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UFP Industries, Inc. (UFPI)

NasdaqGS - NasdaqGS Real-time price. Currency in USD
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61.00+0.95 (+1.58%)
At close: 4:00PM EDT
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Previous close60.05
Open59.83
Bid60.95 x 800
Ask60.98 x 800
Day's range59.52 - 61.00
52-week range29.17 - 61.15
Volume271,958
Avg. volume310,957
Market cap3.731B
Beta (5Y monthly)1.61
PE ratio (TTM)19.19
EPS (TTM)3.18
Earnings date21 Oct 2020
Forward dividend & yield0.50 (0.83%)
Ex-dividend date31 Aug 2020
1y target est58.80
  • Rainbows and Unicorns: UFP Industries, Inc. (NASDAQ:UFPI) Analysts Just Became A Lot More Optimistic
    Simply Wall St.

    Rainbows and Unicorns: UFP Industries, Inc. (NASDAQ:UFPI) Analysts Just Became A Lot More Optimistic

    Shareholders in UFP Industries, Inc. (NASDAQ:UFPI) may be thrilled to learn that the analysts have just delivered a...

  • GlobeNewswire

    UFP Industries Reports Record Net Earnings for Second Quarter

    Diluted EPS up 23 percent, EBITDA up 22 percentGRAND RAPIDS, Mich., July 22, 2020 (GLOBE NEWSWIRE) -- UFP Industries, Inc. (Nasdaq: UFPI) today announced record net earnings attributable to controlling interest of $66.5 million for the second quarter of 2020, as well as record EPS of $1.08 per diluted share, a 23 percent increase over the same period of 2019. “I am very grateful that our operations were deemed essential and we were able to continue to serve customers during the second quarter,” said CEO Matthew J. Missad. “I am also grateful to our customers, many of whom continued to operate by finding new ways to serve the public and keep their employees safe. Their extraordinary efforts contributed to the success we experienced in the second quarter.“While virus-related shutdowns negatively impacted our industrial and construction segments in ways we expected, the increase in home improvement activity resulting from stay-at-home orders benefited our retail segment. Conditions improved as we progressed through the second quarter, as demand in our retail segment accelerated sharply while the headwinds in our industrial and construction segments eased. Overall, our results once again validate our balanced business model and diverse product portfolio, which combine to mitigate the risk of a decline in a single market.“We experienced much greater than expected demand for our home improvement products, and I give credit to our managers, treating and production teams, and buyers who worked tirelessly to fill customer orders and continue to do so. Our decentralized, entrepreneurial model empowers our local leaders with the decision-making authority they need to respond quickly to market changes, and our experienced team answered the call again, just as they have during other challenging times. They rapidly adapted to the changes in the markets they serve and made the changes necessary to keep our employees safe.”The company continues to execute strategies to grow and enhance its value-added service and product offering, including: * The company recently acquired T&R Lumber, which manufactures and distributes a range of products used primarily by nurseries, including tree boxes, plastic containers, stakes and trellises. * New product sales grew 6 percent, driven by retail sales, which grew nearly 16 percent UFP Industries maintains a disciplined and balanced approach to capital allocation with ample availability for growth and to return to shareholders. The company’s long-term credit facilities and cash currently provide over $562 million in available liquidity, and it continues to maintain a strong pipeline of acquisition targets.  Additionally, on July 22, 2020, the company’s board approved a quarterly dividend payment of 12.5 cents a share, a prorated 25 percent increase over the dividends paid in 2019. The dividend is payable on September 15, 2020, to shareholders of record on September 1, 2020. During the first quarter, the company repurchased 750,000 shares of its common stock at an average price of $38.62; it is authorized to repurchase an additional 1.1 million shares.Second Quarter 2020 Highlights (comparisons on a year-over-year basis): * Earnings from operations of $92.4 million were up 24 percent, and net earnings attributable to controlling interest of $66.5 million were up 22 percent * EBITDA of $110.4 million increased by 22 percent * Net sales of $1.24 billion; higher lumber prices contributed 3 percent in net sales which was substantially offset by a 3 percent decrease in units sold * Operating cash flow more than doubled to $147.2 million for the first six months of 2020, up 107 percent over the same period of 2019 * Cash reserves exceed debt by almost $37 millionBy business segment, the company reported the following second-quarter results:UFP Retail * $609.2 million in net sales, up 26 percent over the second quarter of 2019. Retail unit sales increased 22 percent, with higher selling prices increasing sales by 4 percent. The following business units drove unit sales growth: Home and Décor (up 72 percent); ProWood (up 27 percent); Fence, Lawn and Garden (up 23 percent); and UFP-Edge (up 9 percent). Retail sales growth accelerated as the second quarter progressed, with year-over-year sales increasing from 3 percent higher in April to 47 percent higher in June.  UFP Industrial * $224.4 million in net sales, down 23 percent from the second quarter of 2019. Unit sales decreased 27 percent, while higher selling prices contributed a 4 percent increase in gross sales. Industrial sales showed steady improvement as the second quarter progressed, with year-over-year sales improving from 32 percent lower in April to 14 percent lower in June.UFP Construction * $359.2 million in net sales, down 13 percent from the second quarter of 2019, due to a 16 percent decrease in unit sales and a 3 percent increase in selling prices. Unit sales fell in all business units: Concrete Forming (down 5 percent), Site Built (down 15 percent), Commercial (down 19 percent), and Factory Built (down 20 percent). Construction sales showed steady improvement as the second quarter progressed, with year-over-year sales improving from 19 percent lower in April to 6 percent lower in June.CONFERENCE CALL UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, July 23, 2020. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547 and internationally at 213-660-0879. Use conference pass code 6095819. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through July 25, 2020, at 855-859-2056 or 404-537-3406.UFP Industries, Inc. (formerly Universal Forest Products, Inc.) UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.  Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.Non-GAAP Financial InformationThis release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies.  Management considers EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors. CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 2020/2019   Quarter Period   Year to Date   (In thousands, except per share data)  2020     2019     2020     2019                                                          NET SALES $1,242,001  100% $1,239,817  100% $2,274,063  100% $2,254,943  100.0%                   COST OF GOODS SOLD   1,037,070  83.5   1,053,091  84.9   1,901,896  83.6   1,913,950  84.9                    GROSS PROFIT  204,931  16.5   186,726  15.1   372,167  16.4   340,993  15.1                    SELLING, GENERAL AND                    ADMINISTRATIVE EXPENSES  113,781  9.2   112,891  9.1   223,121  9.8   218,207  9.7  OTHER  (1,209) (0.1)  (402) -   (1,944) (0.1)  103  -                    EARNINGS FROM OPERATIONS  92,359  7.4   74,237  6.0   150,990  6.6   122,683  5.4                    OTHER EXPENSE, NET  (992) (0.1)  1,725  0.1   3,747  0.2   2,592  0.1                    EARNINGS BEFORE INCOME TAXES  93,351  7.5   72,512  5.8   147,243  6.5   120,091  5.3                    INCOME TAXES  23,657  1.9   17,367  1.4   36,979  1.6   28,944  1.3                    NET EARNINGS  69,694  5.6   55,145  4.4   110,264  4.8   91,147  4.0                    LESS NET EARNINGS ATTRIBUTABLE TO                   NONCONTROLLING INTEREST   (3,231) (0.3)  (630) (0.1)  (3,642) (0.2)  (1,092) -                    NET EARNINGS ATTRIBUTABLE TO                   CONTROLLING INTEREST $66,463  5.4  $54,515  4.4  $106,622  4.7  $90,055  4.0                                      EARNINGS PER SHARE - BASIC  $1.08    $0.88    $1.73    $1.46                      EARNINGS PER SHARE - DILUTED $1.08    $0.88    $1.73    $1.46                      SUPPLEMENTAL SALES AND SG&A DATA                   Quarter Period Year to Date Segment Classification  2020     2019  %  2020     2019  % Retail $609,190    $482,090  26.4% $961,351    $815,190  17.9% Industrial  224,379     291,245  -23.0%  480,922     566,004  -15.0% Construction  359,170     414,825  -13.4%  740,325     779,962  -5.1% All Other  49,411     52,669  -6.2%  91,804     94,779  -3.1% Corporate  (149)    (1,012) -85.3%  (339)    (992) -65.8% Total Net Sales $1,242,001    $1,239,817  0.2% $2,274,063    $2,254,943  0.8%                      2020  % of Sales  2019  % of Sales  2020  % of Sales  2019  % of Sales SG&A, Excluding Bonus Expense $85,884  6.9  $94,620  7.6  $181,232  8.0  $187,554  8.3  Bonus Expense  27,897  2.2   18,271  1.5   41,889  1.8   30,653  1.4  Total SG&A $113,781  9.2  $112,891  9.1  $223,121  9.8  $218,207  9.7                    SG&A, Excluding Bonus Expense, as a Percentage of Gross Profit  41.9%    50.7%    48.7%    55.0%   CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) JUNE 2020/2019                 (In thousands)             ASSETS  2020  2019 LIABILITIES AND EQUITY  2020  2019                 CURRENT ASSETS     CURRENT LIABILITIES      Cash and cash equivalents $200,546 $20,497  Cash overdraft $- $24,972  Restricted cash  724  1,024  Accounts payable  199,338  189,649  Investments  19,195  16,776  Accrued liabilities  233,088  164,812  Accounts receivable  522,930  483,263  Current portion of debt  2,786  173  Inventories  459,424  528,680          Other current assets  33,786  46,868                         TOTAL CURRENT ASSETS  1,236,605  1,097,108 TOTAL CURRENT LIABILITIES  435,212  379,606                 OTHER ASSETS  120,464  111,175 LONG-TERM DEBT AND     INTANGIBLE ASSETS, NET  299,963  273,804  CAPITAL LEASE OBLIGATIONS  161,057  187,471 PROPERTY, PLANT     OTHER LIABILITIES  123,014  100,349  AND EQUIPMENT, NET  401,576  368,572 EQUITY  1,339,325  1,183,233                                 TOTAL ASSETS $2,058,608 $1,850,659 TOTAL LIABILITIES AND EQUITY $2,058,608 $1,850,659                                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 2020/2019 (In thousands)   2020   2019  CASH FLOWS FROM OPERATING ACTIVITIES:     Net earnings  $110,264  $91,147  Adjustments to reconcile net earnings to net cash from operating activities:            Depreciation   31,330   29,200  Amortization of intangibles   3,129   2,946  Expense associated with share-based and grant compensation arrangements  2,303   2,209  Deferred income taxes (credit)   290   (536) Unrealized loss (gain) on investments and other   473   (1,518) Net gain on disposition and impairment of assets   (271)  (321) Changes in:      Accounts receivable   (155,554)  (139,468) Inventories   25,983   28,008  Accounts payable and cash overdraft   57,017   49,947  Accrued liabilities and other   72,246   9,334    NET CASH FROM OPERATING ACTIVITIES  147,210   70,948         CASH FLOWS FROM INVESTING ACTIVITIES:     Purchases of property, plant, and equipment   (46,730)  (42,477) Proceeds from sale of property, plant and equipment   644   977  Acquisitions and purchase of noncontrolling interest, net of cash received  (18,689)  (5,034) Purchases of investments   (20,094)  (4,859) Proceeds from sale of investments   18,339   3,667  Other   318   (10)   NET CASH USED IN INVESTING ACTIVITIES  (66,212)  (47,736)        CASH FLOWS FROM FINANCING ACTIVITIES:     Borrowings under revolving credit facilities   6,759   393,434  Repayments under revolving credit facilities   (6,498)  (408,027) Repayments of debt   (3,077)  (3,061) Proceeds from issuance of common stock   697   542  Dividends paid to shareholders   (15,374)  (12,271) Distributions to noncontrolling interest   (299)  (900) Repurchase of common stock   (29,212)  -  Other   32   28    NET CASH FROM (USED IN) FINANCING ACTIVITIES  (46,972)  (30,255)        Effect of exchange rate changes on cash   (1,422)  366  NET CHANGE IN CASH AND CASH EQUIVALENTS  32,604   (6,677)        ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD  168,666   28,198         ALL CASH AND CASH EQUIVALENTS, END OF PERIOD $201,270  $21,521         Reconciliation of cash and cash equivalents and restricted cash:     Cash and cash equivalents, beginning of period  $168,336  $27,316  Restricted cash, beginning of period   330   882  All cash and cash equivalents, beginning of period  $168,666  $28,198         Cash and cash equivalents, end of period  $200,546  $20,497  Restricted cash, end of period   724   1,024  All cash and cash equivalents, end of period  $201,270  $21,521                EBITDA RECONCILIATION (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 2020/2019   Quarter PeriodYear to Date (In thousands) 2020201920202019 Net earnings 69,694  55,145  110,264  91,147   Interest expense 1,898  2,407  3,805  4,867   Interest and investment income (189) (512) (530) (757)  Income taxes 23,657  17,367  36,979  28,944   Expense associated with share-based compensation arrangements 859  922  2,303  2,209   Net (gain) loss on disposition and impairment of assets 14  (199) (271) (321)  Unrealized (gain) loss on investments (2,701) (170) 472  (1,518)  Depreciation expense 15,613  14,725  31,330  29,200   Amortization of intangibles 1,558  1,094  3,129  2,946   EBITDA 110,403  90,779  187,481  156,717              CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A PERCENTAGE OF SALES CURRENT YEAR'S SALES STATED AT LAST YEAR'S SELLING PRICES (UNAUDITED) FOR THE THREE MONTHS ENDED - JUNE 2020/2019  Quarter Period  ActualSales Adjusted to Last Year's Selling PricesActual   2020   2020   2019              NET SALES 100.0 % 100.0 % 100.0 % COST OF GOODS SOLD  83.5   83.0   84.9   GROSS PROFIT 16.5   17.0   15.1   SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 9.2   9.5   9.1   OTHER (0.1)  (0.1)  -   EARNINGS FROM OPERATIONS 7.4   7.7   6.0   OTHER EXPENSE, NET (0.1)  (0.1)  0.1   EARNINGS BEFORE INCOME TAXES 7.5   7.8   5.8   INCOME TAXES 1.9   2.0   1.4   NET EARNINGS 5.6   5.8   4.4   LESS NET EARNINGS ATTRIBUTABLE TO            NONCONTROLLING INTEREST  (0.3)  (0.3)  (0.1)  NET EARNINGS ATTRIBUTABLE TO            CONTROLLING INTEREST 5.4 % 5.5 % 4.4 %            Note: Actual percentages are calculated and may not sum to total due to rounding.                                2020 NET SALES$1,242,001         2020 SELL PRICE INCREASE (3.00)%       INCREASE IN 2020 NET SALES DUE TO SELL PRICE INCREASE$(37,260)        ACTUAL 2020 NET SALES 1,242,001         ADJUSTED 2020 NET SALES$1,204,741                    ACTUAL 2020 COST OF GOODS SOLD$1,037,070         PLUS DIFFERENCE IN NET SALES (ABOVE) (37,260)        ADJUSTED 2020 COST OF GOODS SOLD$999,810                      \---------------AT THE COMPANY--------------- Dick Gauthier VP, Business Outreach (616) 365-1555

  • Earnings Preview: UFP Industries (UFPI) Q2 Earnings Expected to Decline
    Zacks

    Earnings Preview: UFP Industries (UFPI) Q2 Earnings Expected to Decline

    UFP Industries (UFPI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.