UFP Industries release third quarter results

 Friday, October 21, 2022

UFP Industries, Inc. reported record net sales of $2.3 billion and net profitability of $167 million attributable to controlling interests for the third quarter of 2022. Additionally, the business announced record earnings per diluted share of $2.66, up 37% from the third quarter of 2021.

Third Quarter 2022 Highlights (comparisons on a year-over-year basis):

• A 6% price rise and a 5% increase in unit sales, which included a 2% increase in unit sales from acquisitions, resulted in net sales of $2.3 billion, an increase of 11%.
• $237 million in operating earnings, a 41% increase. The business reported a gain on the sale of real estate of $9 million in the third quarter of 2021.
• The rise in SG&A was $26% or $45 million. The proportion of SG&A to gross profit decreased from 52 to 48%.
• Sales of new products grew 38% to $178 million. New items that were discontinued at the end of 2021 are not included. Deckorators’ mineral-based composite decking and Strip Pak’s multi-material packaging options were new product sales leaders.
• Value-added sales now account for 66 percent of all sales, up from 64 percent.
• The $274 million in adjusted EBITDA climbed by 46%, and the 11.8 percent adjusted EBITDA margin also increased by 280 basis points. Adjusted EBITDA benefited by $7.3 million from acquisitions made in 2022.

“UFP’s ability to deliver record-setting performance in a challenging economic environment is a direct result of the efforts of our hard-working teammates and a balanced business model that minimizes risk by operating in diverse but complementary markets,” said CEO Matthew J. Missad. “Our market-focused organizational structure helps us to better address customer needs, and our increased commitment to innovation and new, value-added products continues to improve our operating results and set us apart from competitors.”

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Tags: Profits, Q3 2022, UFP, woodworking, woodworking and manufacturing, woodworking event, woodworking industry, woodworking USA