ELKHART,
Ind., Nov. 16, 2023 /PRNewswire/ -- Patrick
Industries, Inc. (NASDAQ: PATK) today announced that on
November 15, 2023, its Board of
Directors (the "Board") approved an increase in the amount of its
quarterly cash dividend on its common stock to $0.55 per share from $0.45 per share. The dividend is payable on
December 11, 2023, to shareholders of
record at the close of business on November
27, 2023.
"The decision to increase our quarterly dividend reflects our
confidence in our solid balance sheet liquidity position, cash
flows, and continued commitment to a disciplined capital allocation
strategy, all of which will enable us to grow shareholder value
over time," said Andy Nemeth, Chief
Executive Officer of Patrick.
About Patrick Industries, Inc.
Patrick Industries (NASDAQ: PATK) is a leading component
solutions provider for the RV, Marine and Housing markets. Founded
in 1959, Patrick is based in Elkhart,
Indiana, employing approximately 10,000 team members
throughout the United States.
Cautionary Statement Regarding 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,
2022, 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.
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SOURCE Patrick Industries, Inc.