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UFP Industries announces fiscal 2022 results

 Wednesday, February 22, 2023

UFP Industries reported Q4 and fiscal 2022 results. Among the highlights are $9.6 billion in annual sales, an 11 percent increase over 2021, and additional investments in 2023 that will help in continuing their growth.

They announced net sales of $1.9 billion, net earnings attributable to controlling interest of $133 million, and earnings per diluted share of $2.10 for the fourth quarter of 2022. The company also announced a record $9.6 billion in net sales for fiscal 2022, an 11 percent increase over 2021, and record 2022 earnings per diluted share of $10.97, a 28 percent increase over the previous year.

“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction”

“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential. Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.

“To recognize the hard work of our teammates in 2022, we provided significant wage increases and will pay our production and hourly employees more than $60 million in bonuses and other extra compensation.”

UFP Industries maintains a strong balance sheet with $281.3 million in net surplus cash (surplus cash less interest-bearing debt and cash overdraft) at year-end 2022, compared to $50.6 million in net debt at year-end 2021, and had more than $1.8 billion of liquidity at year-end 2022.

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