UFP Industries (Nasdaq: UFPI) Q1 2026 profit drops as costs rise

Rhea-AI Filing Summary

UFP Industries reported softer first-quarter 2026 results as weaker residential construction, adverse weather, and higher costs weighed on performance. Net sales were $1.46 billion, down 8.4% from $1.60 billion, driven by a 7% decline in organic units and a 1% price decrease.

Net earnings attributable to controlling interest fell to $50.8 million from $78.8 million, and diluted EPS declined to $0.89 from $1.30. Adjusted EBITDA was $111.4 million, down 21.7%, with margin at 7.6% versus 8.9% a year ago.

Retail, Packaging, and Construction segments all saw lower sales and profits, with Construction margins under the most pressure. Operating activities used $103.6 million of cash, though free cash flow was $86.6 million after working capital adjustments. As of March 28, 2026, liquidity was about $2.0 billion, including over $715 million of cash and $1.3 billion of revolver and shelf availability.

Management expects 2026 demand to track toward the low end of prior guidance and sees energy and transportation costs as ongoing headwinds, but continues a $60 million cost-out program, with at least $25 million in savings still targeted for delivery by year-end and long-term goals of 7–10% annual unit growth and 12.5% adjusted EBITDA margins.

Insights

Equity analyst

Earnings and margins declined meaningfully, but liquidity and long-term targets remain intact.

UFP Industries saw broad-based pressure in Q1 2026. Net sales fell 8.4% to $1.46 billion, while net earnings dropped 35.7% to $51.1 million. Diluted EPS declined to $0.89 from $1.30, reflecting weaker residential markets, weather disruption, and higher healthcare and fuel costs.

Profitability compressed across segments. Adjusted EBITDA decreased 21.7% to $111.4 million, and consolidated margin slipped to 7.6% from 8.9%. Construction net earnings fell 46.6%, highlighting sensitivity to housing-related demand and pricing pressure, while Retail and Packaging also posted lower earnings despite some margin resilience.

Cash flow from operations was negative $103.6 million, driven largely by working capital swings, but the company reported free cash flow of $86.6 million. Liquidity remained strong at about $2.0 billion as of March 28, 2026. Management now expects 2026 demand near the low end of earlier unit guidance and continues to pursue a $60 million cost-out program, with at least $25 million of savings still targeted by year-end.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net sales: $1,461.3 million Net earnings: $51.1 million Diluted EPS: $0.89 per share +5 more

8 metrics

Net sales $1,461.3 million Q1 2026, down 8.4% from $1,595.5 million in 2025

Net earnings $51.1 million Q1 2026, down 35.7% from $79.4 million in 2025

Diluted EPS $0.89 per share Q1 2026 vs. $1.30 per share in Q1 2025

Adjusted EBITDA $111.4 million Q1 2026, margin 7.6% vs. 8.9% in 2025

Free cash flow $86.6 million Q1 2026, based on non-GAAP reconciliation

Liquidity Approximately $2.0 billion As of March 28, 2026; includes $714.5 million cash and $1.3 billion availability

UFP Retail net sales $531.2 million Q1 2026, down 12.5% from $607.4 million

UFP Construction net earnings $11.7 million Q1 2026, down 46.6% from $21.9 million

Key Terms

Adjusted EBITDA, Free cash flow, non-GAAP financial measures, bolt-on acquisitions, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA1 was $111.4 million in the quarter, or 7.6 percent of net sales"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free cash flow financial

"Free cash flow1 of $87 million was used to repurchase nearly $30 million of our shares."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-GAAP financial measures financial

"This release includes certain financial information not prepared in accordance with U.S. GAAP."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

bolt-on acquisitions financial

"achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions)"

Small, targeted purchases of other businesses or assets that fit neatly with a company’s existing operations—think adding a new tool to a toolbox rather than replacing the whole box. Investors watch bolt-on acquisitions because they can boost revenue and cut costs with lower integration risk and expense than major takeovers, making them a cost-effective way to grow earnings, expand market reach, or fill gaps in products or services.

cost out program financial

"We are on track to deliver the remaining $25 million or more from our initial $60 million cost out program"

capital structure financial

"maintaining a conservative capital structure."

Capital structure is the way a company finances its operations and growth by using different sources of money, such as borrowed funds (loans or bonds) and owner’s equity (investments from owners or shareholders). It’s like a recipe for baking a cake, where the balance of ingredients affects the final product's strength and taste; similarly, the mix of debt and equity influences a company's stability and risk. For investors, understanding a company's capital structure helps gauge how risky it might be to invest or lend money.

Earnings Snapshot

Net sales: $1,461.3 million · Guidance included

Q1 2026

Net sales $1,461.3 million -8.4% YoY

Net earnings $51.1 million -35.7% YoY

Diluted EPS $0.89 vs. $1.30 prior year

Adjusted EBITDA $111.4 million -21.7% YoY

Free cash flow $86.6 million down from $113.1 million

Guidance

Company expects 2026 demand toward the low end of prior unit guidance and maintains long-term targets of 7–10% annual unit growth and 12.5% adjusted EBITDA margins.

Understanding 8-K Material Events →

0000912767false00009127672026-04-292026-04-29

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): April 29, 2026

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UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

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Michigan (State or other Jurisdiction of Incorporation)	0-22684 (Commission File Number)	38-1465835 (IRS Employer Identification No.)

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2801 East Beltline, NE Grand Rapids, Michigan (Address of Principal Executive Offices)	49525 (Zip Code)

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Registrant's telephone number, including area code: (616) 364-6161

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None

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

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☐        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

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☐        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

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☐        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UFPI	The NASDAQ Stock Market, LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02        Results of Operations and Financial Condition

On April 29, 2026, the Registrant issued a press release announcing its financial results for the quarter-ended March 28, 2026.  A copy of the Registrant’s press release is attached as Exhibit 99(a) to this Current Report.

Item 9.01        Financial Statements and Exhibits

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EXHIBIT INDEX

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Exhibit Number	​ ​ ​	Document	​
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99(a)	​	Press Release dated April 29, 2026.
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104	​	Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

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2

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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​	UFP INDUSTRIES, INC.
​	(Registrant)
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Dated: April 29, 2026	By:	/s/ Michael R. Cole	​
​	​	Michael R. Cole
​	​	Chief Financial Officer,
​	​	Principal Financial Officer and
​	​	Treasurer

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3

Exhibit 99(a)

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UFP Industries Announces First Quarter 2026 Results

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GRAND RAPIDS, MI (April 29, 2026) - UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the first quarter 2026.

●Net Sales of $1.46 billion decreased by 8 percent compared to $1.6 billion a year ago due to a 1 percent decrease in price and a 7 percent decline in organic units.

●Diluted earnings per share of $0.89 compared to $1.30 a year ago, and Net Earnings Attributable to Controlling Interests of $51 million compared to $79 million a year ago. Earnings were primarily impacted by a weaker residential construction market, adverse weather, and higher healthcare and fuel costs.

●Adjusted EBITDA¹ was $111.4 million in the quarter, or 7.6 percent of net sales compared to 8.9 percent a year ago.

●New product sales were 7.8 percent of total net sales.

●Cash flows used in operating activities in 2026 was $104 million. Free cash flow¹ of $87 million was used to repurchase nearly $30 million of our shares.

Will Schwartz, President and CEO of UFP Industries, commented, “After seeing stabilization earlier in the quarter, geopolitical tensions, unfavorable weather, and rising input costs added volatility to our operations in March, which accounted for more than half of the year-over-year decline in profits in the quarter. While we believe these headwinds will be temporary, we are actively working to offset these higher costs, particularly transportation. Despite the current backdrop, we have made considerable progress managing the things under our control and executing our strategies to position the business for long-term success. We are on track to deliver the remaining $25 million or more from our initial $60 million cost out program by year end. At the same time, we have continued to invest through the cycle. By combining greenfield expansion with disciplined M&A, we are strengthening our core businesses, introducing innovative products, and structurally lowering our cost base.  I’m incredibly proud of our team for their continued hard work. Our scale, diversified portfolio, and deep customer relationships have consistently positioned us well during periods like these and we continue to strengthen our position to drive above market growth and returns when markets recover.”

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Schwartz continued, “We have maintained a patient and disciplined approach to deploying capital this cycle while staying focused on finding the best and highest returns for our capital. This remains central to how we operate. After the quarter closed, we completed one transaction that strengthens our core businesses and supports our strategy to expand our footprint and drive higher-margin growth, and we expect to close an additional transaction in May. Our M&A pipeline remains active, and we continue to pursue strategic targets and organic investments, while opportunistically returning cash to our shareholders given our robust financial position. Following $56 million in a recent acquisition, $30 million in share repurchases, and a 3% dividend increase, we continue to maintain ample liquidity and financial flexibility. We are confident in our diversified business model and balanced capital allocation approach, which we believe puts us in a strong position to continue to drive shareholder value.”

¹ Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

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‌Page 1

Exhibit 99(a)

First Quarter 2026 Highlights

UFP Consolidated

​	​	​	​	​	​	​	​	​	​
(In thousands)	​	Quarter Period and Year to Date
​	​	2026		​	2025		​	% Change
Net sales	​	$	1,461,267	​	$	1,595,519	​	(8.4)	%
Net earnings	​	​	51,097	​	​	79,423	​	(35.7)	​
Net margin	​	​	3.5	%	​	5.0	%	​	​
Adjusted EBITDA	​	​	111,356	​	​	142,151	​	(21.7)	​
Adjusted EBITDA margin	​	​	7.6	%	​	8.9	%	​	​
​	​	​	​	​	​	​	​	​	​
Percentage change in net sales:	​	​	​	​	​	​	​	​	​
Organic units	​	​	(7)	%	​	​	​	​	​
Acquisitions	​	​	—	​	​	​	​	​	​
Selling prices	​	​	(1)	​	​	​	​	​	​

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UFP Retail

​	​	​	​	​	​	​	​	​	​
(In thousands)	​	Quarter Period and Year to Date
​	​	2026		​	2025		​	% Change
Net sales	​	$	531,176	​	$	607,383	​	(12.5)	%
Net earnings	​	​	18,672	​	​	20,663	​	(9.6)	​
Net margin	​	​	3.5	%	​	3.4	%	​	​
Adjusted EBITDA	​	​	34,832	​	​	35,849	​	(2.8)	​
Adjusted EBITDA margin	​	​	6.6	%	​	5.9	%	​	​
​	​	​	​	​	​	​	​	​	​
Percentage change in net sales:	​	​	​	​	​	​	​	​	​
Organic units	​	​	(13)	%	​	​	​	​	​
Acquisitions	​	​	—	​	​	​	​	​	​
Selling prices	​	​	1	​	​	​	​	​	​

● ProWood organic unit sales declined 15 percent in the quarter from year ago levels due to unfavorable winter weather, the absence of storm-related demand which carried over from the fall of 2024 into early 2025, the loss of low margin commodity sales which commenced in the second quarter of 2025, and generally weaker consumer sentiment.  

● Deckorators’ organic unit sales grew 2 percent in the quarter from year ago levels. Our Surestone decking sales increased 27 percent and our traditional wood plastic composite decking increased 4 percent, both from the same quarter a year ago.

● UFP Edge organic unit sales declined 20 percent due to the closure of the Bonner facilities at the end of 2025 and rationalizing the product portfolio to those that can achieve profitability targets.

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UFP Packaging

​	​	​	​	​	​	​	​	​	​
(In thousands)	​	Quarter Period and Year to Date
​	​	2026		​	2025		​	% Change
Net sales	​	$	394,093	​	$	410,008	​	(3.9)	%
Net earnings	​	​	11,659	​	​	16,917	​	(31.1)	​
Net margin	​	​	3.0	%	​	4.1	%	​	​
Adjusted EBITDA	​	​	27,790	​	​	35,045	​	(20.7)	​
Adjusted EBITDA margin	​	​	7.1	%	​	8.5	%	​	​
​	​	​	​	​	​	​	​	​	​
Percentage change in net sales:	​	​	​	​	​	​	​	​	​
Organic units	​	​	(3)	%	​	​	​	​	​
Acquisitions	​	​	1	​	​	​	​	​	​
Selling prices	​	​	(2)	​	​	​	​	​	​

● Structural Packaging organic unit sales were flat in the quarter compared to year ago levels.

● PalletOne organic unit sales declined 11 percent in the quarter from year ago levels due to weaker demand, which was partially offset by a 4 percent contribution from acquisitions.

‌Page 2

Exhibit 99(a)

● Protective Packaging organic unit sales increased 5 percent in the quarter from a year ago levels as a result of the Jeffersonville, Indiana facility, which became fully operational in the third quarter of 2025.

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UFP Construction

​	​	​	​	​	​	​	​	​	​
(In thousands)	​	Quarter Period and Year to Date
​	​	2026		​	2025		​	% Change
Net sales	​	$	465,513	​	$	515,940	​	(9.8)	%
Net earnings	​	​	11,723	​	​	21,944	​	(46.6)	​
Net margin	​	​	2.5	%	​	4.3	%	​	​
Adjusted EBITDA	​	​	25,687	​	​	37,310	​	(31.2)	​
Adjusted EBITDA margin	​	​	5.5	%	​	7.2	%	​	​
​	​	​	​	​	​	​	​	​	​
Percentage change in net sales:	​	​	​	​	​	​	​	​	​
Organic units	​	​	(5)	%	​	​	​	​	​
Acquisitions	​	​	—	​	​	​	​	​	​
Selling prices	​	​	(5)	​	​	​	​	​	​

● Site Built organic unit sales declined 14 percent in the quarter from year ago levels due to soft demand caused by economic uncertainty, housing affordability challenges, and unfavorable weather.

● Factory Built organic unit sales declined 8 percent in the quarter from year ago levels due to the loss of low margin commodity sales, partially offset by a 1 percent contribution from acquisitions. Despite the decline, gross profits improved.

● Concrete Forming Solutions’ organic unit sales grew 14 percent in the quarter from year ago levels driven by market share gains associated with value-added product sales.

● Commercial organic sales grew 15 percent in the quarter from year ago levels as overall demand has improved.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of March 28, 2026, had liquidity of approximately $2.0 billion consisting of over $715 million of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company’s return-focused approach to capital allocation includes the following:

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● Organic Growth. The company invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company expects to invest approximately $250 million to $275 million on capital projects in 2026.

● Acquisitions and Inorganic Growth.  In April, the company closed one transaction, expanding production capacity and expanding our geographic reach in one of our core businesses, and announced another transaction expected to close in May.

­ On April 6, 2026, the company acquired the operating assets of the composite decking manufacturing facility of MoistureShield, Inc., a leading player in the growing wood plastic composite industry, for $56 million in cash.  The acquisition expands our manufacturing capacity to meet the growing demand for our Deckorators product offering.  In 2025, MoistureShield had sales of approximately $50 million.

­ On April 28, 2026, the company announced the plan to acquire Berry Pallets, Inc., a wood pallet manufacturer, in May 2026 for an estimated $20 million in cash. In 2025, Berry Pallets had sales of approximately $23 million.

● Dividend Payments. On April 22, 2026, the Board declared a quarterly cash dividend of $0.36 per share. This dividend is payable on June 15, 2026, to shareholders of record on June 1, 2026. The per share cash dividend amount represents a 3% increase from the 2025 dividend rate. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our future earnings and free cash flow growth.

● Share Repurchases. During the quarter ended March 28, 2026, we repurchased 334,541 shares for $30 million, at an average share price of $89.76.

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‌Page 3

Exhibit 99(a)

2026 Outlook and Long-Term Targets

We anticipate that the current, more challenging market environment will continue in 2026 and that overall demand for the balance of the year will likely be towards the lower end of our prior guidance, which called for flat to slightly down unit expectations in each of our segments based on our sales mix.  Input cost, primarily tied to energy and transportation, will remain a headwind, and while we have mechanisms in place to offset these higher costs, we expect to make progress gradually through the remainder of the year.  Markets tied to new residential construction are expected to remain more challenging, while we expect stabilization across our other end markets will serve as an offset. Despite these conditions, we believe we are positioned to perform better than our markets as a result of share gains across our portfolio and the execution of our cost out program. In addition, initial stocking orders, upgraded manufacturing capacity, and expanded distribution are expected to support momentum in our Deckorators and Surestone businesses in 2026.

The company’s long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure.

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Conference Call

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UFP Industries will host a conference call on Thursday, April 30, 2026, to discuss these results and outlook. The conference call will begin at 10:00 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – 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.

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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 currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. 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 Information

This 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 uses Adjusted EBITDA and Free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA and Free cash flow are intended to supplement and should be read together with the financial results. Adjusted EBITDA and Free cash flow should not be considered alternatives or substitutes for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures. See the table below for a reconciliation of Net earnings to Adjusted EBITDA and a reconciliation of Cash flow from operations to Free cash flow.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

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Exhibit 99(a)

---------------AT THE COMPANY---------------

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Stanley Elliott

Director of Investor Relations

(804) 337-8217

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Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2026/2025

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	Quarter Period and Year to Date
(In thousands, except per share data)	​ ​ ​	2026					2025
Net sales	​	$	1,461,267	​	100.0	%	$	1,595,519	​	100.0	%
Cost of sales	​	​	1,225,378	​	83.9	​	​	1,327,323	​	83.2	​
Gross profit	​	​	235,889	​	16.1	​	​	268,196	​	16.8	​
​	​	​	​	​	​	​	​	​	​	​	​
Operating expenses	​	​	​	​	​	​	​	​	​	​	​
Selling, general and administrative expenses	​	​	172,883	​	11.8	​	​	176,254	​	11.0	​
Net gain on disposition and impairments of assets	​	​	(1,652)	​	(0.1)	​	​	(76)	​	—	​
Other losses (gains), net	​	​	577	​	—	​	​	(234)	​	—	​
Total operating expenses	​	​	171,808	​	11.8	​	​	175,944	​	11.0	​
​	​	​	​	​	​	​	​	​	​	​	​
Earnings from operations	​	​	64,081	​	4.4	​	​	92,252	​	5.8	​
​	​	​	​	​	​	​	​	​	​	​	​
Interest and other	​	​	(2,863)	​	(0.2)	​	​	(8,429)	​	(0.5)	​
​	​	​	​	​	​	​	​	​	​	​	​
Earnings before income taxes	​	​	66,944	​	4.6	​	​	100,681	​	6.3	​
Income taxes	​	​	15,847	​	1.1	​	​	21,258	​	1.3	​
Net earnings	​	​	51,097	​	3.5	​	​	79,423	​	5.0	​
​	​	​	​	​	​	​	​	​	​	​	​
Less net earnings attributable to noncontrolling interest	​	​	(323)	​	—	​	​	(670)	​	—	​
​	​	​	​	​	​	​	​	​	​	​	​
Net earnings attributable to controlling interest	​	$	50,774	​	3.5	​	$	78,753	​	4.9	​
​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share - basic	​	$	0.90	​	​	​	$	1.30	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share - diluted	​	$	0.89	​	​	​	$	1.30	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income	​	$	50,194	​	​	​	$	82,604	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Less comprehensive income attributable to noncontrolling interest	​	​	(258)	​	​	​	​	(637)	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to controlling interest	​	$	49,936	​	​	​	$	81,967	​	​	​

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​

​

‌Page 6

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 2026/2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period and Year to Date 2026

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net sales

​

$

531,176

​

$

394,093

​

$

465,513

​

$

68,505

​

$

1,980

​

$

1,461,267

Cost of sales

​

450,614

​

333,745

​

387,896

​

​

56,782

​

​

(3,659)

​

​

1,225,378

Gross profit

​

​

80,562

​

​

60,348

​

​

77,617

​

​

11,723

​

​

5,639

​

​

235,889

Selling, general and administrative expenses

​

​

56,046

​

​

45,203

​

​

61,826

​

​

8,978

​

​

830

​

​

172,883

Net loss (gain) on disposition and impairments of assets

​

​

68

​

​

(170)

​

​

13

​

​

1

​

​

(1,564)

​

​

(1,652)

Other losses (gains), net

​

55

​

​

—

​

​

423

​

​

106

​

​

(7)

​

​

577

Earnings from operations

​

​

24,393

​

​

15,315

​

​

15,355

​

​

2,638

​

​

6,380

​

​

64,081

Interest and other

​

​

(70)

​

​

40

​

​

(3)

​

​

(1,820)

​

​

(1,010)

​

​

(2,863)

Earnings before income taxes

​

​

24,463

​

​

15,275

​

​

15,358

​

​

4,458

​

​

7,390

​

​

66,944

Income taxes

​

​

5,791

​

​

3,616

​

​

3,635

​

​

904

​

​

1,901

​

​

15,847

Net earnings

​

$

18,672

​

$

11,659

​

$

11,723

​

$

3,554

​

$

5,489

​

$

51,097

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period and Year to Date 2025

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net sales

​

$

607,383

​

$

410,008

​

$

515,940

​

$

60,298

​

$

1,890

​

$

1,595,519

Cost of sales

​

526,088

​

340,434

​

425,140

​

49,666

​

​

(14,005)

​

​

1,327,323

Gross profit

​

​

81,295

​

​

69,574

​

​

90,800

​

​

10,632

​

​

15,895

​

​

268,196

Selling, general and administrative expenses

​

​

55,355

​

​

47,769

​

​

62,784

​

​

8,462

​

​

1,884

​

​

176,254

Net loss (gain) on disposition and impairments of assets

​

​

24

​

​

32

​

​

120

​

​

—

​

​

(252)

​

​

(76)

Other (gains) losses, net

​

(218)

​

​

—

​

​

80

​

​

(54)

​

​

(42)

​

​

(234)

Earnings from operations

​

​

26,134

​

​

21,773

​

​

27,816

​

​

2,224

​

​

14,305

​

​

92,252

Interest and other

​

​

(60)

​

​

328

​

​

(1)

​

​

(947)

​

​

(7,749)

​

​

(8,429)

Earnings before income taxes

​

​

26,194

​

​

21,445

​

​

27,817

​

​

3,171

​

​

22,054

​

​

100,681

Income taxes

​

​

5,531

​

​

4,528

​

​

5,873

​

​

669

​

​

4,657

​

​

21,258

Net earnings

​

$

20,663

​

$

16,917

​

$

21,944

​

$

2,502

​

$

17,397

​

$

79,423

​

​

‌Page 7

Exhibit 99(a)

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 2026/2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period and Year to Date 2026

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net earnings

​

$

18,672

​

$

11,659

​

$

11,723

​

$

3,554

​

$

5,489

​

$

51,097

Interest and other

​

​

(70)

​

​

40

​

​

(3)

​

​

(1,820)

​

​

(1,010)

​

​

(2,863)

Income taxes

​

​

5,791

​

​

3,616

​

​

3,635

​

​

904

​

​

1,901

​

​

15,847

Expenses associated with share-based compensation arrangements

​

​

1,778

​

​

2,226

​

​

2,870

​

​

112

​

​

1,486

​

​

8,472

Net loss (gain) on disposition and impairments of assets

​

​

68

​

​

(170)

​

​

13

​

​

1

​

​

(1,564)

​

​

(1,652)

Depreciation expense

​

​

7,757

​

​

8,316

​

​

6,774

​

​

1,010

​

​

11,228

​

​

35,085

Amortization of intangibles

​

​

836

​

​

2,103

​

​

675

​

​

1,640

​

​

116

​

​

5,370

Adjusted EBITDA

​

$

34,832

​

$

27,790

​

$

25,687

​

$

5,401

​

$

17,646

​

$

111,356

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings as a percentage of net sales

​

​

3.5%

​

​

3.0%

​

​

2.5%

​

​

5.2%

​

​

*

​

​

3.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA as a percentage of net sales

​

​

6.6%

​

​

7.1%

​

​

5.5%

​

​

7.9%

​

​

*

​

​

7.6%

* Not meaningful

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Period and Year to Date 2025

(In thousands)

​

Retail

​

Packaging

​

Construction

​

All Other

​

Corporate

​

Total

Net earnings

​

$

20,663

​

$

16,917

​

$

21,944

​

$

2,502

​

$

17,397

​

$

79,423

Interest and other

​

​

(60)

​

​

328

​

​

(1)

​

​

(947)

​

​

(7,749)

​

​

(8,429)

Income taxes

​

​

5,531

​

​

4,528

​

​

5,873

​

​

669

​

​

4,657

​

​

21,258

Expenses associated with share-based compensation arrangements

​

​

1,424

​

​

2,164

​

​

2,825

​

​

264

​

​

4,884

​

​

11,561

Net loss (gain) on disposition and impairments of assets

​

​

24

​

​

32

​

​

120

​

​

—

​

​

(252)

​

​

(76)

Gain from reduction of estimated earnout liability

​

​

—

​

​

—

​

​

(344)

​

​

—

​

​

—

​

​

(344)

Depreciation expense

​

​

7,310

​

​

8,897

​

​

6,191

​

​

944

​

​

9,599

​

​

32,941

Amortization of intangibles

​

​

957

​

​

2,179

​

​

702

​

​

1,601

​

​

378

​

​

5,817

Adjusted EBITDA

​

$

35,849

​

$

35,045

​

$

37,310

​

$

5,033

​

$

28,914

​

$

142,151

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings as a percentage of net sales

​

​

3.4%

​

​

4.1%

​

​

4.3%

​

​

4.1%

​

​

*

​

​

5.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted EBITDA as a percentage of net sales

​

​

5.9%

​

​

8.5%

​

​

7.2%

​

​

8.3%

​

​

*

​

​

8.9%

* Not meaningful

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

‌Page 8

Exhibit 99(a)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

MARCH 2026/2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​ ​ ​

​

2026

​ ​ ​

​

2025

​ ​ ​

Liabilities and equity

​ ​ ​

​

2026

​ ​ ​

​

2025

​

Current assets

​

​

​

​

​

​

​

Current liabilities

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

714,453

​

$

903,562

​

Accounts payable

​

$

255,982

​

$

277,690

​

Restricted cash

​

​

13,952

​

​

1,061

​

Accrued liabilities and other

​

​

226,913

​

​

214,751

​

Investments

​

​

40,104

​

​

30,725

​

Current portion of debt

​

​

6,027

​

​

4,085

​

Accounts receivable

​

​

647,770

​

​

712,990

​

​

​

​

​

​

​

​

​

Inventories

​

​

767,131

​

​

754,913

​

Total current liabilities

​

​

488,922

​

​

496,526

​

Other current assets

​

​

86,330

​

​

61,140

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term debt and finance lease obligations

​

​

228,310

​

​

229,936

​

Total current assets

​

​

2,269,740

​

​

2,464,391

​

Other liabilities

​

​

213,406

​

​

159,488

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other assets

​

​

277,732

​

​

266,949

​

Temporary equity

​

​

485

​

​

5,280

​

Intangible assets, net

​

​

478,775

​

​

495,921

​

​

​

​

​

​

​

​

​

Property, plant and equipment, net

​

​

1,005,567

​

​

923,025

​

Shareholders' equity

​

​

3,100,691

​

​

3,259,056

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

4,031,814

​

$

4,150,286

​

Total liabilities and equity

​

$

4,031,814

​

$

4,150,286

​

​

​

​

‌Page 9

Exhibit 99(a)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED

MARCH 2026/2025

​	​	​	​	​	​	​	​
(In thousands)	​ ​ ​	​	2026	​ ​ ​	​	2025	​
Cash flows used in operating activities:	​	​	​	​	​	​	​
Net earnings	​	$	51,097	​	$	79,423	​
Adjustments to reconcile net earnings to net cash from operating activities:	​	​	​	​	​	​	​
Depreciation	​	​	35,085	​	​	32,941	​
Amortization of intangibles	​	​	5,370	​	​	5,817	​
Expense associated with share-based and grant compensation arrangements	​	​	8,472	​	​	11,561	​
Deferred income taxes	​	​	(1,822)	​	​	(17)	​
Unrealized (gain) loss on investment and other	​	​	(921)	​	​	672	​
Impairment of investments	​	​	4,000	​	​	—	​
Equity in loss of investee	​	​	(53)	​	​	19	​
Net gain on sale, disposition and impairment of assets	​	​	(1,652)	​	​	(76)	​
Gain from reduction of estimated earnout liability	​	​	—	​	​	(344)	​
Changes in:	​	​	​	​	​	​	​
Accounts receivable	​	​	(172,087)	​	​	(211,709)	​
Inventories	​	​	(45,312)	​	​	(33,830)	​
Accounts payable	​	​	45,358	​	​	52,902	​
Accrued liabilities and other	​	​	(31,154)	​	​	(46,166)	​
Net cash used in operating activities	​	​	(103,619)	​	​	(108,807)	​
​	​	​	​	​	​	​	​
Cash flows used in investing activities:	​	​	​	​	​	​	​
Capital expenditures	​	​	(48,265)	​	​	(67,268)	​
Proceeds from sale of property, plant and equipment	​	​	6,110	​	​	758	​
Acquisitions and purchases of non-controlling interest, net of cash received	​	​	—	​	​	(3,735)	​
Purchases of investments	​	​	(7,836)	​	​	(7,191)	​
Proceeds from sale of investments	​	​	2,470	​	​	2,304	​
Other	​	​	(307)	​	​	(418)	​
Net cash used in investing activities	​	​	(47,828)	​	​	(75,550)	​
​	​	​	​	​	​	​	​
Cash flows used in financing activities:	​	​	​	​	​	​	​
Borrowings under revolving credit facilities	​	​	10,968	​	​	4,798	​
Repayments under revolving credit facilities	​	​	(6,175)	​	​	(4,752)	​
Contingent consideration payments and other	​	​	(83)	​	​	(221)	​
Proceeds from issuance of common stock	​	​	577	​	​	650	​
Dividends paid to shareholders	​	​	(20,456)	​	​	(21,322)	​
Distributions to noncontrolling interest	​	​	(1,082)	​	​	—	​
Purchase of remaining noncontrolling interest of subsidiary	​	​	(3,937)	​	​	—	​
Payments to taxing authorities in connection with shares directly withheld from employees	​	​	(1,205)	​	​	(9,547)	​
Repurchase of common stock	​	​	(23,993)	​	​	(60,553)	​
Other	​	​	26	​	​	21	​
Net cash used in financing activities	​	​	(45,360)	​	​	(90,926)	​
​	​	​	​	​	​	​	​
Effect of exchange rate changes on cash	​	​	141	​	​	312	​
Net change in cash and cash equivalents	​	​	(196,666)	​	​	(274,971)	​
​	​	​	​	​	​	​	​
All cash and cash equivalents, beginning of period	​	​	925,071	​	​	1,179,594	​
​	​	​	​	​	​	​	​
All cash and cash equivalents, end of period	​	$	728,405	​	$	904,623	​
​	​	​	​	​	​	​	​
Reconciliation of cash and cash equivalents and restricted cash:	​	​	​	​	​	​	​
Cash and cash equivalents, beginning of period	​	$	914,199	​	$	1,171,828	​
Restricted cash, beginning of period	​	​	10,872	​	​	7,766	​
All cash and cash equivalents, beginning of period	​	$	925,071	​	$	1,179,594	​
​	​	​	​	​	​	​	​
Cash and cash equivalents, end of period	​	$	714,453	​	$	903,562	​
Restricted cash, end of period	​	​	13,952	​	​	1,061	​
All cash and cash equivalents, end of period	​	$	728,405	​	$	904,623	​

​

​

‌Page 10

Exhibit 99(a)

RECONCILIATION OF NET CASH FROM OPERATING

ACTIVITIES TO FREE CASH FLOW (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 2026/2025

​

​

​	​	​	​	​	​	​	​
(In thousands)	​ ​ ​	​	2026	​ ​ ​	​	2025	​
Net cash used in operating activities	​	$	(103,619)	​	$	(108,807)	​
Increase in investment in net working capital	​	​	203,195	​	​	238,803	​
Maintenance capital expenditures(1)	​	​	(15,000)	​	​	(18,980)	​
Interest expense, net of taxes	​	​	2,002	​	​	2,106	​
Free cash flow	​	$	86,578	​	$	113,122	​
​	​	​	​	​	​	​	​
(1) Breakdown of Capital expenditures from the condensed consolidated statements of cash flows:	​	​	​	​	​	​	​
Maintenance capital expenditures	​	$	15,000	​	$	18,980	​
Expansionary and efficiency capital expenditures	​	​	33,265	​	​	48,288	​
Total Capital expenditures	​	$	48,265	​	$	67,268	​

​

‌Page 11

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99 EX-99(A) 830.1 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.8 KB