UFP Industries Q3 Results Touched New Peak

SEATTLE (Scrap Monster): UFP Industries, Inc. reported the best-ever quarterly sales and earnings in the company’s history.

The company’s net sales for the third quarter were $1.49 billion. This was higher by 28% compared with Q3 2019, owing to 20% rise in pricing and 8% rise in units sold. The gross profits by the company surged higher by 29% to over $241 million for the quarter. The earnings from operations were up substantially by 51% to $106.6 million. The EBITDA of $125.7 million recorded 40% year-on-year increase. It also reported record EPS of $1.25 per diluted share.

UFP Retail Solutions segment saw 76% surge in net sales to $700.5 million. The net sales by UFP Industrial segment too was up by 4% at $282.1 million. Also, UFP Construction segment net sales totalled $447.1 million, marginally higher by 0.4% from the third quarter of 2019.

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The company had recently completed acquisition of Fire Retardant Chemical Technologies, LLC (FRCT). The company continues to remain committed for capital allocation. It maintains a strong pipeline of acquisition targets, said the company press release.

Matthew J. Missad, CEO, UFP Industries noted that the company was successful in addressing shifting customer demands, managing inventory wisely, and delivering  record results, despite the disruptions on account of the pandemic.