UFP Industries Earnings Plummeted in Fiscal 2024

SEATTLE (Scrap Monster):  Grand Rapids, Michigan based UFP Industries, Inc. announced fourth quarter and fiscal 2024 results.

Due to a drop in selling prices, the company's net revenues were $1.46 billion, a 4% decrease from the previous year. The $68.0 million in net earnings attributable to controlling interests was a considerable 34% decrease from the previous year. In the quarter, adjusted EBITDA came to $132.7 million, or 9.1% of sales. According to a corporate news release, this is in comparison to $165.6 million, or 10.9 percent of revenues, during the same quarter last year.

Due mostly to a decline in organic unit sales and a drop in selling prices, UFP Industries reported net sales of $6.7 billion for the fiscal year 2024, an 8% decrease. The $414.6 million in net earnings attributable to controlling interests was a 19% decrease from fiscal 2023. In fiscal 2024, the adjusted EBITDA was $682.3 million, down from $810 million in the previous year.

As of December 28, 2024, the corporation reported having close to $1.2 billion in cash, up from $1.1 billion at the end of 2023.

A quarterly dividend payment of $0.35 per share, decided by the UFP Industries Board of Directors, will be made to shareholders of record on March 3, 2025, on March 17, 2025.

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