Patrick Industries, Inc. Announces Increase to Regular Quarterly Cash Dividend and Increased Share Repurchase Authorization

Rhea-AI Summary

Patrick Industries (NASDAQ: PATK) announced two significant shareholder-focused initiatives: an increase in its quarterly cash dividend from $0.55 to $0.60 per share, payable December 9, 2024, to shareholders of record as of November 25, 2024. Additionally, the Board expanded the company's stock repurchase program to $200.0 million over the next 24 months, including $72.9 million remaining from the previous authorization. CEO Andy Nemeth emphasized these moves reflect their balanced capital allocation strategy and confidence in the company's long-term earnings potential and free cash flow generation capabilities.

Positive

• Increased quarterly dividend by 9.1% to $0.60 per share
• Expanded share repurchase program to $200.0 million
• Strong free cash flow generation indicated by management

Negative

• None.

News Market Reaction – PATK

+2.11%

+2.11% Session move

In the trading session that priced this news, PATK gained 2.11%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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ELKHART, Ind., Nov. 15, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced that on November 14, 2024, its Board of Directors (the "Board") approved an increase in the amount of its quarterly cash dividend on its common stock to $0.60 per share from $0.55 per share. The dividend is payable on December 9, 2024 to shareholders of record at the close of business on November 25, 2024. Additionally, the Board authorized an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the current stock repurchase program to $200.0 million, including the $72.9 million remaining under the previous authorization.

"The increase in our quarterly cash dividend and upsize in our share repurchase authorization indicate our commitment to a balanced capital allocation strategy, our confidence in the long-term earnings power of our business, and our ability to generate free cash flow," said Andy Nemeth, Chief Executive Officer of Patrick. "We believe our ability to grow shareholder value over time will be a reflection of our team's ability to capitalize on organic and strategic opportunities as we maintain our dedication to serving our valued customers at the highest level. We remain committed to maintaining a strong balance sheet as we focus on driving profitable growth across our Outdoor Enthusiast and Housing markets."

About Patrick Industries, Inc.

Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.  

Forward-Looking Statements

This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov.  In addition, future dividends are subject to Board approval. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

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SOURCE Patrick Industries, Inc.

FAQ

What is Patrick Industries' new quarterly dividend amount for 2024?

Patrick Industries (PATK) increased its quarterly dividend to $0.60 per share from $0.55 per share, payable on December 9, 2024.

How much is Patrick Industries' new share repurchase authorization?

Patrick Industries authorized a $200.0 million share repurchase program over 24 months, which includes $72.9 million remaining from the previous authorization.

When will PATK pay its increased dividend?

PATK will pay the increased dividend of $0.60 per share on December 9, 2024, to shareholders of record as of November 25, 2024.

What is the percentage increase in Patrick Industries' dividend?

Patrick Industries increased its quarterly dividend by 9.1%, from $0.55 to $0.60 per share.