Patrick Industries, Inc. (NASDAQ: PATK) has announced several significant financial changes in its latest press release. Firstly, the company's board of directors approved an increase in the quarterly cash dividend on its common stock to $0.60 per share, up from $0.55 per share in the previous period. This represents a 9.09% increase in the dividend payout to shareholders. The dividend is payable on December 9, 2024, to shareholders of record at the close of business on November 25, 2024.
Additionally, the board has 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. This includes the $72.9 million remaining under the previous authorization, indicating a substantial increase in the potential stock buyback amount.
Andy Nemeth, the chief executive officer of Patrick Industries, emphasized the company's commitment to a balanced capital allocation strategy and its confidence in the long-term earnings power of its business. He also highlighted the company's ability to generate free cash flow and its dedication to serving valued customers at the highest level.
Patrick Industries, Inc., a leading component solutions provider serving the RV, marine, powersports, and housing markets, has been empowering manufacturers and outdoor enthusiasts since 1959. The company's customer-focused approach encompasses design, manufacturing, distribution, and transportation in a full solutions model, uniting more than 85 leading brands under a commitment to quality, customer service, and innovation. With approximately 10,000 skilled team members throughout the United States, Patrick Industries continues to focus on driving profitable growth across its outdoor enthusiast and housing markets. Following these announcements, the company's shares moved 1.7%, and are now trading at a price of $133.0. If you want to know more, read the company's complete 8-K report here.
