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UFP Industries, Inc. (UFPI)

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Previous Close79.29
Open79.52
Bid81.49 x 900
Ask81.75 x 900
Day's Range79.11 - 82.52
52 Week Range35.59 - 89.97
Volume28,678
Avg. Volume405,845
Market Cap5.068B
Beta (5Y Monthly)1.53
PE Ratio (TTM)16.31
EPS (TTM)5.02
Earnings DateJul 20, 2021 - Jul 26, 2021
Forward Dividend & Yield0.60 (0.76%)
Ex-Dividend DateMay 28, 2021
1y Target Est90.17
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  • UFP Industries acquires Endurable Building Products, expanding its offerings in the multifamily construction market
    GlobeNewswire

    UFP Industries acquires Endurable Building Products, expanding its offerings in the multifamily construction market

    GRAND RAPIDS, Mich., April 29, 2021 (GLOBE NEWSWIRE) -- UFP Industries, Inc. (Nasdaq: UFPI) today announced that a wholly owned subsidiary of UFP Construction, LLC, has acquired the assets of Endurable Building Products, LLC. Based near Minneapolis, Minnesota, Endurable is a leading manufacturer of customized structural aluminum systems and products for exterior purposes, such as deck framing, balconies, sunshades, railings and stairs. The company’s trademarked alumiLAST aluminum deck and balcony systems are known for their low-maintenance design and ease of installation. Endurable serves general contractors in the multifamily market throughout the U.S. and had sales of approximately $15 million in 2020. Its leadership team, including president David Battel, will remain with the company. “The addition of Endurable Building Products will strengthen our relationships with existing construction customers by providing them with a new range of products and services, including prefabricated aluminum balconies and railings, which is a growth runway for us,” said Patrick Benton, president of UFP Construction. “It also brings experienced, quality people to UFP. David and his team have grown Endurable into a leader in the industry, and we look forward to scaling this business to other UFP companies.” “Joining UFP gives Endurable the opportunity to expand our capacity, broaden our geographic reach, and offer UFP’s complementary products and services to our customers,” said David Battel. “I’m very excited about what this means for our customers and for our team members as we continue to build our business as part of UFP Industries.” UFP Industries, Inc. UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in 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 GauthierVP, Business Outreach(616) 365-1555

  • UFPI board approves quarterly dividend of $0.15 per share
    GlobeNewswire

    UFPI board approves quarterly dividend of $0.15 per share

    - The dividend represents a 20 percent increase over 2020 -GRAND RAPIDS, Mich., April 22, 2021 (GLOBE NEWSWIRE) -- The Board of Directors for UFP Industries, Inc. (Nasdaq: UFPI) approved a quarterly dividend payment of $0.15 per share at their April 21, 2021, meeting. The dividend is payable on June 15, 2021, to shareholders of record on June 1, 2020. “As a result of our company’s strong performance and our confidence in future earnings, in January 2021 our board voted to increase the dividend payment by 20 percent to $0.15,” said Chairman William G. Currie. “I am happy to share this enhanced dividend with our shareholders, which include many of our employees. UFP has a great strategic plan and talented people to execute it, and we look forward to continuing our strong performance and delivering even greater returns in the years to come.” On Wednesday, April 21, 2021, UFP Industries announced record sales, net earnings and earnings per share for the first quarter of 2021. The records were the best of any quarter in the company’s history. UFP Industries, Inc.UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in 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 GauthierVP, Business Outreach(616) 365-1555

  • UFP Industries Reports All-time Quarterly Records
    GlobeNewswire

    UFP Industries Reports All-time Quarterly Records

    – Unit sales increase 33 percent, net earnings increase 157 percent –GRAND RAPIDS, Mich., April 21, 2021 (GLOBE NEWSWIRE) -- UFP Industries, Inc. (Nasdaq: UFPI) today announced record net sales of $1.83 billion for the first quarter of 2021, a 77 percent increase over the first quarter of 2020, and record net earnings attributable to controlling interest of $103 million, a 157 percent increase over the same period of 2020. The company also reported record EPS of $1.67 per diluted share compared to $0.65 in the first quarter last year. While first quarter performance is typically limited by seasonality, net sales and earnings for the first quarter of 2021 were the highest of any quarter in company history. “UFP Industries is enjoying unprecedented growth as we benefit from strong market conditions and the successful execution of our strategic plans. We are using our new market-focused structure to target and quickly assimilate acquisitions, better leverage our fixed costs, and reallocate resources to increase capacity efficiently,” said CEO Matthew J. Missad. “As a result, we are experiencing strong organic growth in our retail and industrial segments as well as in our site-built and factory-built housing business units. Our improvement in gross profit resulted from these changes, as well as a better pricing model that quickly adjusts to lumber market fluctuations and our growing line-up of new and value-added products. I want to thank our employees for their outstanding efforts and especially recognize our general managers for the improvements they’ve made at our facilities. I remain very encouraged about the growth prospects for our business as we look forward.” The elevated level of softwood lumber prices contributed to a significant increase in the company’s cost of materials and was responsible for 44 percent of the 77 percent increase in net sales. The remaining 33 percent came from increased unit sales – 23 percent from acquisitions and 10 percent from organic growth. New product sales of $159.4 million increased 58 percent over the first quarter of 2020, led by Deckorators Vault decking and deck accessories, UFP-Edge shiplap and trim, Handprint project panels and ProWood Fire Retardant treated lumber. First Quarter 2021 Highlights (comparisons on a year-over-year basis): Net sales of $1.83 billion increased 77 percent due to a 33 percent increase in unit sales and 44 percent increase in selling pricesAn increase in SG&A of nearly $41 million, or 37 percent, is largely attributable to recent acquisitions ($11.5 million, including amortization expense of $1.7 million), accrued bonus expenses ($22.5 million) resulting from increased profitability, and increased compensation costs of $10 million, offset by net decreases of $3 million in travel costs and bad debt expenseEarnings from operations of $137.5 million increased 134 percentAdjusted EBITDA of $162.7 million increased 111 percent UFP Industries maintains a strong balance sheet with liquidity of approximately $421 million at the end of the first quarter. The company’s operating cash flow decreased by approximately $150 million as a result of a greater seasonal investment in net working capital of $216 million associated with higher accounts receivable and to build inventory to satisfy strong customer demand, particularly in the retail business. Net debt increased to $429 million from $131 million at the end of the first quarter of 2020 due to these factors and the acquisition of PalletOne and its wholly owned subsidiary, Sunbelt Forest Products. On April 12, 2021, Sunbelt (an affiliate of UFP Retails Solutions) completed its acquisition of Spartanburg Forest Products and its affiliates, expanding its pressure-treating capacity throughout the eastern U.S. In addition, on April 19, 2021, UFP closed on the purchase of Walnut Hollow Farm, which produces a variety of finely finished wood surfaces used in hobby, craft and woodworking projects, as well as in taxidermy. Both transactions broaden UFP Retail Solutions’ customer base and product offerings. “The recent acquisitions of Sunbelt and Spartanburg not only allow us to leverage costs and improve efficiencies in wood treating, they allow us to bring our value-added products to a broader and more diverse customer base. UFP will continue to pursue acquisitions that expand our capacity, enhance our capabilities, improve efficiencies and increase our sales of value-added products,” said Missad. “Growth is baked into our DNA, and I’d encourage those looking for attractive career opportunities to consider UFP during this dynamic time. We are hiring at nearly every location in many roles and currently have about 500 jobs available for hard working, highly motivated future team members.” By business segment, the company reported the following first quarter 2021 results: UFP Retail Solutions $759 million in net sales, up 116 percent over the first quarter of 2020 due to a 56 percent increase in selling prices, a 19 percent increase in organic unit sales, and a 41 percent unit increase resulting from acquisitions, primarily Sunbelt Forest Products. Organic unit growth was driven by Deckorators (up 64 percent), Handprint (up 30 percent), Outdoor Essentials (up 28 percent), and UFP Edge (up 24 percent). Gross profit for the segment grew 122 percent. Acquisitions contributed over $10 million, or almost 23 percent, to the increase in gross profit. UFP Industrial $448.9 million in net sales, up 75 percent from the first quarter of 2020. Unit sales increased 37 percent and selling prices increased 38 percent. Organic growth accounted for 5 percent of the unit sales growth; the acquisitions of PalletOne and T&R Lumber accounted for 32 percent. Gross profit for the segment rose 83 percent, far exceeding unit sales growth, due to the company’s focus on adding value-added products and its ability to effectively increase capacity. PalletOne and T&R Lumber contributed over $13 million, or 30 percent, to the increase in gross profit. UFP Construction $559.5 million in net sales, up 47 percent over the first quarter of 2020, due to an 8 percent increase in unit sales and a 39 percent increase in selling prices. Unit sales to site-built and factory-built housing customers rose 21 percent and 15 percent, respectively. Unit sales to commercial customers fell 9 percent. Gross profit for the construction segment grew 40 percent over the first quarter of 2020, led by the site-built and factory-built business units. CONFERENCE CALL UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 4:30 p.m. ET on Wednesday, April 21, 2021. 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 6679712. 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 April 23, 2021, at 855-859-2056, 404-537-3406 or 800-585-5367. UFP Industries, Inc. UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in 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 Adjusted EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors. Net earnings Net earnings refers to net earnings attributable to controlling interest unless specifically noted. ---------------AT THE COMPANY--------------- Dick GauthierVP, Business Outreach(616) 365-1555 CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)FOR THE THREE MONTHS ENDEDMARCH 2021/2020 Quarter PeriodYear to Date(In thousands, except per share data)2021202020212020NET SALES$1,825,004 100.0%$1,032,062 100.0%$1,825,004 100.0%$1,032,062 100.0% COST OF GOODS SOLD 1,538,450 84.3 864,826 83.8 1,538,450 84.3 864,826 83.8 GROSS PROFIT 286,554 15.7 167,236 16.2 286,554 15.7 167,236 16.2 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 150,098 8.2 109,339 10.6 150,098 8.2 109,339 10.6 ASSET IMPAIRMENT CHARGES AND OTHER COSTS, NET (1,031) (0.1) (735) (0.1) (1,031) (0.1) (735) (0.1) EARNINGS FROM OPERATIONS 137,487 7.5 58,632 5.7 137,487 7.5 58,632 5.7 OTHER EXPENSE, NET 1,485 0.1 4,740 0.5 1,485 0.1 4,740 0.5 EARNINGS BEFORE INCOME TAXES 136,002 7.5 53,892 5.2 136,002 7.5 53,892 5.2 INCOME TAXES 31,751 1.7 13,322 1.3 31,751 1.7 13,322 1.3 NET EARNINGS 104,251 5.7 40,570 3.9 104,251 5.7 40,570 3.9 LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST (940) (0.1) (411) — (940) (0.1) (411) — NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST$103,311 5.7 $40,159 3.9 $103,311 5.7 $40,159 3.9 EARNINGS PER SHARE - BASIC $1.67 $0.65 $1.67 $0.65 EARNINGS PER SHARE - DILUTED$1.67 $0.65 $1.67 $0.65 COMPREHENSIVE INCOME 102,055 32,014 102,055 32,014 LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST (414) 1,924 (414) 1,924 COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST$101,641 $33,938 $101,641 $33,938 SUPPLEMENTAL DATA Quarter Period Year to DateSegment Classification 2021 2020 % 2021 2020 %Retail $759,021 $352,161 115.5% $759,021 $352,161 115.5%Industrial 448,873 256,543 75.0% 448,873 256,543 75.0%Construction 559,531 381,155 46.8% 559,531 381,155 46.8%All Other 57,579 42,203 36.4% 57,579 42,203 36.4%Total Net Sales $1,825,004 $1,032,062 76.8% $1,825,004 $1,032,062 76.8% 2021 2020 2021 2020 SG&A as a Percentage of Gross Profit 52.4% 65.4% 52.4% 65.4% CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) MARCH 2021/2020 (In thousands) ASSETS 2021 2020 LIABILITIES AND EQUITY 2021 2020 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents $44,399 $32,129 Cash overdraft $47,140 $— Restricted cash 629 724 Accounts payable 299,398 162,039 Investments 31,439 17,778 Accrued liabilities 265,412 164,444 Accounts receivable 808,105 460,821 Current portion of debt 109 2,772 Inventories 823,414 510,681 Other current assets 29,072 38,776 TOTAL CURRENT ASSETS 1,737,058 1,060,909 TOTAL CURRENT LIABILITIES 612,059 329,255 OTHER ASSETS 149,393 124,519 INTANGIBLE ASSETS, NET 415,402 299,979 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS 426,310 160,550 OTHER LIABILITIES 165,308 120,895 PROPERTY, PLANT AND EQUIPMENT, NET 488,367 397,575 EQUITY 1,586,543 1,272,282 TOTAL ASSETS $2,790,220 $1,882,982 TOTAL LIABILITIES AND EQUITY $2,790,220 $1,882,982 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2021/2020 (In thousands)2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings$104,251 $40,570 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation 18,733 15,717 Amortization of intangibles 3,998 1,571 Expense associated with share-based and grant compensation arrangements 2,981 1,444 Deferred income taxes 142 286 Unrealized loss (gain) on investment and other (1,754) 3,173 Equity in earnings of investee 630 Net loss (gain) on disposition and impairment of assets (532) (285) Changes in: Accounts receivable (253,323) (94,253) Inventories (207,768) (25,783) Accounts payable and cash overdraft 121,892 20,047 Accrued liabilities and other 14,090 (8,648) NET CASH FROM OPERATING ACTIVITIES (196,660) (46,161) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, and equipment (34,656) (27,286) Proceeds from sale of property, plant and equipment 5,062 409 Acquisitions and purchase of noncontrolling interest, net of cash received (261,133) (18,487) Purchases of investments (8,738) (14,052) Proceeds from sale of investments 3,381 11,260 Other (414) (54) NET CASH USED IN INVESTING ACTIVITIES (296,498) (48,210) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving credit facilities 236,280 6,759 Repayments under revolving credit facilities (121,570) (6,498) Contingent consideration payment and other (627) (3,074) Proceeds from issuance of common stock 363 319 Dividends paid to shareholders (9,274) (7,730) Distributions to noncontrolling interest (2,914) (299) Repurchase of common stock 0 (29,212) Other (331) 12 NET CASH FROM (USED IN) FINANCING ACTIVITIES 101,927 (39,723) Effect of exchange rate changes on cash (349) (1,719) NET CHANGE IN CASH AND CASH EQUIVALENTS (391,580) (135,813) ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 436,608 168,666 ALL CASH AND CASH EQUIVALENTS, END OF PERIOD$45,028 $32,853 Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents, beginning of period$436,507 $168,336 Restricted cash, beginning of period 101 330 All cash and cash equivalents, beginning of period$436,608 $168,666 Cash and cash equivalents, end of period$44,399 $32,129 Restricted cash, end of period 629 724 All cash and cash equivalents, end of period$45,028 $32,853 ADJUSTED EBITDA RECONCILIATION (UNAUDITED)FOR THE THREE MONTHS ENDEDMARCH 2021/2020 Quarter PeriodYear to Date(In thousands) 2021 202020212020Net earnings $104,251 $40,570 $104,251 $40,570 Interest expense 3,151 1,908 3,151 1,908 Interest and investment income (542) (341) (542) (341)Income taxes 31,751 13,322 31,751 13,322 Expenses associated with share-based compensation arrangements 2,981 1,444 2,981 1,444 Net loss (gain) on disposition and impairment of assets (532) (285) (532) (285)Equity in earnings of investee 630 0 630 0 Unrealized (gain) loss on investments (1,754) 3,173 (1,754) 3,173 Depreciation expense 18,733 15,717 18,733 15,717 Amortization of intangibles 3,998 1,571 3,998 1,571 Adjusted EBITDA $162,667 $77,079 $162,667 $77,079