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UFP Industries, Inc. (UFPI)

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Previous Close53.99
Open54.42
Bid54.61 x 800
Ask54.71 x 800
Day's Range54.06 - 54.90
52 Week Range29.17 - 64.20
Volume24,974
Avg. Volume295,360
Market Cap3.339B
Beta (5Y Monthly)1.52
PE Ratio (TTM)15.20
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.50 (0.93%)
Ex-Dividend DateNov 30, 2020
1y Target EstN/A
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  • UFP Industries expands construction capabilities with the acquisition of three New England companies
    GlobeNewswire

    UFP Industries expands construction capabilities with the acquisition of three New England companies

    GRAND RAPIDS, Mich., Nov. 16, 2020 (GLOBE NEWSWIRE) -- UFP Industries (Nasdaq: UFPI) today announced that affiliates of UFP Construction LLC acquired the assets of three companies: Atlantic Prefab, Inc.; Exterior Designs, LLC; and Patriot Building Systems, LLC. The companies, which had combined trailing 12-month sales through September of approximately $28 million, serve the commercial and multi-family construction markets in the Northeast. The operational leadership of the companies will remain unchanged. “The employees of these three companies have done an excellent job growing their businesses, creating long-term relationships with customers, and developing expertise in areas of commercial and multi-family construction that are mostly new to UFP Industries. They will help us expand our product offerings and give other UFP companies opportunities to extend their existing business lines into new markets,” said Mike Ellerbrook, executive vice president, Site Built, for UFP Construction.Based in Wilton, New Hampshire, Atlantic Prefab produces prefabricated steel wall panels and light gauge metal trusses. The company’s steel component and prefinished wall panel lines are new, value-added product additions for UFP Construction that help shorten project timelines.Exterior Designs is a leading installer of siding and exterior cladding such as fiber cement, ACM (aluminum composite material) panels, phenolic panels, and EIFS (exterior insulation and finish systems). The company is based in Londonderry, New Hampshire, and serves commercial and multi-family clients throughout the Northeast.Also based in Londonderry, Patriot Building Systems provides commercial and multi-family framing services in the Northeast and will focus on markets not currently served by companies of UFP Industries.“It’s been a pleasure working with UFP Industries during this transaction,” said Mike Dion, majority owner of the acquired companies. “I want to thank the employees of all three companies for their commitment and excellent work over the years. It’s reassuring to know that our employees and customers are in good hands and will be well taken care of.”“Last year, we reorganized our operations to bring more focus and more efficient use of capital and resources to the markets we serve,” said UFP Industries CEO Matthew J. Missad. “The acquisition of these three complementary companies is an example of how our reorganization is helping us grow and bring more value-added products and services to our construction customers. These companies have outstanding reputations, and we’re excited that they’ve joined the UFP family of companies.”UFP Industries, Inc.UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three 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.\---------------AT THE COMPANY---------------Dick Gauthier VP, Business Outreach (616) 365-1555

  • UFP Industries makes equity investment in Italy, expanding international industrial packaging presence
    GlobeNewswire

    UFP Industries makes equity investment in Italy, expanding international industrial packaging presence

    GRAND RAPIDS, Mich., Nov. 05, 2020 (GLOBE NEWSWIRE) -- UFP Industries (Nasdaq: UFPI) today announced that its affiliate, UFP Global Holdings, has completed an equity investment in Enwrap Logistic & Packaging S.r.l. (Enwrap). Enwrap is a newly formed company dedicated to the logistics and packaging business of its predecessor, Job Service S.p.A. Headquartered in Milan, Italy, Enwrap provides high-value, mixed material industrial packaging and logistics services through eight locations in Italy. These locations generated approximately $14 million in sales in 2019. Luigi Postiglione, president and managing director of Job Service, will lead the new joint venture. “The Enwrap team is the type of partner we have been seeking to establish our presence in Europe,” said Dick McBride, UFP’s executive vice president of international operations. “Their strength in design, manufacturing and logistics will provide us with the platform we need to expand throughout the continent. In addition, their passion and work ethic are an important cultural match with UFP Industries. We look forward to our future growth together.”“We are very excited to have such a strong and experienced partner in UFP Industries,” said Mr. Postiglione. “UFP has a clear motivation to grow its global packaging business, and we share the same passion. Enwrap combines UFP’s global resources with our custom product range and access to markets, offering new capabilities to customers throughout Europe and the Middle East.”“UFP Global continues to serve UFP customers in other parts of the world, and this business helps us serve customers in Central and Southern Europe,” said UFP Industries CEO Matthew J. Missad. “We look forward to helping Mr. Postiglione grow Enwrap into an even better company.”UFP Industries, Inc.UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three 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.---------------AT THE COMPANY---------------Dick Gauthier VP, Business Outreach (616) 365-1555

  • CORRECTING AND REPLACING - UFP Industries Reports Best Quarterly Results in the Company’s History
    GlobeNewswire

    CORRECTING AND REPLACING - UFP Industries Reports Best Quarterly Results in the Company’s History

    Third Quarter Net Sales up 28 percent, Diluted EPS up 49 percent, EBITDA up 40 percentGRAND RAPIDS, Mich., Oct. 22, 2020 (GLOBE NEWSWIRE) -- In the release titled, "UFP Industries Reports Best Quarterly Results in the Company’s History" issued yesterday, Wednesday, October 21, 2020, we were informed by the client UFP Industries, Inc. (Nasdaq: UFPI), the figure "more than $70 million" in the sixth paragraph should be "more than $700 million." The corrected release follows:UFP Industries, Inc. (Nasdaq: UFPI) today announced record sales of $1.49 billion and net earnings attributable to controlling interest of $77.2 million for the third quarter ended September 26, 2020. The company also reported record EPS of $1.25 per diluted share, a 49 percent increase over the same period of 2019. These are the best quarterly sales and earnings results in the company’s 65-year history. “One of the many lessons I will take from 2020 is that UFP Industries has the business diversification, processes, and experienced team members to face serious challenges and continue to serve customers while delivering strong results for our stakeholders,” said CEO Matthew J. Missad. “So far this year, we faced a pandemic, shut-down orders that disrupted economic activity, a record increase in lumber pricing, supply constraints, wildfires, hurricanes and rail shortages. Despite that, our teams worked diligently to address shifting customer demands, managed inventory wisely, and delivered record results. When it comes to what we can achieve, they set the bar even higher. I want to thank each of our over 13,000 team members for their fantastic efforts. I’d like to also acknowledge an extraordinary American business leader, UFP’s former president, CEO and chairman, my early and lifelong mentor, Ambassador Peter Secchia, who died today. Peter, the architect of UFP’s remarkable early growth, would have been extremely gratified to see his legacy acknowledged and celebrated today with the reporting of the best quarter in the company’s history.”UFP Industries’ third quarter unit sales grew 8 percent over the same period of 2019, almost entirely from organic sales increases. Unit sales to Retail customers grew 34 percent organically over this period, led by the company’s ProWood, Dimensions, Outdoor Essentials, and Deckorators product lines.“At the beginning of the pandemic, no one in the industry predicted the growth we’d see in our Retail segment,” Missad said. “Although UFP Retail Solutions has benefited from higher lumber prices and the spike in consumer demand during the past several months, it was well-positioned for improvement even before the pandemic began. In addition to the extraordinary efforts of our team members, I credit our investments in new products and in our new management structure, which allows us to focus better on our customers’ needs, each market we serve, and launch new products and execute initiatives with greater speed.” New product sales grew 41 percent in the third quarter over the same period of last year.Keeping with the new product focus, UFP Industries recently completed the acquisition of Fire Retardant Chemical Technologies, LLC (FRCT), the leading R&D company specializing in wood treating technologies such as fire retardants. The addition of FRCT will allow UFP to develop new technologies and value-added wood products for the company’s ProWood pressure-treated line, as well as for other customers.UFP Industries continues to maintain a strong pipeline of acquisition targets and a disciplined approach to capital allocation. The company’s long-term credit facilities and cash currently provide more than $700 million in available liquidity. Additionally, today the company’s board approved a quarterly dividend payment of 12.5 cents per share, bringing the annual total for 2020 to 50 cents per share, a 25 percent increase over the dividends paid in 2019. The dividend is payable on December 15, 2020, to shareholders of record on December 1, 2020.“This year has been a difficult year for many, and we hope that those who have lost businesses or livelihoods due to the lockdowns will soon be able to start their recovery. UFP has been very fortunate, and even with market headwinds and COVID-19 restrictions, our record performance has validated the confidence we have in our organization’s ability to execute. Our operations will take the lessons we’ve learned and turn them into improvement opportunities for even higher levels of performance. We know that when challenged, UFP employees answer the call and do great things.”Third Quarter 2020 Highlights (comparisons on a year-over-year basis): * Net sales of $1.49 billion, up 28 percent due to a 20 percent increase in pricing and an 8 percent increase in units sold * Gross profits increased 29 percent to over $241 million for the quarter as our profit per unit sold increased substantially * Earnings from operations of $106.6 million were up 51 percent, and net earnings attributable to controlling interest of $77.2 million were up 49 percent * EBITDA of $125.7 million increased 40 percentBy business segment, the company reported the following third-quarter results:UFP Retail Solutions * $700.5 million in net sales, up 76 percent over the third quarter of 2019. Unit sales increased 34 percent, with higher selling prices increasing sales by 42 percent. The following business units drove unit sales growth: Dimensions Home and Décor (unit sales up 57 percent); Deckorators (up 50 percent); ProWood (up 30 percent); and Outdoor Essentials Fence, Lawn and Garden (up 28 percent). Unit sales in the segment’s E-Commerce unit, which include sales through large online retailers, grew 94 percent. UFP Industrial * $282.1 million in net sales, up 4 percent from the third quarter of 2019. Unit sales decreased 2 percent, while higher selling prices increased sales by 6 percent. Industrial unit sales showed steady improvement as the third quarter progressed, with year-over-year sales improving from 5 percent lower in July to 1 percent higher in September. The company has been focusing on providing more value-added products to customers in this segment. UFP Construction * $447.1 million in net sales, up 0.4 percent from the third quarter of 2019, due to a 9 percent decrease in unit sales and a 9 percent increase in selling prices. Unit sales changes by business unit for the quarter are as follows: Factory Built (up 7 percent); Concrete Forming (down 2 percent), Site Built (down 8 percent), Commercial (down 37 percent). Unit sales for Site Built showed continued improvement during the third quarter as business conditions improved. The Commercial business unit has been the most adversely impacted by the pandemic due to the slowdown in retail and other commercial construction and remodeling activity. 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, October 22, 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 7497854. 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 from October 22, 2020, at 11:30 p.m. through October 24, 2020, 11:30 p.m. 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 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 NINE MONTHS ENDED  SEPTEMBER 2020/2019    Quarter Period   Year to Date    (In thousands, except per share data) 2020   2019   2020   2019                                                              NET SALES $1,486,227  100% $1,163,026  100% $3,760,290  100% $3,417,969  100.0%                     COST OF GOODS SOLD   1,245,153  83.8   975,756  83.9   3,147,049  83.7   2,889,706  84.5                      GROSS PROFIT  241,074  16.2   187,270  16.1   613,241  16.3   528,263  15.5                      SELLING, GENERAL AND                      ADMINISTRATIVE EXPENSES  134,649  9.1   115,958  10.0   357,770  9.5   334,165  9.8   OTHER  (176) -   845  0.1   (2,120) (0.1)  948  -                      EARNINGS FROM OPERATIONS  106,601  7.2   70,467  6.1   257,591  6.9   193,150  5.7                      OTHER EXPENSE, NET  921  0.1   1,490  0.1   4,668  0.1   4,082  0.1                      EARNINGS BEFORE INCOME TAXES  105,680  7.1   68,977  5.9   252,923  6.7   189,068  5.5                      INCOME TAXES  26,819  1.8   16,396  1.4   63,798  1.7   45,340  1.3                      NET EARNINGS  78,861  5.3   52,581  4.5   189,125  5.0   143,728  4.2                      LESS NET EARNINGS ATTRIBUTABLE TO                       NONCONTROLLING INTEREST   (1,657) (0.1)  (722) (0.1)  (5,299) (0.1)  (1,814) (0.1)                     NET EARNINGS ATTRIBUTABLE TO                       CONTROLLING INTEREST $77,204  5.2  $51,859  4.5  $183,826  4.9  $141,914  4.2                                         EARNINGS PER SHARE - BASIC  $1.25    $0.84    $2.98    $2.30                        EARNINGS PER SHARE - DILUTED $1.25    $0.84    $2.98    $2.30                        SUPPLEMENTAL SALES AND SG&A DATA                    Quarter Period Year to Date  Segment Classification  2020     2019  %  2020     2019  %  Retail $700,522    $397,140  76.4% $1,661,873    $1,212,330  37.1%  Industrial  282,124     271,667  3.8%  763,046     837,671  -8.9%  Construction  447,103     445,505  0.4%  1,187,429     1,225,467  -3.1%  All Other  56,478     48,714  15.9%  147,942     142,501  3.8%  Total Net Sales $1,486,227    $1,163,026  27.8% $3,760,290    $3,417,969  10.0%                        2020  % of Sales  2019  % of Sales  2020  % of Sales  2019  % of Sales  SG&A, Excluding Bonus Expense $92,342  6.2  $93,344  8.0  $273,574  7.3  $280,898  8.2   Bonus Expense  42,307  2.8   22,614  1.9   84,196  2.2   53,267  1.6   Total SG&A $134,649  9.1  $115,958  10.0  $357,770  9.5  $334,165  9.8                      SG&A as a Percentage of Gross Profit  55.9%    61.9%    58.3%    63.3%    CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)  SEPTEMBER 2020/2019                   (In thousands)              ASSETS  2020  2019 LIABILITIES AND EQUITY  2020  2019                   CURRENT ASSETS     CURRENT LIABILITIES       Cash and cash equivalents $346,154 $64,498  Accounts payable $231,111 $180,767   Restricted cash  724  729  Accrued liabilities  259,733  204,529   Investments  20,530  17,028  Current portion of debt  2,760  152   Accounts receivable  583,079  474,648           Inventories  528,734  479,356           Other current assets  32,888  55,845                           TOTAL CURRENT ASSETS  1,512,109  1,092,104 TOTAL CURRENT LIABILITIES  493,604  385,448                   OTHER ASSETS  121,025  116,887 LONG-TERM DEBT AND      INTANGIBLE ASSETS, NET  311,491  286,627  CAPITAL LEASE OBLIGATIONS  311,267  162,853  PROPERTY, PLANT     OTHER LIABILITIES  131,945  103,221   AND EQUIPMENT, NET  405,995  385,007 EQUITY  1,413,804  1,229,103                                    TOTAL ASSETS $2,350,620 $1,880,625 TOTAL LIABILITIES AND EQUITY $2,350,620 $1,880,625                   CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)  FOR THE NINE MONTHS ENDED  SEPTEMBER 2020/2019  (In thousands) 2020  2019   CASH FLOWS FROM OPERATING ACTIVITIES:      Net earnings $189,125  $143,728   Adjustments to reconcile net earnings to net cash from operating activities:             Depreciation  47,226   44,652   Amortization of intangibles  5,863   4,690   Expense associated with share-based and grant compensation arrangements  3,152   3,105   Deferred income taxes (credit)  110   (367)  Unrealized gain on investments and other  (81)  (1,611)  Net (gain) loss on disposition and impairment of assets  (662)  830   Changes in:          Accounts receivable  (211,238)  (127,841)  Inventories  (39,167)  80,178   Accounts payable and cash overdraft  85,354   14,293   Accrued liabilities and other  105,401   36,423             NET CASH FROM OPERATING ACTIVITIES  185,083   198,080          CASH FLOWS FROM INVESTING ACTIVITIES:      Purchases of property, plant, and equipment  (67,024)  (66,338)  Proceeds from sale of property, plant and equipment  2,588   1,180   Acquisitions and purchase of noncontrolling interest, net of cash received  (34,820)  (38,710)  Purchases of investments  (24,266)  (6,475)  Proceeds from sale of investments  22,281   4,159   Other  314   199             NET CASH USED IN INVESTING ACTIVITIES  (100,927)  (105,985)         CASH FLOWS FROM FINANCING ACTIVITIES:      Borrowings under revolving credit facilities  6,862   421,464   Repayments under revolving credit facilities  (6,498)  (460,537)  Repayments of debt  (3,087)  (3,099)  Issuance of long-term debt  150,000   -   Proceeds from issuance of common stock  1,042   812   Dividends paid to shareholders  (23,020)  (12,270)  Distributions to noncontrolling interest  (932)  (1,634)  Repurchase of common stock  (29,212)  -   Other  23   41             NET CASH FROM (USED IN) FINANCING ACTIVITIES  95,178   (55,223)         Effect of exchange rate changes on cash  (1,122)  157   NET CHANGE IN CASH AND CASH EQUIVALENTS  178,212   37,029          ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD  168,666   28,198          ALL CASH AND CASH EQUIVALENTS, END OF PERIOD $346,878  $65,227          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 $346,154  $64,498   Restricted cash, end of period  724   729   All cash and cash equivalents, end of period $346,878  $65,227                 EBITDA RECONCILIATION (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 2020/2019   Quarter PeriodYear to Date (In thousands) 2020201920202019 Net earnings 78,861  52,581  189,125  143,728  Interest expense 2,486  1,900  6,291  6,767  Interest and investment income (1,011) (317) (1,541) (1,074) Income taxes 26,819  16,396  63,798  45,340  Expense associated with share-based compensation arrangements 849  896  3,152  3,105  Net (gain) loss on disposition and impairment of assets (391) 1,151  (662) 830  Unrealized gain on investments (554) (93) (82) (1,611) Depreciation expense 15,896  15,452  47,226  44,652  Amortization of intangibles 2,734  1,744  5,863  4,690  EBITDA 125,689  89,710  313,170  246,427            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 - SEPTEMBER 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  83.8   80.8   83.9   GROSS PROFIT 16.2   19.2   16.1   SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 9.1   10.7   9.9   OTHER -   -   0.1   EARNINGS FROM OPERATIONS 7.2   8.5   6.1   OTHER EXPENSE, NET 0.1   0.1   0.1   EARNINGS BEFORE INCOME TAXES 7.1   8.4   5.9   INCOME TAXES 1.8   2.1   1.4   NET EARNINGS 5.3   6.3   4.5   LESS NET EARNINGS ATTRIBUTABLE TO               NONCONTROLLING INTEREST  (0.1)  (0.1)  (0.1)  NET EARNINGS ATTRIBUTABLE TO               CONTROLLING INTEREST 5.2 % 6.2 % 4.5 %            Note: Actual percentages are calculated and may not sum to total due to rounding.                                2019 NET SALES$1,163,026         2020 SELL PRICE INCREASE 20.00 %       INCREASE IN 2020 NET SALES DUE TO SELL PRICE INCREASE$232,605                    ACTUAL 2020 NET SALES 1,486,227         LESS SELL PRICE ADJUSTMENT FOR LUMBER COSTS 232,605         ADJUSTED 2020 NET SALES$1,253,622                    ACTUAL 2020 COST OF GOODS SOLD$1,245,153         LESS ADJUSTMENT FOR LUMBER COSTS 232,605         ADJUSTED 2020 COST OF GOODS SOLD$1,012,548                      \---------------AT THE COMPANY--------------- Dick Gauthier VP, Business Outreach (616) 365-1555