UFPI Q2 Results Boosted by Inflated Lumber Prices
By segment, the UFP Retail segment reported net sales of $609.2 million, which was significantly higher by 26% over the same quarter last year.
SEATTLE (Scrap Monster): UFP Industries, Inc. announced record net earnings during the second quarter of the year.
The company’s earnings from operations of $92.4 million were up by 24%, whereas the net earnings were up by 22% at $66.5 million. The EBITDA of $110.4 million surged higher by 22% over the previous year. The net sales totalled $1.24 billion. The benefits on account of higher lumber prices were mostly offset by reduced number of units sold. The operating cash flow nearly doubled to $147.2 million during the initial six-month period of the year.
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By segment, the UFP Retail segment reported net sales of $609.2 million, which was significantly higher by 26% over the same quarter last year. The retail unit sales surged higher by 22%. The UFP Industrial segment net sales recorded 23% year-on-year decline to $224.4 million in the second quarter of the year, with unit sales dropping by 27%. The UFP Construction segment posted net sales of $359.2 million, down by 13% from Q2 2019. The unit sales recorded 16% dip.
Matthew J. Missad, CEO, UFP Industries, Inc. noted that virus-related shutdowns negatively impacted its industrial and construction segments, whereas the increased home improvement activity contributed to strong performance of retail segment. The robust quarterly results validate the company’s balanced business model and diverse product portfolio, he said.
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