ELKHART,
Ind., Nov. 15, 2024 /PRNewswire/ -- Patrick
Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today
announced that on November 14, 2024,
its Board of Directors (the "Board") approved an increase in the
amount of its quarterly cash dividend on its common stock to
$0.60 per share from $0.55 per share. The dividend is payable on
December 9, 2024 to shareholders of
record at the close of business on November
25, 2024. Additionally, the Board authorized an increase in
the amount of the Company's common stock that may be acquired over
the next 24 months under the current stock repurchase program to
$200.0 million, including the
$72.9 million remaining under the
previous authorization.
"The increase in our quarterly cash dividend and upsize in our
share repurchase authorization indicate our commitment to a
balanced capital allocation strategy, our confidence in the
long-term earnings power of our business, and our ability to
generate free cash flow," said Andy
Nemeth, Chief Executive Officer of Patrick. "We believe our
ability to grow shareholder value over time will be a reflection of
our team's ability to capitalize on organic and strategic
opportunities as we maintain our dedication to serving our valued
customers at the highest level. We remain committed to maintaining
a strong balance sheet as we focus on driving profitable growth
across our Outdoor Enthusiast and Housing markets."
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider
serving the RV, Marine, Powersports and Housing markets. Since
1959, Patrick has empowered manufacturers and outdoor enthusiasts
to achieve next-level recreation experiences. Our customer-focused
approach brings together design, manufacturing, distribution, and
transportation in a full solutions model that defines us as a
trusted partner. Patrick is home to more than 85 leading brands,
all united by a commitment to quality, customer service, and
innovation. Headquartered in Elkhart,
IN, Patrick employs approximately 10,000 skilled team
members throughout the United
States. For more information on Patrick, our brands, and
products, please visit www.patrickind.com.
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,
2023, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/patrick-industries-inc-announces-increase-to-regular-quarterly-cash-dividend-and-increased-share-repurchase-authorization-302307403.html
SOURCE Patrick Industries, Inc.
