Financial Data and Key Metrics Changes - The company reported a 10% decline in sales to $1.65 billion, driven by a 7% reduction in selling prices and a 3% decline in unit sales [28] - Adjusted EBITDA decreased by 21% to $165 million, with an adjusted EBITDA margin of 10%, remaining above historical levels [28][29] - The cash surplus grew to almost $1.2 billion, providing flexibility for financial and strategic objectives [29][43] Business Line Data and Key Metrics Changes - **Retail Segment**: Sales dropped 13% to $636 million, with a 7% decline in selling prices and a 4% decline in units [30] - **Packaging Segment**: Sales decreased 11% to $402 million, with an 8% decline in selling prices and a 5% decrease in units [34] - **Construction Segment**: Sales fell 8% to $535 million, with a 7% decline in selling prices and a 2% decline in units [35] Market Data and Key Metrics Changes - The company noted a slowing economy in many markets, likely continuing through mid-2025, with mortgage rates needing to drop below 6% to boost housing [8][10] - Demand in retail is expected to remain mid-single digits lower, while packaging demand is anticipated to be mid to high single digits lower [50] Company Strategy and Development Direction - The company is focusing on facility consolidations to leverage capacity utilization and reduce operating costs, targeting over $70 million in annualized cost reductions [10][39] - Strategic alternatives are being explored for businesses that are EBITDA positive but do not fit long-term strategy or ROI targets [10][27] - The company aims to maintain a strong balance sheet while pursuing growth through acquisitions and new product development [12][48] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with current results but remains optimistic about future prospects, emphasizing a strong balance sheet and growth opportunities [6][11] - The outlook for the remainder of the year is challenging, with expectations of continued soft demand and competitive pricing [49] Other Important Information - The company declared a cash dividend of $0.33 per share, payable on December 16, representing a 10% increase from the previous year [13][45] - New product sales for the quarter reached $118.7 million, tracking close to the 2024 target of $510 million [24] Q&A Session Summary Question: Breakdown of $70 million in cost reductions - Management indicated that the cost reductions are interconnected and do not have a specific breakdown among the three areas [53][54] Question: Competitive pressures in the packaging industry - Management noted increased competitive pressure in site-built construction and other markets as demand wanes [55] Question: M&A pipeline opportunities - Management is looking for the best values in each strategic runway without favoring one segment over another [58] Question: Capital investment program adjustments - The cadence of capital investments is expected to remain consistent with previous plans, focusing on long-term growth and margin improvement [60] Question: Strategic criteria for business units - Management is evaluating underperforming operations and those not aligned with long-term strategic goals for potential divestiture [66][68] Question: Impact of lumber pricing on earnings - Management indicated that while lumber pricing affects sales, efficiencies could be gained in a stronger lumber pricing environment [70][72]

UFP Industries (UFPI) reported $1.65 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 9.8%. EPS of $1.64 for the same period compares to $2.10 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.78 billion, representing a surprise of -7.19%. The company delivered an EPS surprise of -9.39%, with the consensus EPS estimate being $1.81. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

UFP Industries (UFPI) came out with quarterly earnings of $1.64 per share, missing the Zacks Consensus Estimate of $1.81 per share. This compares to earnings of $2.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.39%. A quarter ago, it was expected that this wood and materials provider for the construction industry would post earnings of $2 per share when it actually produced earnings of $2.05, delivering a surprise of 2 ...

UFP Industries, Inc. Page 1 Exhibit 99(a) News release ---------------AT THE COMPANY--------------- Dick Gauthier VP of Investor Relations (616) 365-1555 FOR IMMEDIATE RELEASE Monday, October 28, 2024 UFP Industries Announces Third Quarter Results GRAND RAPIDS, Mich., Monday, October 28, 2024 – UFP Industries, Inc. (Nasdaq: UFPI) today announced third quarter 2024 results including net sales of $1.65 billion, net earnings attributable to controlling interest of $100 million, and earnings per diluted share o ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering UFP Industries (UFPI) , which belongs to the Zacks Building Products - Wood industry.This wood and materials provider for the construction industry has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 11.74%.For the last reported quarte ...

UFP Industries, Inc. (NASDAQ:UFPI) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET Company Participants Dick Gauthier - Vice President of Communications and Investor Relations Matt Missad - Chief Executive Officer and Chairman Mike Cole - Chief Financial Officer and Treasurer Conference Call Participants Reuben Garner - Benchmark Kurt Yinger - D.A. Davidson Ketan Mamtora - BMO Capital Markets Stanley Elliot - Stifel Jay McCanless - Wedbush Operator Good day and welcome to the Q2 2024 UFP Industrie ...

Adjusted EBITDA margin fell 420 bps from the prior year to 9.9%. The company remains focused on its long-term expansion plans and improvement strategies amid a weaker environment and near-term softness in demand. These efforts are investments in automation and consolidating operations to eliminate redundancies, as well as reduce costs and enhance the profitability of its facilities. UFP Industries reported earnings per share (EPS) of $2.05, which topped the consensus mark of $2.00 by 2.5% but declined 13.1% ...

This quarterly report represents an earnings surprise of 2.50%. A quarter ago, it was expected that this wood and materials provider for the construction industry would post earnings of $1.62 per share when it actually produced earnings of $1.96, delivering a surprise of 20.99%. UFP Industries shares have added about 1.2% since the beginning of the year versus the S&P 500's gain of 14.5%. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revision ...

UFP Industries, Inc. Page 1 ● Adjusted EBITDA1 of $204 million represents a decrease of 13 percent while adjusted EBITDA 1 Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below. Capital Allocation - Acquisitions and Organic Growth. The company continues to pursue strategic acquisitions and will invest in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return r ...

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