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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, Inc. (NASDAQ: PATK) is set to release its first quarter 2022 financial results on April 28, 2022, before market opening. The company will also host a conference call at 10:00 a.m. Eastern Time on the same day to discuss the results, with participation limited to institutional investors and analysts. Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries is a leading provider of component solutions primarily for the RV, marine, and housing markets, employing over 11,000 people across the U.S.
On March 7, 2022, Patrick Industries (NASDAQ: PATK) announced the completion of its acquisition of Arizona-based Rockford Corporation, a leader in high-performance audio systems. This merger aims to enhance Patrick's market presence in the powersports and leisure lifestyle sectors. CEO Andy Nemeth expressed optimism about the acquisition's potential to increase shareholder value. Rockford's integration is expected to create synergies and growth opportunities within the automotive and marine markets, furthering the company's strategic objectives.
Patrick Industries (NASDAQ: PATK) has signed a definitive agreement to acquire Rockford Corporation, the parent company of Rockford Fosgate, a leader in high-performance audio systems. The acquisition, expected to close around March 7, 2022, is anticipated to enhance Patrick's reach in the powersports, marine, and automotive sectors. Rockford generated approximately $155 million in revenue in 2021, and the deal is expected to be accretive to net income per share. Both companies aim to leverage their combined strengths and distribution capabilities for market expansion.
Patrick Industries, Inc. (NASDAQ: PATK) announced a quarterly cash dividend of $0.33 per share, declared on February 22, 2022. The dividend will be paid on March 21, 2022, to shareholders recorded by the close of business on March 7, 2022. This reflects the company's ongoing commitment to return value to its shareholders amid its operations as a leading component solutions provider across various markets including RV, marine, and housing.
Patrick Industries reported record financial results for Q4 and full year 2021. Q4 net sales rose 49% to $1.1 billion, driven by strong performance in leisure and housing markets. Operating income increased 52% to $95 million, with a margin of 8.3%. Net income surged 61% to $61 million, translating to diluted EPS of $2.62, a 60% increase. For the full year, net sales reached $4.1 billion, up 64%, with net income increasing 132% to $225 million. The company invested $210 million in acquisitions in Q4 and returned $25 million to shareholders, while maintaining a net leverage ratio of 2.3x.
Patrick Industries, Inc. (NASDAQ: PATK) announced a new $100 million share repurchase program, increasing its previous authorization. The company repurchased 612,325 shares in 2021 at an average price of $79.93, totaling $48.9 million. In 2022, they have already repurchased 166,236 shares at an average price of $69.77, costing $11.6 million. CEO Andy Nemeth stated that this move supports their strategy to enhance shareholder value and reflects strong earnings and free cash flow generation.
Patrick Industries, Inc. (NASDAQ: PATK) will release its fourth quarter and annual financial results for 2021 on February 10, 2022, before market open. A conference call will follow at 10:00 a.m. ET, led by CEO Andy Nemeth, President Jeff Rodino, and CFO Jake Petkovich, to discuss results and other business matters. Interested parties can listen via phone or through a live webcast on Patrick's website. Patrick Industries is a leading provider of component solutions for various markets including RV and marine, and employs over 11,000 individuals across the United States.
Patrick Industries (NASDAQ: PATK) has priced a private offering of $225 million in convertible senior notes maturing in 2028. The offering is directed at qualified institutional buyers under Rule 144A. The initial conversion price is approximately $100.11 per share, representing a 30% premium over the last stock price of $77.01. Net proceeds are estimated at $217 million for corporate purposes including acquisitions and paying down existing debt. The company is also engaging in convertible note hedge transactions to reduce potential dilution upon conversion.
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.
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