UFP Industries' Sales and Profits Hit New Record

SEATTLE (Scrap Monster): Grand Rapids, Michigan-based UFP Industries, Inc. reported record sales and profits for the first quarter of 2020. The diluted EPS too surged higher over the prior year quarter.

The company press release noted that earnings from operations were $58.6 million, up by 21% year-on-year. The net sales recorded 2% jump to $1.03 billion. However, gross sales were down 2% due to lower lumber prices. UFP Industries reported 17% surge in EBITDA, which totalled $77.1 million in the initial quarter of the year.

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Segment-wise, UFP Retail saw gross profits surge higher by 6% from Q1 2019. Retail unit sales were up by 9%. UFP Industrial gross sales dipped 7% to $258.6 million, mainly due to lower lumber prices. The unit sales remained flat. The UFP Construction segment gross sales climbed higher by 4% year-on-year to $384.9 million, aided by 6% increase in unit sales, the company said.

Commenting on the results, Matthew J. Missad, CEO congratulated the entire team for successfully handling organizational changes and battling with COVID-19 headwinds. The realignment announced last year presents additional opportunities for improvement in future, he added.

The comp-any has rescheduled its first quarter earnings call to May 7, 2020, during which further details on the pandemic impacts will be provided.