Patrick Industries, Inc. Declares Quarterly Cash Dividend

Rhea-AI Summary

Patrick Industries, Inc. (NASDAQ: PATK) has declared a quarterly cash dividend of $0.28 per share on February 23, 2021. The dividend is set to be paid on March 22, 2021 to shareholders on record as of March 8, 2021. This marks a continued commitment to returning value to shareholders as the company operates across various markets, including recreational vehicles and marine sectors.

Positive

• Quarterly cash dividend declared at $0.28 per share
• Dividend payment demonstrates company commitment to shareholder value
• Potential for ongoing dividends based on board approval

Negative

• None.

ELKHART, Ind., Feb. 24, 2021 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company"), a major manufacturer and distributor of component and building products for the recreational vehicle, marine, manufactured housing and industrial markets, today announced that on February 23, 2021, its Board of Directors declared a quarterly cash dividend on its common stock of $0.28 per share. The dividend is payable on March 22, 2021, to shareholders of record at the close of business on March 8, 2021.

About Patrick Industries, Inc.
Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. In addition, future dividends are subject to Board approval. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

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SOURCE Patrick Industries, Inc.

FAQ

What is the dividend amount declared by Patrick Industries on February 23, 2021?

Patrick Industries declared a dividend amount of $0.28 per share on February 23, 2021.

When will the dividend be paid to shareholders?

The dividend will be paid on March 22, 2021.

What is the record date for the dividend payment?

The record date for the dividend payment is March 8, 2021.

Is the dividend payment from Patrick Industries sustainable?

Future dividends are subject to Board approval and may vary based on the company's financial performance.