UFP Industries Announces Second Quarter Results

About this update from Ufp Industries, Inc.

[{"type":"text","content":" GRAND RAPIDS, Mich.--(BUSINESS WIRE)--\nUFP Industries, Inc. (Nasdaq: UFPI) today announced second quarter 2024 results including net sales of $1.9 billion, net earnings attributable to controlling interest of $126 million, and earnings per diluted share of $2.05.\n\n\n“Our second quarter results were in line with expectations in a more challenging business cycle, and I am grateful for the efforts of all of our UFP teammates to adapt to this environment and adjust capacity to meet demand,” said Chairman and CEO Matthew J. Missad. “The weaker environment and expected near-term softness in demand have enabled us to more aggressively pursue our long-term expansion plans and improvement strategies. These efforts include investments in automation and consolidating operations to eliminate redundancies, lower costs and enhance the profitability of each of our facilities. Additionally, we are using our strong balance sheet to stay on offense by investing in acquisitions, new ventures, new value-added products, and organic expansion, while returning capital to shareholders through our recently increased dividend and share repurchase program. Our long-term outlook for growth remains strong.”\n\n\nSecond Quarter 2024 Highlights (comparisons on a year-over-year basis except where noted):\n\n\n\nNet sales of $1.9 billion decreased 7 percent due to a 6 percent decrease in selling prices and a 1 percent decrease in organic unit sales. Quarter over quarter, the price of Southern Yellow Pine (SYP) decreased 19 percent, which contributed to our decrease in selling prices.\n\n\n\nNew product sales of $134 million were 7.0 percent of total sales compared to 7.4 percent in the second quarter of 2023. Many products that were considered new products in 2023 were sunset and not included in 2024 totals.\n\n\n\nNet earnings attributable to controlling interests of $126 million represents a 16 percent decrease from last year.\n\n\n\nAdjusted EBITDA1 of $204 million represents a decrease of 13 percent while adjusted EBITDA margin1 declined 80 basis points to 10.7 percent.\n\n\n\n\n________________________\n\n\n\n1 Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.\n\n\n\n\n\n\n\nCapital Allocation\n\n\nUFP Industries maintains a strong balance sheet with $1.04 billion in cash on June 29...

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