Ufp Industries Inc Stock Price, News & Analysis

UFP Industries announced a planned leadership transition effective December 29, 2024. CEO Matthew J. Missad will become Executive Chairman, while William "Will" Schwartz, current president of the retail business unit, will take over as CEO. CFO Michael Cole will add the role of President of Corporate Services.

Under Missad's 13-year tenure as CEO, UFP Industries' stock price increased over 1500% and revenues grew from $1.8 billion in 2011 to $7.2 billion in 2023. Schwartz, who joined UFP in 1998, has a track record of successfully taking on new challenges and improving business operations.

The transition is part of UFP's succession planning strategy to prepare the next generation of leadership and drive continued growth. Missad will remain as Executive Chairman through 2026 to support the transition and maintain key relationships.

UFP Industries (Nasdaq: UFPI) reported second quarter 2024 results with net sales of $1.9 billion, down 7% year-over-year. Net earnings attributable to controlling interest were $126 million, a 16% decrease. Earnings per diluted share were $2.05. The company maintained a strong balance sheet with $1.04 billion in cash.

Key highlights include:

• Adjusted EBITDA of $204 million, down 13%
• New product sales of $134 million, 7% of total sales
• Quarterly dividend increased by 10% to $0.33 per share
• Share repurchase program of $200 million authorized through July 31, 2025

UFP Industries expects challenging market conditions to continue for the remainder of 2024, with anticipated decreases in Retail and Packaging demand, but an increase in Construction demand.

UFP Industries (Nasdaq: UFPI) has been named to the FORTUNE 500 list for the third consecutive year, ranking 493rd based on its 2023 net sales of $7.2 billion. Chairman and CEO Matthew J. Missad expressed gratitude to the company's over 15,000 employees for their contributions, noting the company's evolution from a lumber wholesaler to a global solutions provider. UFP Industries, headquartered in Grand Rapids, Michigan, serves the retail, construction, and packaging sectors through over 200 affiliates and processes seven percent of North America's softwood lumber. The company is also #149 on Industry Week’s list of America’s Largest Manufacturers and is a Great Place to Work Certified™.

UFP Industries (Nasdaq: UFPI) has announced its participation in the Stifel 2024 Cross Sector Insight Conference, scheduled for June 4-5, 2024, at the InterContinental Boston in Boston, Massachusetts. This event will provide an opportunity for UFP Industries' management to engage with investors and showcase the company's recent developments and future prospects. UFP Industries, headquartered in Grand Rapids, Michigan, operates through its subsidiaries UFP Packaging, UFP Construction, and UFP Retail Solutions, offering a variety of value-added products for residential and commercial construction, packaging, and industrial applications globally. The company is listed at #403 on the Fortune 500 and #128 on Industry Week's list of America’s Largest Manufacturers. For further details and the latest investor presentation, visit ufpinvestor.com.

UFP Industries, Inc. (Nasdaq: UFPI) announced first quarter 2024 results with net sales of $1.64 billion, net earnings of $121 million, and earnings per diluted share of $1.96. The company credits its team and business model for the success. They plan to focus on operational efficiencies, growth through new products and regions, share repurchases, and dividend payouts, aiming to create shareholder value. Despite a decrease in net sales, the company maintains a strong balance sheet and liquidity position. The company's capital allocation strategy includes acquisitions, organic growth, dividend payments, and share repurchases. By business segment, UFP Retail Solutions, UFP Packaging, and UFP Construction reported varying results. The company anticipates lower lumber prices and soft demand but expects improvements in the latter half of 2024.