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Patrick Industries Inc. (NASDAQ: PATK) is a premier manufacturer and distributor of building products and materials, primarily serving the manufactured housing (MH) and recreational vehicle (RV) industries in the United States. Established in 1959 and headquartered in Elkhart, Indiana, Patrick Industries employs approximately 10,000 team members across the country. The company's mission is to provide high-quality products and innovative solutions to enhance the living and recreational experiences of its customers.
Patrick Industries operates through two main segments: Manufacturing and Distribution. The Manufacturing segment, contributing to the majority of the revenue, produces a range of products such as laminated panels, vinyl and paper-wrapped products, furniture, cabinets, bath fixtures, and countertops. The Distribution segment supplies pre-finished wall and ceiling panels, electrical products, plumbing products, and other essential components for the RV and MH markets.
Beyond RVs and MH, Patrick Industries extends its reach to the industrial market, catering to sectors like kitchen cabinets, office and household furniture, fixtures, commercial furnishings, marine, architectural, and the automotive aftermarket. In particular, Patrick Industries is noted for its strategic approach in maintaining strong partnerships and continuously enhancing its product portfolio through innovation and acquisitions.
Recent Achievements and Financial Performance: In the third quarter of 2023, Patrick Industries reported net sales of $866 million, reflecting a decrease of 22% compared to the same period in 2022. Despite the reduction in sales due to lower shipment volumes and pricing adjustments, the company achieved operating margins of 8.2%. Efforts to manage costs, reduce inventory by $150 million from year-end 2022, and repay $112 million of long-term debt highlighted the company's disciplined financial management.
Patrick Industries recently completed the acquisition of Sportech, LLC, a leading designer and manufacturer of high-value components for the powersports market, for $315 million. This acquisition is expected to drive strategic growth and expand Patrick's presence in the outdoor enthusiast market.
The company remains focused on long-term growth through strategic capital deployment, continuous improvement in operational efficiencies, and a commitment to customer satisfaction. With a robust liquidity position of approximately $700 million and a diversified product portfolio, Patrick Industries is well-positioned to navigate market fluctuations and capitalize on emerging opportunities.
Patrick Industries (NASDAQ: PATK), a component solutions provider for Outdoor Enthusiast and Housing markets, has announced its participation in the Truist Securities 12th Annual Gaming, Lodging, Leisure & Restaurants Summit on December 12, 2024. The event will be held at the Encore Boston Harbor Hotel in Everett, MA.
CEO Andy Nemeth and President of Powersports, Technology and Housing Kip Ellis will conduct one-on-one meetings with institutional investors and analysts during the conference. Patrick Industries serves RV, Marine, Powersports, and Housing markets, managing over 85 brands and employing approximately 10,000 team members across the United States since its establishment in 1959.
Patrick Industries (NASDAQ: PATK), a leading component solutions provider for Outdoor Enthusiast and Housing markets, announces its inaugural Investor Day scheduled for December 3, 2024 in New York, NY. The event will feature senior management presentations on strategic initiatives, growth opportunities, and long-term financial framework, including Q&A sessions.
The live webcast begins at 10:30 a.m. Eastern Time, with presentation materials and replay available on the company's website. Patrick Industries serves RV, Marine, Powersports, and Housing markets through more than 85 brands, employing approximately 10,000 team members across the United States since 1959.
Patrick Industries (NASDAQ: PATK) announced a three-for-two stock split through a stock dividend, providing one additional share for every two shares held. The split is effective for shareholders of record as of November 29, 2024, payable on December 13, 2024, with post-split trading beginning December 16, 2024. This will increase outstanding shares from 22.4 million to 33.6 million. The company also confirmed its previously announced increased quarterly cash dividend of $0.60 per share on a pre-split basis, payable December 9, 2024. Management views these actions as reflecting confidence in the company's long-term growth prospects and aims to enhance share liquidity.
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.
Patrick Industries (NASDAQ: PATK), a leading component solutions provider for Outdoor Enthusiast and Housing markets, announces its participation in Baird's 2024 Global Industrial Conference on November 12, 2024, at the Ritz-Carlton in Chicago. CEO Andy Nemeth and President Kip Ellis will engage in a fireside chat and one-on-one meetings with institutional investors and analysts.
Patrick Industries serves RV, Marine, Powersports, and Housing markets with over 85 leading brands. Founded in 1959, the company employs approximately 10,000 team members across the United States, offering comprehensive solutions including design, manufacturing, distribution, and transportation services.
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.
Rockford Fosgate, a high-performance audio systems company, announces that metal engraver Hank Robinson from HANRO Studios will perform live demonstrations at their SEMA booth (North Hall, #10509) on November 5th and 6th from 11 a.m. to 1 p.m. Robinson, a U.S. Army combat veteran and founder of HANRO Studios, will create unique artwork celebrating Rockford Fosgate's upcoming 45th anniversary. His work combines traditional engraving with automotive and motorcycle culture, earning recognition in the custom automotive industry.
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.
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