating to earnings of $1.62 per diluted share. However, sales for the first nine months declined 4% to $1.71 billion, reflecting the impact of COVID-19 disruptions. The company anticipates continued momentum in RV and marine markets, supported by strategic acquisitions and robust cash flows.

Patrick Industries, Inc. (NASDAQ: PATK) will release its third quarter and nine months 2020 financial results on October 29, 2020, before market opening. A conference call is scheduled for the same day at 10:00 a.m. Eastern Time, featuring CEO Andy Nemeth and Interim CFO John Forbes. Participation will be limited to institutional investors and analysts. The call will be accessible via a live webcast on their website, with a replay available afterward. Patrick Industries is a significant manufacturer and distributor serving various markets including recreational vehicles and marine.

Patrick Industries, Inc. (NASDAQ: PATK) announced the acquisition of Front Range Stone, Inc., a Colorado-based fabricator and installer of countertop products. Front Range reported approximately $30 million in revenue for 2019. The acquisition is expected to be immediately accretive to net income per share, expanding Patrick's market presence in the Great Plains and western housing markets. Patrick aims to support Front Range's growth while maintaining its operational independence and entrepreneurial spirit.

Patrick Industries, Inc. (NASDAQ: PATK) has successfully acquired Synergy RV Transport, a logistics provider in the RV market, with 2019 revenue of approximately $46 million. This acquisition is expected to be immediately accretive to net income per share. Synergy will operate independently, maintaining its brand and facilities, while Patrick aims to expand its RV transport platform. The deal highlights Patrick's commitment to growth in the transportation segment, enhancing its service offerings for OEMs and dealers across the U.S. and Canada.

Patrick Industries, Inc. (NASDAQ: PATK) has declared a quarterly cash dividend of $0.25 per share, with a payment date of September 14, 2020. This dividend will be issued to shareholders on record by August 31, 2020. Patrick Industries operates in various sectors, manufacturing and distributing components for recreational vehicles, marine, and industrial markets. The company emphasizes its ongoing commitment to providing returns to shareholders while engaging in diverse business operations.

Patrick Industries, Inc. (NASDAQ: PATK) announced the acquisition of Inland Plywood Company, a leading supplier of plywood and specialty products mainly for the marine and RV markets. Inland reported approximately $60 million in revenue for fiscal 2019. The acquisition is anticipated to be immediately accretive to net income per share. Patrick's CEO expressed enthusiasm about the partnership, noting Inland's market reputation and integrated supply chain model, which aligns well with Patrick's operations. Inland will continue to operate independently under its brand.

Patrick Industries reported a 30.8% decline in second quarter 2020 net sales, totaling $424.0 million, primarily due to COVID-19 disruptions. Operating income fell by 73.2% to $12.1 million, with net income plunging to $0.7 million compared to $27.4 million in Q2 2019. The company saw cash flow from operations decrease by 58% and net income per diluted share drop to $0.03 from $1.18. Despite challenges, Patrick remains optimistic about the second half of 2020, citing rising demand in the RV and marine markets.

Patrick Industries, Inc. (NASDAQ: PATK) will release its second quarter 2020 financial results on July 30, 2020, before market opening. A conference call will follow at 10:00 a.m. ET, featuring President Andy Nemeth and CFO John Forbes. This call will discuss the results and other business matters, though participation is limited to institutional investors and analysts. The call can be streamed live on Patrick's website, with a replay available afterwards. Patrick Industries specializes in manufacturing and distributing products for various markets including recreational vehicles and marine.