Patrick Industries Inc.’s Board of Directors on Wednesday approved a 17.5% increase in its quarterly cash dividend to $0.47 per share from $0.40 per share.
The dividend is payable Dec. 15 to shareholders of record at the close of business Dec. 1.
According to Yahoo Finance, Patrick Industries has 33.28 million outstanding shares. The dividend will return $15.64 million to shareholders. At its previous level, the dividend would have cost Patrick Industries $13.3 million, a $2.3 million change each quarter.
Patrick CEO Andy Nemeth said the company remains committed to a disciplined capital allocation strategy that supports growth initiatives.
“The increase in our quarterly cash dividend,” Nemeth said, “underscores our continued confidence in the strength and resilience of our business model, the durability of our end markets, and our ability to generate free cash flow.”
The company is a component solutions provider serving the RV and other industries.
Patrick Industries is headquartered in Elkhart, Indiana, and is home to more than 85 brands.
