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Patrick Industries, Inc. Announces Increased Share Repurchase Authorization

General News
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Patrick Industries, Inc. (the “Company”) announced that on December 12, 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 $38.2 million remaining under the previous authorization.

“The decision to increase our share repurchase authorization combined with the recent increase in our quarterly dividend reflects our confidence in our capital allocation strategy and ability to generate free cash flow,” said Andy Nemeth, Chief Executive Officer.  “We stand ready to meet market conditions as they develop and continue to be optimistic about our long-term growth potential and our ability to drive shareholder value.”

About Patrick Industries, Inc.

Patrick Industries (NASDAQ: PATK) is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick is based in Elkhart, Indiana, with over 11,000 employees across the United States.

Source: Patrick Industries, Inc.