Patrick Inds Inc Stock Price, News & Analysis

Rockford Fosgate has unveiled its next-generation T1 Slim Subwoofers, featuring enhanced reliability and bass performance. The new 500-watt subwoofers come in both sealed and ported options, designed for compact installations while maintaining powerful output. Key improvements include increased mass for smaller enclosures, pure copper wire voice coils for better conductivity, and advanced thermal management through aluminum spider spacers. The series features a new polymer surround using NCDI technology for improved efficiency and durability. Available in four models (T1S1-10P, T1S2-10P, T1S1-10S, T1S2-10S), the subwoofers will launch in January through Rockford Fosgate dealers.

Rockford Fosgate has unveiled its new 1800-watt Stage-3 Jeep Audio Kit for select 2024 and newer Wrangler models. The system features a 12" subwoofer, 6.5" coaxial speakers, 1" tweeters, and pre-tuned amplifiers delivering 1000W and 800W of power. The kit includes Element Ready™ technology for protection against water, dirt, mud, and UV rays, ensuring durability in all conditions. A Digital Signal Processor with custom Jeep tuning and adjustable bass control optimizes the audio experience. The system maintains factory aesthetics while delivering enhanced sound quality. The kit will be available through Rockford Fosgate dealers and online starting January.

Patrick Industries (NASDAQ: PATK) reported Q3 2024 financial results with net sales increasing 6% to $919 million, driven by a 13% increase in Housing revenue and the Sportech acquisition, offsetting a 21% decline in Marine revenue. Net income rose 3% to $41 million, with diluted EPS of $1.80. Operating margin decreased 10 basis points to 8.1%. The company completed the acquisition of RecPro, expanding its RV aftermarket presence. Cash flow from operations was $224 million for the first nine months, with a total net leverage ratio of 2.6x and liquidity of $458 million.

Patrick Industries (NASDAQ: PATK) has completed its private offering of $500 million in Senior Notes due 2032 with a 6.375% interest rate. The company also established a new $1.0 billion senior secured credit facility, comprising an $875 million revolving credit facility and a $125 million term loan, maturing in October 2029. The proceeds will be used to redeem $300 million of 7.500% Senior Notes due 2027, repay existing credit facility borrowings, and cover related expenses. This refinancing replaces the company's previous credit facility that was set to mature in August 2027.

Patrick Industries (NASDAQ: PATK) has announced the release date for its third quarter and nine months 2024 financial results. The company will disclose these results before the market opens on Thursday, October 31, 2024. Following this, Patrick Industries will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss the results and other business matters.

The conference call will be accessible to institutional investors and analysts, with a dial-in number of (877) 407-9036. Additionally, interested parties can listen to a live webcast of the call on Patrick's website at www.patrickind.com under the "For Investors" section. A replay of the conference call will also be available on the company's investor relations website.

Patrick Industries (NASDAQ: PATK) has announced the pricing of its upsized private offering of $500 million aggregate principal amount of 6.375% Senior Notes due 2032. This represents a $100 million increase from the previously announced $400 million offering. The offering is expected to close around October 22, 2024.

The company plans to use the net proceeds to redeem all of its $300 million 7.500% Senior Notes due 2027, repay part of its existing senior secured credit facility, and cover related fees and expenses. Concurrently, Patrick intends to amend its credit agreement to establish a new $1.0 billion senior secured credit facility, consisting of an $875 million revolving credit facility and a $125 million term loan, extending the maturity to October 2029.

Patrick Industries (NASDAQ: PATK) has announced its intention to offer $400 million in Senior Notes due 2032 through a private placement. The company plans to use the proceeds to redeem $300 million of 7.500% Senior Notes due 2027, repay part of its existing credit facility, and cover related fees and expenses.

Concurrently, Patrick intends to amend its credit agreement, establishing a new $1.0 billion senior secured credit facility. This will consist of an $875 million revolving credit facility and a $125 million term loan, with maturity extended to October 2029. This new facility will replace the existing one due to mature in August 2027.

The offering is subject to market conditions, and the Notes have not been registered under the Securities Act. They will only be offered to qualified institutional buyers and non-U.S. persons outside the United States.

Patrick Industries (NASDAQ: PATK), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, has announced its participation in D.A. Davidson's 23rd Annual Diversified Industrials & Services Conference on September 19, 2024. The event will take place at the Four Seasons Hotel in Nashville, Tennessee.

CEO Andy Nemeth and President of Powersports, Technology and Housing Kip Ellis will engage in one-on-one meetings with institutional investors and analysts. Patrick Industries, founded in 1959, serves the RV, Marine, Powersports, and Housing markets, offering design, manufacturing, distribution, and transportation solutions. The company represents over 85 leading brands and employs approximately 10,000 skilled team members across the United States.

Patrick Industries (NASDAQ: PATK) has acquired RecPro, a leading e-commerce business and aftermarket platform for the RV and marine markets. The acquisition is expected to generate approximately $80 million in revenue for 2024 and be immediately accretive to net income per share. RecPro specializes in creating and marketing component products, systems, and solutions for outdoor enthusiasts.

This strategic move expands Patrick's presence in the Outdoor Enthusiast aftermarket and strengthens its aftermarket strategy. RecPro will continue to operate under its existing brand name and within its current facilities. The acquisition aligns with Patrick's entrepreneurial business model and is expected to leverage the company's aftermarket product offerings across its RV, Marine, and Powersports portfolio.