Patrick Industries announced that on Nov. 14, 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 to shareholders of record at the close of business on Nov. 25. 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, CEO 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.”