{"id":479828,"date":"2021-04-21T16:08:54","date_gmt":"2021-04-21T20:08:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-reports-all-time-quarterly-records\/"},"modified":"2021-04-21T16:08:54","modified_gmt":"2021-04-21T20:08:54","slug":"ufp-industries-reports-all-time-quarterly-records","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-reports-all-time-quarterly-records\/","title":{"rendered":"UFP Industries Reports All-time Quarterly Records"},"content":{"rendered":"

\n\u2013 Unit sales increase 33 percent, net earnings increase 157 percent \u2013
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GRAND RAPIDS, Mich., April 21, 2021 (GLOBE NEWSWIRE) — UFP Industries, Inc. (Nasdaq: UFPI) today announced record net sales of $1.83 billion for the first quarter of 2021, a 77 percent increase over the first quarter of 2020, and record net earnings attributable to controlling interest of $103 million, a 157 percent increase over the same period of 2020. The company also reported record EPS of $1.67 per diluted share compared to $0.65 in the first quarter last year. While first quarter performance is typically limited by seasonality, net sales and earnings for the first quarter of 2021 were the highest of any quarter in company history.<\/p>\n

\u201cUFP Industries is enjoying unprecedented growth as we benefit from strong market conditions and the successful execution of our strategic plans. We are using our new market-focused structure to target and quickly assimilate acquisitions, better leverage our fixed costs, and reallocate resources to increase capacity efficiently,\u201d said CEO Matthew J. Missad. \u201cAs a result, we are experiencing strong organic growth in our retail and industrial segments as well as in our site-built and factory-built housing business units. Our improvement in gross profit resulted from these changes, as well as a better pricing model that quickly adjusts to lumber market fluctuations and our growing line-up of new and value-added products. I want to thank our employees for their outstanding efforts and especially recognize our general managers for the improvements they\u2019ve made at our facilities. I remain very encouraged about the growth prospects for our business as we look forward.\u201d<\/p>\n

The elevated level of softwood lumber prices contributed to a significant increase in the company\u2019s cost of materials and was responsible for 44 percent of the 77 percent increase in net sales. The remaining 33 percent came from increased unit sales \u2013 23 percent from acquisitions and 10 percent from organic growth.<\/p>\n

New product sales of $159.4 million increased 58 percent over the first quarter of 2020, led by Deckorators Vault decking and deck accessories, UFP-Edge shiplap and trim, Handprint project panels and ProWood Fire Retardant treated lumber.<\/p>\n

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\n First Quarter 2021 Highlights (comparisons on a year-over-year basis):<\/u>
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