UFP Industries Posted Record Results in Q2 This Year

SEATTLE (Scrap Monster): UFP Industries, Inc. reported record second quarter results. The company delivered outstanding, record-breaking quarter.

The earnings from operations totalled $286 million, significantly higher by 21% over the prior year quarter. It reported record earnings per diluted share of $3.23, higher by 16% over Q2 2021. The adjusted EBITDA of $318.5 million was up considerably by 22%. The net sales of $2.9 billion surged higher by 7% over the previous year.

UFP Industries maintained a strong balance sheet, with strong liquidity of $1.16 billion as of 25^th June, 2022.

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The UFP Retail Solutions business segment net sales tumbled by 11% over the second quarter of 2022. The UFP Industrial segment reported net sales of $676 million, up 11% year-on-year. Meantime, UFP Construction net sales surged higher by 32% over the year to total $975 million.

Matthew J. Missad, CEO, UFP Industries noted that the construction and industrial business segments performed very well, whereas the retail segment managed the challenges posed by rapidly falling lumber prices.

The company expects the balanced business model and operational improvements to help the company navigate new external challenges. It anticipates more normalized demand in the retail solutions segment in the near term. UFP Industries is committed to seek opportunities to invest in strategically fit companies, said the company press release.