Patrick Industries Inc. (PATK) share price remained unchanged in after-hours on Monday, January 10, 2022. However, in the regular trading session of Monday, PATK’s stock lost 0.01% to close Monday’s session at $80.91. PATK shares have risen 15.14% over the last 12 months, and they have moved up 0.02% in the past week. Over the past three months, the stock has lost 6.60%, while over the past six months, it has gained 11.34%.
Let’s have a look at its recent news and developments.
PATK priced its senior Note offer
On December 7, 2021, Patrick Industries, Inc. (PATK) announced the pricing of its private offering of $225,000,000 aggregate principal amount of its convertible senior notes due 2028 in a private placement to persons reasonably believed to be qualified institutional buyers according to Rule 144A. The company will get net proceeds of approximately $217 million from the offer.
PATK acquired Williamsburg
On November 22, 2021, Patrick Industries, Inc. (PATK) completed the acquisitions of Indiana-based Williamsburg Marine LLC and Williamsburg Furniture, Inc. (collectively Williamsburg). Williamsburg’s aggregate trailing 12-months revenue through October 2021 was approximately $41 million, and the acquisitions are expected to be immediately accretive to net income per share.
The Williamsburg businesses will continue to operate under their respective brand names in their existing facilities.
PATK Quarterly cash dividend
On November 12, 2021, the Board of Directors of Patrick Industries, Inc. (PATK) approved an increase in the amount of its quarterly cash dividend on its common stock to $0.33 per share from $0.28 per share. The dividend was paid on December 13, 2021, to shareholders of record at the close of business on November 29, 2021.
PATK completed Wet Sounds acquisition
On November 1, 2021, Patrick Industries, Inc. (PATK) completed the acquisition of Rosenburg, Texas-based Wet Sounds, Inc. Wet Sounds sells audio products and accessories direct to OEMs and consumers, and dealers and retailers. Wet Sounds’ trailing 12-months revenue through September 2021 was approximately $55 million, and the acquisition is expected to immediately increase net income per share.
PATK latest financial results
On October 28, 2021, Patrick Industries, Inc. (PATK), announced financial results for the third quarter ended September 26, 2021.
Q3 2021 financial highlights
- PATK reported total net sales of $1.1 billion in the third quarter of 2021 compared to $700.7 million in the third quarter of 2020.
- The cost of goods sold was $852.01 million in Q3 2021 compared to $567.2 million in Q3 2020.
- Total operating expenses were $114.8 million compared to $73.7 million in Q3 2020.
- It earned a net income of $57.4 million or diluted earnings per share of $2.45 compared to $37.3 million or diluted earnings per share of $1.62 in the third quarter of 2020.
Patrick Industries stock remained stable on Monday and we hope that it will perform well on Tuesday. There was no recent update at the moment about the company.