Welcome to our dedicated page for Ufp Industries news (Ticker: UFPI), a resource for investors and traders seeking the latest updates and insights on Ufp Industries stock.
UFP Industries, Inc. reports developments across its Retail, Packaging and Construction businesses, where it manufactures value-added products for retail channels, industrial packaging customers and construction end markets. Recurring updates include operating and financial results, segment demand trends, capital allocation, acquisitions and product-capacity investments.
Company news often centers on UFP Packaging and its PalletOne pallet business, including additions to its manufacturing network for new and recycled pallets. Other recurring themes include Deckorators outdoor living products, wood-plastic composite decking capacity, construction-related prefabricated components and governance or operating-structure changes tied to the company's acquisition and integration strategy.
UFP Industries (Nasdaq: UFPI) announced a quarterly dividend of 15 cents per share, a 20% increase from the previous year’s 12.5 cents. This dividend will be payable on March 15, 2021, to shareholders on record as of March 1, 2021. Chairman William G. Currie emphasized that this increase reflects the company’s strong cash position and optimism for future growth, enabling investments while rewarding shareholders. UFP Industries operates in various sectors including construction and packaging, underscoring its global reach.
UFP Industries, Inc. (Nasdaq: UFPI) announced the acquisition of PalletOne, Inc. for approximately $232 million. The deal values PalletOne at a cash-free, debt-free basis, with an additional $21 million for recent capital expenditures. PalletOne operates 17 locations and employs over 1,500 people across various states, focusing on new pallets, repair programs, and recycling. The acquisition aims to enhance operational synergies and growth strategies under the leadership of the existing management.
UFP Industries (Nasdaq: UFPI) announced its board's approval for UFP Industrial, LLC to acquire PalletOne, Inc. for approximately $232 million, plus $18 million for recent capital expenditures. The deal is expected to close on December 28, 2020, pending regulatory approvals. PalletOne, a leader in new pallet manufacturing, reported $672 million in trailing sales and $44 million in adjusted EBITDA for the last 12 months. UFP anticipates significant synergies, enhanced market access, and operational efficiencies from this acquisition.
UFP Industries (Nasdaq: UFPI) announced the acquisition of assets from three companies: Atlantic Prefab, Inc., Exterior Designs, LLC, and Patriot Building Systems, LLC, which have a combined annual sales of approximately $28 million. This strategic move aims to expand UFP's offerings in the commercial and multi-family construction sectors in the Northeast. The operational leadership of the acquired companies will remain unchanged, and the acquisition is expected to enhance UFP's market presence and product lines, particularly in prefabricated steel and exterior cladding.
UFP Industries (Nasdaq: UFPI) announced an equity investment in Enwrap Logistic & Packaging S.r.l., enhancing its presence in Europe. Enwrap, formed from Job Service S.p.A., generated approximately $14 million in sales in 2019, with its operations based in Milan, Italy. This partnership is expected to expand UFP's logistics and packaging capabilities across Europe and the Middle East. UFP executives expressed optimism about the collaboration, citing a strong cultural and strategic alignment with Enwrap, which could lead to significant growth opportunities in the global packaging market.
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UFP Industries (UFPI) reported impressive third-quarter results with net sales increasing by 28% to $1.49 billion and diluted EPS rising 49% to $1.25 per share, marking the best quarterly performance in its 65-year history. The growth was driven by a 20% rise in pricing and 8% increase in unit sales. Gross profits surged 29% to over $241 million, while EBITDA rose 40% to $125.7 million. The Retail Solutions segment led the growth with a 76% sales increase. The company also announced a quarterly dividend of 12.5 cents per share.
UFP Industries (Nasdaq: UFPI) has announced the acquisition of Fire Retardant Chemical Technologies, LLC (FRCT), based in Matthews, North Carolina. Established in 2014, FRCT focuses on developing high-performance chemicals, including fire retardants. With approximately $6.4 million in sales reported in 2019, FRCT's integration is expected to enhance UFP's product portfolio, particularly in the fire-retardant segment. Dr. Futong Cui will continue as FRCT's leader, aiming to leverage UFP's resources for faster market introduction of innovative products.
UFP Industries, Inc. will host a conference call on October 22, 2020, at 8:30 a.m. ET to discuss its Q3 2020 performance. The call will be led by CEO Matthew J. Missad and CFO Michael Cole. Investors can access the call via a webcast on the company's investor relations page or through U.S. and international dial-in numbers. A replay will be available until October 24, 2020. For further details, investors can contact Vice President of Business Outreach, Dick Gauthier.
UFP Industries, Inc. (Nasdaq: UFPI) announced the issuance of $150 million in unsecured notes on August 10, 2020, through an existing private shelf facility. The notes include tranches of $50 million each with maturities in 2032, 2033, and 2035, offering interest rates of 3.04%, 3.08%, and 3.15%, respectively. The company, confident in its balance sheet, aims to use this capital to support strategic acquisitions and capital projects for future growth. This move is seen as advantageous for long-term objectives.