Patrick Industries, Inc.’s Board of Directors authorized an increase in common stock that may be acquired over the next 24 months under the current stock repurchase program to $100 million, including the $11 million remaining under the previous authorization.
In 2021, Patrick 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 Jan. 31, the company repurchased 166,236 shares at an average price of $69.77 per share for a total cost of $11.6 million.
Andy Nemeth, Patrick CEO, said the company is focusing on a balanced, disciplined capital allocation strategy.
“We believe that this new share repurchase authorization will position us to continue to drive shareholder value,” Nemeth said. “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.”
