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