Patrick Industries (PATK) Increases Share Buyback by $100M

Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") announced that on January 26, 2022, its Board of Directors (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 $100.0 million, including the $11.0 million remaining under the previous authorization. In 2021, the Company repurchased 612,325 shares at an average price of $79.93 per share for a total cost of $48.9 million. Year-to-date through January 31, 2022, the Company repurchased 166,236 shares at an average price of $69.77 per share for a total cost of $11.6 million.

"With our ongoing focus on a balanced and disciplined capital allocation strategy, we believe that this new share repurchase authorization will position us to continue to drive shareholder value," said Andy Nemeth, Chief Executive Officer. "Our strong earnings growth and free cash flow generation support the pillars of our value creation strategy and provide the flexibility to return capital to our shareholders both through the continuation of our share repurchase activities as well as through our existing dividend policy."

You May Also Be Interested In

• Ohio Valley Banc Corp. extends stock buyback program to August 2027
• Jefferies Starts Bajaj Housing Finance (BAJAJHFL:IN) at Hold
• Nebius Group prices upsized $5B convertible notes offering