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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) 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.
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.
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