Patrick Industries Inc - PATK STOCK NEWS

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.

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.