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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.
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.
Patrick Industries (NASDAQ: PATK) announced its participation in the 2024 Baird Global Consumer, Technology & Services Conference from June 4-6, 2024. CEO Andy Nemeth and CFO Andy Roeder will engage in one-on-one meetings and a fireside chat with institutional investors and analysts on June 4th. The event will take place at the InterContinental New York Barclay in New York, NY. Patrick Industries is a key player in the RV, Marine, Powersports, and Housing markets with over 85 brands. Headquartered in Elkhart, IN, the company employs around 10,000 people across the United States.
Patrick Industries (NASDAQ: PATK) announced its Board of Directors declared a quarterly cash dividend of $0.55 per share on May 16, 2024. The dividend will be payable on June 17, 2024, to shareholders of record as of June 3, 2024. Patrick Industries is a component solutions provider for the RV, Marine, Powersports, and Housing markets, with over 85 leading brands. Headquartered in Elkhart, IN, the company employs about 10,000 people across the U.S.
Rockford Fosgate, a leading high-performance audio systems company, has partnered with the Harley-Davidson Museum as the official Motorcycle Audio partner. This collaboration will enhance the audio experience for visitors through various events and activations, such as the H-D Museum Bike Night Concert Series and the H-D Homecoming Festival. The partnership aims to engage customers and showcase Rockford Fosgate's sound systems, providing a unique opportunity to connect with motorcycle enthusiasts.
Patrick Industries, Inc. reported a strong first quarter for 2024, with net sales increasing 4% to $933 million, driven by growth in RV and housing revenue as well as acquisitions. The company completed its largest acquisition to date, operating margin increased, and net income rose by 16%. Adjusted earnings per share also saw a significant increase. Cash flow improved, and the balance sheet remains solid with net leverage at 2.8x. The company focuses on growth, diversification, and strategic acquisitions to drive future organic and strategic growth.
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