Patrick Inds Inc Stock Price, News & Analysis

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.

Patrick Industries, Inc. (NASDAQ: PATK) has appointed Jake Petkovich as its new Executive Vice President of Finance, CFO, and Treasurer, effective immediately. Petkovich brings extensive financial and M&A experience from Wells Fargo Securities, where he served as Managing Director. CEO Andy Nemeth expressed confidence in Petkovich's leadership to drive the company's strategic growth initiatives and enhance shareholder value. The company also thanked John Forbes, the Interim CFO since June 2020, for his contributions during the transition.

Patrick Industries, Inc. (NASDAQ: PATK) has announced an increase in its quarterly cash dividend from $0.25 to $0.28 per share. This increase reflects the confidence of the management and Board in the Company’s financial stability and strong cash flows. The dividend will be payable on December 14, 2020, to shareholders of record as of November 30, 2020. This decision aligns with the Company's strategy to enhance long-term shareholder value.

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.