Patrick Industries Inc - PATK STOCK NEWS

Rockford Fosgate, a leading audio system manufacturer, continues its partnership with the City of Sturgis as the "Official Motorcycle Audio Sponsor" of the Sturgis® Motorcycle Rally™, taking place from August 5 to 13. This year, Rockford will host events at its booth on Lazelle Street and participate in the "20th Anniversary Mayor's Ride." New aftermarket audio kits, including the 800-watt M5 systems, will be showcased. The All-Out Bagger Show is scheduled for August 9, with a cash reward of $1,000 for top competitors. Rockford's sponsorship reinforces its presence in the motorcycle audio market.

Rockford Fosgate has launched new 800-watt audio kits specifically designed for Harley-Davidson motorcycles. These kits will debut at the City of Sturgis Motorcycle Rally, demonstrating the product's capabilities. The line includes eleven options that enhance sound quality for various Harley models from 1998 onwards, featuring weather-resistant design and a high-power M5 amplifier. For models 1998-2013, a radio upgrade with Bluetooth streaming is available, while 2014 and newer models can add subwoofers. Purchase and installation will be offered at multiple rally locations.

Patrick Industries reported a remarkable 45% increase in net sales for Q2 2022, reaching $1.5 billion, boosted by performance across end markets and recent acquisitions. Gross profit surged 60% to $327 million, and net income soared 98% to $117 million. Diluted earnings per share jumped 90% to $4.79, despite accounting adjustments. The company experienced outstanding operating cash flows of $97 million, reflecting a 242% increase. Recent investments in technology and acquisitions, notably Diamondback Towers, are expected to enhance future growth.

Rockford Fosgate has launched new aftermarket audio solutions tailored for 2019+ RZR Pro XP® vehicles, introducing six systems featuring either PMX source units or Ride Command™ interfaces. These kits range from Stage 4, 5, to 6, with the top kit boasting an 8-inch horn loaded rear speaker can and a 1500-watt amplifier. All components are Element Ready™ for durability in adverse conditions. The plug-n-play design simplifies installation, supported by instructional videos. For further details and compatibility, visit Rockford Fosgate's website.

Patrick Industries, Inc. (NASDAQ: PATK) will release its Q2 2022 financial results before the market opens on July 28, 2022. The company will also host a conference call at 10:00 a.m. ET on the same day to discuss results and business matters, featuring CEO Andy Nemeth, President Jeff Rodino, and CFO Jake Petkovich. Participants can join via a dial-in number or listen to a live webcast available on Patrick's website. The company is a leading provider of component solutions in various markets, with over 12,000 employees across the U.S.

Rockford Fosgate has unveiled its new Element Ready™ M2 10-inch marine speakers, offering high-performance audio designed for outdoor settings. Featuring 300 Watts RMS and 1200 Watts PEAK power handling, these speakers include Color Optix™ lighting and customizable grilles. Engineered for durability, they resist UV light, salt fog, and corrosion, making them ideal for marine environments. The M2-10H and M2WL-10H models can be panel or bar-mounted, ensuring versatility in installation. This launch highlights Rockford Fosgate's commitment to high-quality audio systems within the marine audio market.

Patrick Industries (NASDAQ: PATK) declared a quarterly cash dividend of $0.33 per share, payable on June 13, 2022, to shareholders of record by May 31, 2022. This decision emphasizes the company's commitment to returning value to shareholders. Operating in various markets including RV and marine industries, Patrick Industries continues to maintain a significant presence with over 11,000 employees across the U.S. The company cautions that future dividends are subject to Board approval and that forward-looking statements may not guarantee actual outcomes.

Patrick Industries, Inc. (NASDAQ: PATK) has acquired Diamondback Towers, LLC, a Cocoa, Florida-based manufacturer of premium wakeboard/ski towers and accessories. The acquisition aligns with Patrick's capacity expansion plans and is projected to enhance net income per share immediately. Both companies aim to leverage their strengths to provide high-quality, innovative marine solutions. Diamondback will continue to operate independently under its name, ensuring operational continuity while benefiting from Patrick’s strategic resources.

Patrick Industries reported a strong first quarter 2022, with net sales reaching $1.3 billion, a 58% increase from $850.5 million in Q1 2021. Gross profit rose to $295 million, an 83% increase, resulting in a gross margin of 22.0%. Operating income surged 136% to $162 million, and net income jumped 137% to $113 million. Diluted earnings per share improved 123% to $4.54, impacted by a $0.39 accounting adjustment. The acquisition of Rockford Corporation reflects ongoing strategic growth.