Business
UFP Industries Announces Fourth Quarter and Fiscal 2022 Results
Full year net sales increase 11 percent and earnings per share increase 28 percent GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- UFP Industries, Inc. (Nasdaq: UFPI)
About this update from Ufp Industries, Inc.
[{"type":"text","content":"\nFull year net sales increase 11 percent and earnings per share increase 28 percent\n\n GRAND RAPIDS, Mich.--(BUSINESS WIRE)--\nUFP Industries, Inc. (Nasdaq: UFPI) today announced net sales of $1.9 billion, net earnings attributable to controlling interest of $133 million, and earnings per diluted share of $2.10 for the fourth quarter of 2022. The company also announced a record $9.6 billion in net sales for fiscal 2022, an 11 percent increase over 2021, and record 2022 earnings per diluted share of $10.97, a 28 percent increase over the previous year.\n\n“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential. Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.\n\n“To recognize the hard work of our teammates in 2022, we provided significant wage increases and will pay our production and hourly employees more than $60 million in bonuses and other extra compensation.”\n\nFourth Quarter 2022 Highlights (comparisons on a year-over-year basis):\n\n\nNet sales of $1.91 billion decreased 5 percent due to a 10 percent decrease in organic unit sales, a 4 percent increase in prices, and a 1 percent increase from acquisitions.\n\n\nNew product sales of $164 million increased 36 percent.\n\n\nEarnings from operations of $169 million decreased 14 percent.\n\n\nAdjusted EBITDA of $213 million decreased 5 percent from the record performance during the same period of 2021, while adjusted EBITDA margin remained unchanged at 11.1 percent.\n\n\nFiscal 2022 Highlights (comparisons on a year-over-year basis):\n\n\nNet sales of $9.63 billion increased 11 percent due a 3 percent increase from acquisitions, a 9 percent increase in prices, and a 1 percent decline in organic unit sales.\n\n\nNew product sales were $736 million, up 53 percent.\n\n\nE...