Patrick Industries announced that on Dec. 2 its board of directors adopted a dividend policy under which it plans to declare regular quarterly cash dividends. For fourth quarter 2019, the board declared a cash dividend of $0.25 per share of common stock, which will be payable on Dec. 30 to shareholders of record at the close of business on Dec. 16.
“We believe that returning a portion of our free cash flow to our shareholders in the form of a regular quarterly dividend represents the continued evolution of our commitment to increasing long-term shareholder value and reflects the confidence of both management and the Board in the Company’s strategic and financial position,” said Todd Cleveland, chairman and CEO of Patrick.
“Our ability to generate strong and consistent cash flows, coupled with our solid financial position, allows us to reward our loyal and supportive shareholders with a quarterly dividend in addition to driving execution on the balance of our capital allocation strategy, which includes strategic acquisitions, investing in organic growth opportunities through strategic capital expenditures and geographic expansions, and share repurchases,” said Andy Nemeth, president of Patrick.
