Patrick Industries, Inc. on Tuesday announced that on January 26, 2022, its board of directors authorized a bump 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.
This includes the $11.0 million remaining under the previous authorization, according to a release.
In 2021, Patrick Industries repurchased 612,325 shares at an average price of $79.93 per share for a total cost of $48.9 million. Year-to-date until January 31, 2022, the company repurchased 166,236 shares at an average price of $69.77 per share totaling $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 CEO Andy Nemeth.
“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.”
About Patrick Industries, Inc.
Patrick Industries 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.
