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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 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.
Rockford Fosgate, a leader in high-performance audio systems, has announced significant leadership changes. Bill Jackson, President and CEO for 18 years, will transition to Sr. Operations Business Advisor at Patrick Industries. Zach Luke, a 20-year company veteran, will succeed him as President. Jackson expressed pride in the Rockford team's accomplishments and confidence in Luke's leadership. Luke, with extensive experience in sales, marketing, and leadership, is poised to lead Rockford Fosgate into a new era. He emphasized his commitment to honoring the brand's legacy while ensuring its continued growth. As President, Luke will focus on leadership, strategic planning, and organizational alignment to shape the company's future.
Patrick Industries (NASDAQ: PATK) has declared a quarterly cash dividend of $0.55 per share on its common stock. The dividend will be paid on September 9, 2024, to shareholders of record at the close of business on August 26, 2024. This announcement was made by the company's Board of Directors on August 15, 2024.
Patrick Industries is a leading component solutions provider serving the RV, Marine, Powersports, and Housing markets. Founded in 1959, the company has grown to encompass more than 85 leading brands and employs approximately 10,000 skilled team members throughout the United States. Patrick's full solutions model integrates design, manufacturing, distribution, and transportation, positioning it as a trusted partner in the industry.
Rockford Fosgate partners with Polaris to deliver Apex Audio Performance in select 2025 RZR models, including the new RZR Pro R, Pro S, and Pro XP Ultimate vehicles. The ultimate trim level features a Stage-4 factory audio system with an 800-watt output, including:
- Ride Command source unit
- Two 100-watt 1-inch tweeters
- Two pairs of 100-watt 6.5-inch speakers (front component and rear coaxial)
- 400-watt 4-channel amplifier
- 10-inch subwoofer with a 400-watt amplifier
The system boasts enhanced speakers with longer voice coils for improved sound clarity and bass response, new motor structures for increased output, and amplifiers with patented constant power technology for superior performance and reliability.
Patrick Industries (NASDAQ: PATK) reported strong Q2 2024 results with net sales increasing 10% to $1.02 billion. This growth was driven by a 17% increase in RV revenue and an 11% increase in Housing revenue, offsetting a 30% decline in Marine revenue. The company's operating margin improved by 10 basis points to 8.3%, while net income rose 13% to $48 million. Diluted earnings per share increased 11% to $2.16. Patrick Industries maintained a solid balance sheet with a total net leverage ratio of 2.6x and liquidity of $519 million. The company's diversification strategy and cost management initiatives have contributed to its resilience in volatile market conditions.
Patrick Industries (NASDAQ: PATK) has announced the release date for its second quarter and six months 2024 financial results. The company will publish its results before the market opens on Thursday, August 1, 2024, followed by a conference call at 10:00 a.m. Eastern Time. The call will be to institutional investors and analysts, with a dial-in number of (877) 407-9036. A live webcast will be available on Patrick's website, along with a replay of the call.
Patrick Industries is a leading component solutions provider for the RV, Marine, Powersports, and Housing markets. Founded in 1959, the company offers design, manufacturing, distribution, and transportation services, representing over 85 brands. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 team members across the United States.
Rockford Fosgate introduced a new 300-watt subwoofer system designed specifically for 2023 and later Harley-Davidson® CVO touring bikes with Skyline infotainment units. These subwoofers fit seamlessly into the saddlebags and can be easily removed for convenience. Engineered for superior bass performance, the system integrates R-Tune® and M-DEQ™ technologies to optimize sound quality regardless of riding conditions. An optional 600-watt secondary amplifier allows the addition of one or two 10-inch subwoofers for bikes with a four-speaker system. These new subwoofer systems will be available at Harley-Davidson® dealerships and online.
Patrick Industries (NASDAQ: PATK) will participate in CJS Securities' 24th Annual "New Ideas" Summer Conference on July 10, 2024. CEO Andy Nemeth is scheduled to deliver a presentation and engage in one-on-one meetings with institutional investors and analysts. The event will be held at the Metropolis Country Club in White Plains, New York. Patrick Industries, a prominent provider of component solutions for the RV, Marine, Powersports, and Housing markets, has been operational since 1959, offering a comprehensive solutions model encompassing design, manufacturing, and distribution. The company, headquartered in Elkhart, IN, employs approximately 10,000 team members across the United States.
Rockford Fosgate has announced its tenth consecutive year as the 'Official Motorcycle Audio Sponsor' of the Sturgis Motorcycle Rally, taking place from August 2nd to 10th, 2024.
The company will also sponsor the '22nd Anniversary Mayor's Ride' during the event. Rockford Fosgate's booth on Lazelle Street will serve as the hub for daily activities, including on-bike demonstrations of the latest aftermarket audio systems for Harley-Davidson motorcycles, available for purchase and installation.
On August 5th, Rockford Fosgate will host the All-Out Bagger Invitational Motorcycle Show, featuring top bagger builders and hosted by Jeff G. Holt, editorial director of V-Twin Visionary. Team members will also provide sales and installation services from July 26th to August 10th at Black Hills Harley-Davidson.
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