Patrick Industries Inc - PATK STOCK NEWS

Patrick Industries (NASDAQ: PATK) announced a proposed offering of $225 million in convertible senior notes due 2028, subject to market conditions. The company may also issue an additional $33.75 million in notes if initial purchasers exercise their option. Proceeds will be used to cover costs of convertible note hedge transactions, general corporate purposes, including acquisitions, and to repay portions of its current credit facility. The notes are senior unsecured obligations, maturing on December 1, 2028, with semiannual interest payments.

Patrick Industries announced the acquisition of Williamsburg Marine LLC and Williamsburg Furniture, Inc., manufacturers of marine and RV seating, with trailing revenues of approximately $41 million. The acquisitions are expected to enhance Patrick's market presence and be immediately accretive to net income per share. CEO Andy Nemeth emphasized the strategic fit and support for Williamsburg's operational capabilities, while Williamsburg's founder expressed excitement about joining a larger industry player. Williamsburg will operate independently under its brand, maintaining its current facilities.

Patrick Industries, Inc. (NASDAQ: PATK) announced on November 11, 2021, an increase in its quarterly cash dividend to $0.33 per share from $0.28. This dividend will be payable on December 13, 2021, to shareholders of record by the close of business on November 29, 2021. The increase reflects management and Board confidence in the company's disciplined capital allocation strategy and strong financial position, reinforcing their commitment to returning capital to shareholders.

On November 1, 2021, Patrick Industries (NASDAQ: PATK) announced the acquisition of Wet Sounds, Inc., a Texas-based provider of innovative audio systems for the marine, home audio, and powersports markets. Wet Sounds reported trailing revenues of approximately $55 million for the last 12 months. The acquisition is anticipated to be immediately accretive to net income per share. Patrick aims to enhance its position in the marine industry by integrating Wet Sounds’ premium audio offerings into its existing product lines.

Patrick Industries reported a 51% increase in net sales for Q3 2021, amounting to $1.1 billion, driven by strong demand in RV, marine, and housing markets. Operating income rose by 56% to $93.3 million, with a margin of 8.8%. Net income grew 54% to $57.4 million, while diluted EPS increased 51% to $2.45. Noteworthy strategic acquisitions include Coyote Manufacturing and Tumacs Covers, enhancing their marine portfolio. Despite a 6% decline in operating cash flow to $68.7 million, the outlook remains positive with visibility into 2022.

Patrick Industries, Inc. (NASDAQ: PATK) will release its third quarter and nine months 2021 financial results on October 28, 2021. The results will be available before the market opens, followed by a conference call at 10:00 a.m. Eastern Time the same day. Key executives will participate in the call, discussing earnings and business matters. Interested parties can join the call via phone or through a live webcast on the company's website. The announcement reinforces Patrick's ongoing focus on transparency and communication with investors.

Patrick Industries announced a quarterly cash dividend of $0.28 per share, payable on September 13, 2021, to shareholders of record by August 30, 2021. Additionally, the company authorized an increase in its stock repurchase program to $50 million, including $14.4 million from the previous authorization. Year-to-date, Patrick has repurchased 260,000 shares at an average price of $82.89 per share, totaling $21.6 million.

Patrick Industries (NASDAQ: PATK) has successfully acquired Coyote Mfg. Co., a manufacturer of marine components, based in Nashville, Georgia. This acquisition enhances Patrick's portfolio in the OEM marine market, allowing for further expansion into leisure lifestyle markets. Coyote is recognized for its innovative products and customer service. The deal is expected to be immediately accretive to earnings per share, with Coyote continuing to operate independently under its brand. Patrick aims to support Coyote's growth while maintaining its entrepreneurial spirit.

Patrick Industries reported a remarkable 141% increase in net sales for Q2 2021, reaching $1.02 billion, up from $424 million in Q2 2020. Operating income surged to $95.3 million, a substantial rise from $12.1 million the previous year, with an operating margin of 9.3%. Net income was $59 million, up from $0.7 million. Key revenue growth areas included RV (192% increase), Marine (182%), and MH (54%). The company completed strategic acquisitions worth $238.9 million and returned $28.2 million to shareholders. Positive market conditions and low dealer inventories suggest continued growth into 2022.