Every material Form 8-K Patrick Industries filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Patrick Industries reported third-quarter 2024 net sales up 6% to $919 million, driven by a 13% rise in Housing revenue and the Sportech acquisition, which offset a 21% decline in Marine revenue. Net income rose 3% to $41 million, but diluted earnings per share were $1.80 versus $1.81 a year earlier, and the company's Q3 operating margin slipped 10 basis points to 8.1%. The company also issued $500 million of 6.375% Senior Notes due 2032 after quarter end.
Net sales rose 6% to $919 million; Housing revenue up 13%, Marine revenue down 21%
Net income rose 3% to $41 million; diluted EPS was $1.80 versus $1.81 a year earlier
Operating margin was 8.1%, down 10 basis points; first nine months adjusted diluted EPS rose 13% to $5.75
After quarter end, issued $500 million of 6.375% Senior Notes due 2032 and expanded credit facility to $1.0 billion
Patrick Industries closed a $500 million private offering of 6.375% senior notes due November 1, 2032, issued at 100% of principal. The company also entered a new $1.0 billion senior secured credit facility on October 24, 2024, which replaces its existing facility due August 2027. Net proceeds, together with borrowings under the new facility, will be used to redeem all $300 million of its 7.500% senior notes due 2027 and repay part of its existing borrowings.
$500 million of 6.375% senior notes due November 1, 2032, with interest payable semi-annually from May 1, 2025
New $1.0 billion facility: $875 million revolver and $125 million term loan, maturing October 2029
Proceeds and borrowings to redeem all $300 million of 7.500% notes due 2027 and repay part of existing secured borrowings
Notes may be redeemed before November 1, 2027 at par plus a make-whole premium; a change of control requires an offer to repurchase at 101%
Patrick Industries agreed on October 7, 2024 to sell $500 million of 6.375% senior notes due 2032 in a private offering, up $100 million from the previously announced $400 million. The company plans to use the proceeds to redeem all $300 million of its 7.500% senior notes due 2027, repay part of its credit facility borrowings, and pay fees, and it expects to replace its existing credit facility with a new $1.0 billion senior secured credit facility with maturity extended to October 2029. The offering is expected to close on or about October 22, 2024, subject to closing conditions, and the filing states there can be no assurance it will be completed.
Offering size: $500 million of 6.375% senior notes due 2032, up from $400 million announced earlier
Planned redemption of all $300 million of 7.500% senior notes due 2027
Planned new $1.0 billion senior secured credit facility, with $875 million revolving and $125 million term loan, maturing October 2029
Expected closing on or about October 22, 2024, subject to closing conditions
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Patrick Industries filing is on SEC EDGAR ↗. 8-K briefs of other companies →