UFP Industries Announced Record Results for Q4 and Fiscal Year 2020

SEATTLE (Scrap Monster): Grand Rapids, Michigan-based UFP Industries, Inc. achieved record results for the fourth quarter and fiscal year 2020.

According to company press release, the company reported record net sales and earnings for the period. The annual sales exceeded $5 billion mark for the first time in the history of the company. The earnings of $4.00 per diluted share hit a new record, surging higher by over 37% from the previous year. Meantime, the net sales in Q4 posted 40% year-on-year jump to $1.39 billion. Also, earnings skyrocketed by 67% over the fourth quarter of 2019 to total $1.02 per diluted share.

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The company maintained strong balance sheet and reported a liquidity of approximately $485 million at the end of January 2021. 

Segment-wise, UFP Retail Solutions reported 76% and 45% surge in net sales during the quarter and fiscal year respectively. UFP Industrial net sales were up by 25% during the quarter, but were down by 1% during the fiscal year. Meantime, UFP Construction saw its net sales increase by 24% and 4% during fourth quarter and full year respectively.

Matthew J. Missad, CEO stated that the company was able to deliver rapid growth at a lower incremental cost, despite the Covid-19-related disruptions. The company remained focused on bringing new value-added products into the market, he added.