Patrick Increases Quarterly Dividend and Share Repurchase – RVBusiness – Breaking RV Industry News
ELKHART, Ind. – Patrick Industries, Inc. (NASDAQ: PATK) today announced that on Nov. 14, 2024, its Board of Directors 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 Dec. 9, 2024 to shareholders of record at the close of business on Nov. 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.
