UFP Industries(US:UFPI)2025-02-26 20:30Revenue and Growth - From 2011 to 2019, the company's revenues increased from $1.8 billion to $4.4 billion, reflecting significant growth[21]. - Net sales for 2024 were $6,652,309, a decrease of 7.8% compared to $7,218,384 in 2023[264]. - Point in time revenue decreased by 8.2% to $6,489,190 in 2024 from $7,069,690 in 2023, while over time revenue increased by 9.7% to $163,119[307]. Market Share and Production Estimates - The Retail Solutions segment estimates production of approximately 28% of all residential treated wood, 17% of all wood fencing, and 7% of all fire-retardant wood products in the U.S.[26]. - The company estimates it manufactures approximately 6-8% of all composite decking and railing in the U.S.[27]. - The Structural Packaging business unit estimates a domestic market share of 10-12%[33]. - PalletOne, as the largest supplier, manufactures approximately 8-10% of new machine-built pallets nationally[34]. - The company estimates it produces approximately 35% of all roof trusses used in factory-built housing in the U.S.[40]. - The site-built construction unit estimates it produces approximately 12% of all engineered wood components used in housing in the U.S.[42]. - The commercial construction business unit is recognized as one of the top five custom interior environment providers globally[43]. Financial Performance - Gross profit for 2024 was $1,226,742, down from $1,418,938 in 2023, reflecting a decline of 13.5%[264]. - Earnings before income taxes for 2024 were $540,155, a decrease of 19.5% compared to $671,241 in 2023[264]. - Net earnings for the year ended December 28, 2024, were $418.733 million, a decrease of 18.6% compared to $514.457 million in 2023[269]. - Net earnings attributable to controlling interest for the year ended December 28, 2024, were $414.56 million, a decrease of 19.4% from $514.31 million in 2023[311]. - The total income tax expense for 2024 was $121.4 million, a decrease of 22.4% from $156.8 million in 2023, driven by lower earnings before income taxes[354]. Assets and Liabilities - Total assets increased to $4,150,938 in 2024 from $4,017,797 in 2023, representing a growth of 3.3%[263]. - Current liabilities decreased to $512,448 in 2024, down 9.8% from $567,976 in 2023[263]. - Total liabilities decreased to $900,947 in 2024, down 6.9% from $967,577 in 2023[263]. - Long-term debt obligations decreased from $276.584 million in 2023 to $234.032 million in 2024, reflecting a reduction of approximately 15.3%[331]. Employee and Shareholder Information - The company had approximately 15,000 employees as of December 28, 2024, emphasizing a culture of career development and training[55]. - Cash dividends increased to $1.32 per share in 2023, up from $1.10 per share in 2022, reflecting a rise of approximately 20%[266]. - The company repurchased 1,409,266 shares of common stock in 2024 at an average price of $113.53, compared to 974,869 shares at an average price of $84.27 in 2023, representing an increase of 44.4% in shares repurchased[351]. Capital Expenditures and Investments - The company incurred $232.274 million in capital expenditures for property, plant, and equipment in 2024, compared to $180.382 million in 2023[269]. - The company made investments of $15.5 million and $10.5 million through its Innov8 Fund in 2024 and 2023, respectively, focusing on emerging projects and technologies[317]. Debt and Interest Rates - The estimated fair value of the company's long-term debt, including the current portion, was $201.2 million as of December 28, 2024[239]. - The average interest rate for variable rate debt is 3.32% as of December 28, 2024[240]. - The company does not enter into material interest rate swaps or other derivative financial instruments to mitigate market risks related to fluctuations in interest rates on variable rate debt[237]. Environmental and Regulatory Compliance - The company plans to disclose its 2024 Scope 1 and Scope 2 greenhouse gas emissions in 2025, following the quantification of 2023 emissions[57]. - The company is evaluating the impact of new accounting standards on financial statement disclosures, including ASU 2024-03 and ASU 2023-09[286][287]. Miscellaneous - The company recognized an expense of $2.0 million for the Director Compensation Plan in 2024, slightly up from $1.9 million in 2023[343]. - The company accrued approximately $16.9 million for retirement benefits for certain officers as of December 28, 2024, compared to $15.5 million in 2023[353].