Third Quarter 2024 Highlights (compared to Third Quarter 2023 unless otherwise noted) Net sales increased 6% to $919 million driven by a 13% increase in Housing revenue and our first quarter acquisition of Sportech, which together more than offset a 21% decline in Marine revenue.Operating margin decreased 10 basis points to 8.1%. For the first nine months of 2024, adjusted operating margin improved 20 basis points to 7.8%.Net income increased 3% to $41 million. Diluted earnings per share of $1.80 included the dilutive impact of our convertible notes and related warrants in the period, or an estimated $0.06 per share. For the first nine months of 2024, adjusted diluted earnings per share incr

ELKHART, Ind., Oct. 24, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company") today announced the closing of its previously announced private offering of $500 million aggregate principal amount of 6.375% Senior Notes due 2032 (the "Notes"), at an issue price of 100% of the principal amount of the Notes, in a private placement exempt from registration under the Securities Act of 1933 (the "Securities Act") on October 22, 2024. Net proceeds from the offering, together with borrowings under the 2024 Credit Facility (as defined below), will be used to redeem all $300 million aggregate principal amount of the Company's 7.500% Senior Notes due 2027, repay a porti

ELKHART, Ind., Oct. 17, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company") today announced that it will release its third quarter and nine months 2024 financial results before the market opens on Thursday, October 31, 2024. Patrick Industries will host a conference call on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (

ELKHART, Ind., Oct. 7, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company") today announced the pricing of its upsized private offering of $500 million aggregate principal amount of its 6.375% Senior Notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933 (the "Securities Act").   The size of the offering reflects an increase of $100 million in aggregate principal amount of the Notes from the previously announced offering size of $400 million. The offering is expected to close on or about October 22, 2024, subject to certain closing conditions.

ELKHART, Ind., Oct. 7, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company") today announced its intention to offer, subject to market conditions and other factors, $400 million aggregate principal amount of Senior Notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933 ("Securities Act"). The interest rate, redemption prices and other terms of the Notes are to be determined upon pricing of the offering. Patrick intends to use the net proceeds from the offering to redeem all of its $300 mi

ELKHART, Ind., Sept. 12, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, will participate in D.A. Davidson's 23rd Annual Diversified Industrials & Services Conference on September 19, 2024. Andy Nemeth, Chief Executive Officer, and Kip Ellis, President – Powersports, Technology and Housing, will participate in one-on-one meetings with institutional investors and analysts. The conference will be held at the Four Seasons Hotel in Nashville, Tennessee.

ELKHART, Ind., Sept. 9, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced today that it has completed the acquisition of Bristol, Indiana-based ICON Direct, Inc., which operates as RecPro.com ("RecPro"), a leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets. The Company estimates RecPro's 2024 revenues will be approximately $80 million.

ROCKFORD FOSGATE® PASSES THE TORCH, PAVING THE WAY FOR CONTINUED STRENGTH AND INNOVATION FOR THE NEXT FUTURE. TEMPE, Ariz., Aug. 19, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is thrilled to announce two significant leadership changes within the company. Bill Jackson, who has served as President and CEO for the past 18 years, will transition to the role of Sr. Operations Business Advisor to Patrick Industries. Succeeding him, Zach Luke, a seasoned leader with over 20 years of dedicated service at Rockford Fosgate, will step into the role of President.

ELKHART, Ind., Aug. 16, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) today announced that on August 15, 2024, its Board of Directors (the "Board") declared a quarterly cash dividend on its common stock of $0.55 per share. The dividend is payable on September 9, 2024 to shareholders of record at the close of business on August 26, 2024. 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 ach

TEMPE, Ariz., Aug. 2, 2024 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio systems, is thrilled to partner with Polaris® to deliver Apex Audio Performance in select 2025 RZR models, including the new RZR Pro R, Pro S, and Pro XP Ultimate vehicles. The ultimate trim level comes with the Stage-4 factory audio system, which includes the Ride Command source unit, a pair of front 100-watt 1-inch tweeters, a pair of 100-watt 6.5-inch component front and coaxial rear speakers, a 400-watt 4-channel amplifier, and a 10-inch subw

Third Quarter 2024 Highlights (compared to Third Quarter 2023 unless otherwise noted) Net sales increased 6% to $919 million driven by a 13% increase in Housing revenue and our first quarter acquisition of Sportech, which together more than offset a 21% decline in Marine revenue.Operating margin decreased 10 basis points to 8.1%. For the first nine months of 2024, adjusted operating margin improved 20 basis points to 7.8%.Net income increased 3% to $41 million. Diluted earnings per share of $1.80 included the dilutive impact of our convertible notes and related warrants in the period, or an estimated $0.06 per share. For the first nine months of 2024, adjusted diluted earnings per share incr

ELKHART, Ind., Oct. 17, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company") today announced that it will release its third quarter and nine months 2024 financial results before the market opens on Thursday, October 31, 2024. Patrick Industries will host a conference call on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (

ELKHART, Ind., Sept. 9, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced today that it has completed the acquisition of Bristol, Indiana-based ICON Direct, Inc., which operates as RecPro.com ("RecPro"), a leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets. The Company estimates RecPro's 2024 revenues will be approximately $80 million.

ELKHART, Ind., Aug. 16, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) today announced that on August 15, 2024, its Board of Directors (the "Board") declared a quarterly cash dividend on its common stock of $0.55 per share. The dividend is payable on September 9, 2024 to shareholders of record at the close of business on August 26, 2024. 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 ach

Second Quarter 2024 Highlights (compared to Second Quarter 2023 unless otherwise noted) Net sales increased 10% to $1.02 billion driven by a 17% increase in RV revenue, an 11% increase in Housing revenue, and our first quarter acquisition of Sportech, which together more than offset a 30% decline in Marine revenue.Operating margin increased 10 basis points to 8.3%. For the first six months of 2024, operating margin on an adjusted basis improved 40 basis points to 7.7%.Net income increased 13% to $48 million, and diluted earnings per share of $2.16 increased 11%.For the first six months of 2024, adjusted diluted earnings per share increased 20% to $3.95.Adjusted EBITDA increased 14% to $130 m

ELKHART, Ind., July 18, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company"), today announced that it will release its second quarter and six months 2024 financial results before the market opens on Thursday, August 1, 2024. Patrick Industries will host a conference call on Thursday, August 1, 2024 at 10:00 a.m. Eastern Time to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (877

ELKHART, Ind., May 20, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) today announced that on May 16, 2024, its Board of Directors (the "Board") declared a quarterly cash dividend on its common stock of $0.55 per share. The dividend is payable on June 17, 2024 to shareholders of record at the close of business on June 3, 2024. 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-l

First Quarter 2024 Highlights (compared to First Quarter 2023 unless otherwise noted) Net sales increased 4% to $933 million driven by a 15% increase in RV revenue, a 5% increase in housing revenue, and acquisitions, which together more than offset lower marine revenue.As previously announced, Patrick completed the acquisition of Sportech, LLC, a supplier of high-value component solutions to the powersports industry on January 24th, representing the Company's largest acquisition to date.Operating margin increased 20 basis points to 6.4%. Excluding acquisition transaction costs and purchase accounting adjustments in both periods, adjusted operating margin increased 70 basis points year-over-y

ELKHART, Ind., April 18, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company"), today announced that it will release its first quarter 2024 financial results before the market opens on Thursday, May 2, 2024. Patrick Industries will host a conference call on Thursday, May 2, 2024, at 10:00 a.m. Eastern Time to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (877) 407-9036. Interest

Fourth Quarter and Full Year 2023 Highlights (compared to Fourth Quarter 2022 unless otherwise noted) Fourth quarter net sales of $781 million decreased 18% as a result of lower OEM wholesale unit shipments in our end markets and lower pricing passed on to our customers to reflect changes in certain commodity costs.Fourth quarter and full year 2023 diluted earnings per share (EPS) was $1.41 and $6.50, respectively. Fourth quarter and full year 2023 EPS included approximately $0.08 and $0.21, respectively, of one-time, non-recurring expenses related to tornado damage, severance, and facility consolidations, net of a favorable fair-value measurement adjustment.Operating margin for the fourth q

ROCKFORD FOSGATE® PASSES THE TORCH, PAVING THE WAY FOR CONTINUED STRENGTH AND INNOVATION FOR THE NEXT FUTURE. TEMPE, Ariz., Aug. 19, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is thrilled to announce two significant leadership changes within the company. Bill Jackson, who has served as President and CEO for the past 18 years, will transition to the role of Sr. Operations Business Advisor to Patrick Industries. Succeeding him, Zach Luke, a seasoned leader with over 20 years of dedicated service at Rockford Fosgate, will step into the role of President.

TEMPE, Ariz., May 3, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is thrilled to announce its sponsorship of the Harley-Davidson Museum as the official Motorcycle Audio partner. This partnership promises visitors an immersive on-site audio journey with H-D Museum™ Demos, alongside hosting the H-D Museum Bike Night Concert Series and activation during the annual H-D® Homecoming™ Festival. Zach Luke, as Managing Director of Rockford Fosgate, expressed, "This presents a remarkable opportunity for us to connect with our customers on

TEMPE, Ariz., March 5, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is excited to announce the addition of Doug Dobson as Digital Application Manager. ROCKFORD FOSGATE® APPOINTS DOUG DOBSON AS DIGITAL APPLICATION MANAGERIn his new role, Doug will assume responsibility for vehicle specific guidance and expertise to the embedded software team during UI/APP development.  Doug stated, "I am excited and honored to join the great team at Rockford Fosgate and its rich history in the car audio world. I hope to bring my own specialties a

TEMPE, Ariz., March 5, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is excited to announce the addition of Derek Schmiedl as Director of Integration. In his new role, Derek will assume responsibility for overseeing and spearheading the Rockford Fosgate audio integration initiatives. Leveraging his extensive years of industry experience and proven track record of success, Derek will play a crucial role in advancing and crafting tailored solutions for various vehicle models. Derek, stated, "Rockford Fosgate is renowned for creatin

ELKHART, Ind., March 5, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced today that it has appointed Andy Roeder as Executive Vice President-Finance, Chief Financial Officer ("CFO"), and Treasurer of the Company, effective March 5.   "We are delighted to announce that Andy will be joining Patrick's leadership team after a robust search process that encompassed strong candidates, both internal and external," said Andy Nemeth, Chief Executive

TEMPE, Ariz., Feb. 29, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is excited to announce the addition of Jordan Beecham as Regional Sales Manager, Motorcycle. Rockford Fosgate is excited to announce the addition of Jordan Beecham as Regional Sales Manager, Motorcycle.In his role, Jordan will oversee and lead the Rockford Fosgate aftermarket motorcycle audio sales initiatives, where his years of industry experience and success will play a pivotal part in expanding Rockford's category relationships and growth. Jordan, stated, "R

TEMPE, Ariz., Dec. 20, 2023 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is excited to announce the addition of Ora Freeman as Senior Director of OEM Marine. In his role, Ora will oversee and lead the Rockford Fosgate OEM Marine initiatives, where his years of industry experience and success will play a pivotal part in expanding Rockford's category relationships and growth. Ora, stated, "Rockford Fosgate is an iconic brand in the audio industry, and I couldn't be more excited to join this team and help lead them to a prominent positi

ELKHART, Ind., April 17, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ:PATK) (the "Company") today announced that Jake Petkovich, Executive Vice President of Finance, Chief Financial Officer and Treasurer, will step down in May to accept a senior leadership position with another company. Mr. Petkovich, who has served as CFO of Patrick since November 2020, will remain in his current position until that time and provide support to ensure an orderly transition. "The Board of Directors and I want to thank Jake for his tremendous contributions to the Patrick family," said A

Patrick Industries (NASDAQ:PATK) has outperformed the market over the past 10 years by 8.46% on an annualized basis producing an average annual return of 19.24%. Currently, Patrick Industries has a market capitalization of $2.66 billion. Buying $100 In PATK: If an investor had bought $100 of PATK stock 10 years ago, it would be worth $578.55 today based on a price of $118.80 for PATK at the time of writing. Patrick Industries's Performance Over Last 10 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's aut

Patrick Industries (NASDAQ:PATK) has outperformed the market over the past 10 years by 8.78% on an annualized basis producing an average annual return of 19.77%. Currently, Patrick Industries has a market capitalization of $2.66 billion. Buying $1000 In PATK: If an investor had bought $1000 of PATK stock 10 years ago, it would be worth $6,199.18 today based on a price of $118.95 for PATK at the time of writing. Patrick Industries's Performance Over Last 10 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's

Patrick Industries's (NYSE:PATK) short percent of float has risen 12.0% since its last report. The company recently reported that it has 1.48 million shares sold short, which is 8.4% of all regular shares that are available for trading. Based on its trading volume, it would take traders 15.0 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short inter

Patrick Industries (NASDAQ:PATK) has outperformed the market over the past 5 years by 4.78% on an annualized basis producing an average annual return of 18.09%. Currently, Patrick Industries has a market capitalization of $2.39 billion. Buying $100 In PATK: If an investor had bought $100 of PATK stock 5 years ago, it would be worth $221.46 today based on a price of $106.50 for PATK at the time of writing. Patrick Industries's Performance Over Last 5 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's automa

Roth MKM analyst Scott Stember reiterates Patrick Industries (NASDAQ:PATK) with a Buy and raises the price target from $120 to $126.

Patrick Industries (NASDAQ:PATK) underwent analysis by 4 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 2 0 0 0 Last 30D 0 1 0 0 0 1M Ago 1 0 0 0 0 2M Ago 0 0 0 0 0 3M Ago 1 1 0 0 0 In the assessment of 12-month price targets, analysts unveil insights for Patrick Industries, presenting an average target of $122.5, a high estimate of $130.00, and a low estimate of $115.00. Observing a 11.03%

BMO Capital analyst Tristan Thomas-Martin maintains Patrick Industries (NASDAQ:PATK) with a Outperform and raises the price target from $120 to $125.

Patrick Industries (NASDAQ:PATK) reported quarterly earnings of $1.79 per share which beat the analyst consensus estimate of $1.32 by 35.61 percent. The company reported quarterly sales of $933.000 million which beat the analyst consensus estimate of $839.687 million by 11.11 percent. This is a 3.66 percent increase over sales of $900.100 million the same period last year.

Patrick Industries's (NYSE:PATK) short percent of float has fallen 16.56% since its last report. The company recently reported that it has 1.34 million shares sold short, which is 7.61% of all regular shares that are available for trading. Based on its trading volume, it would take traders 8.25 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short in

Raymond James initiated coverage of Patrick Industries with a rating of Outperform and set a new price target of $160.00

The Benchmark Company initiated coverage of Patrick Industries with a rating of Buy and set a new price target of $145.00

BMO Capital Markets initiated coverage of Patrick Industries with a rating of Outperform and set a new price target of $105.00

KeyBanc Capital Markets initiated coverage of Patrick Industries with a rating of Overweight and set a new price target of $80.00

DA Davidson initiated coverage of Patrick Industries with a rating of Neutral and set a new price target of $65.00

MKM Partners initiated coverage of Patrick Industries with a rating of Buy and set a new price target of $93.00

Truist initiated coverage of Patrick Industries with a rating of Buy and set a new price target of $75.00

BofA Securities initiated coverage of Patrick Industries with a rating of Underperform and set a new price target of $60.00

Keybanc reiterated coverage of Patrick Industries with a rating of Overweight and set a new price target of $90.00 from $102.00 previously

Baird reiterated coverage of Patrick Industries with a rating of Outperform and set a new price target of $104.00 from $88.00 previously