UFP Industries: Strategic Acquisitions Boosted Quarterly Results

SEATTLE (Scrap Monster): UFP Industries, Inc. continued to report record-breaking sales in the second quarter of 2021. It reported robust earnings, driven by higher lumber prices and recent acquisitions.

The company announced $2.7 billion in sales during the quarter, significantly higher by over 117% over the corresponding quarter a year before. It reported record earnings of $2.78 per diluted share, compared with $1.08 per diluted share a year before. The recent acquisitions made by the company contributed $455 million to net sales and $0.17 to earnings per share (EPS).

ALSO READ: UFP Industries Announced Acquisition of SC Wood Treating Company Assets

The earnings from operations witnessed rise by 157% to $236.9 million. The adjusted EBITDA was up by 137% over the year at $261.5 million in Q2 this year. Meantime, the EBITDA margin saw 80 basis points surge to touch 9.7%. The company reported a strong balance sheet with liquidity of nearly $288 million at the end of second quarter.

Matthew J. Missad , CEO, UFP Industries noted that he remains optimistic about the rest of the year and its prospects in the coming year, despite challenges. The market conditions are expected to normalize during the second half of 2021, after a highly fluctuating market in H1 2021. All of the company’s segments-retail, industrial and construction, are likely to benefit from more stable pricing in 2022.