Published in Manufacturing

UFP Industries reports higher sales in first quarter

BY MIBIZ STAFF Wednesday, April 22, 2020 05:42pm

GRAND RAPIDS — UFP Industries Inc. posted record sales and earnings for the first three months of 2020.

The Grand Rapids-based UFP Industries (Nasdaq: UFPI), formerly known as Universal Forest Products, on Wednesday afternoon reported $1.03 billion in sales for the first quarter, up 1.6 percent from $1.01 billion in the same period a year ago. 

UFPI CEO Matthew Missad

The company reported $40.5 million in quarterly net income, or 65 cents per diluted share. That compares with net income of $35.5 million, or 58 cents per diluted share, in the first quarter of 2019.

“Our team jumped out of the gates quickly, extending our record-setting performance from 2019 while delivering an excellent first quarter,” CEO Matthew Missad said in a statement. “When COVID-19 changed the business landscape late in the first quarter, our business unit and segment leaders adapted quickly, working hard to ensure the safety of our employees while providing essential products and services to our customers.”

A “vast majority” of UFP Industries’ employees are considered essential critical infrastructure workers, according to the company. Many customers have shut down because of the pandemic or reduced operations temporarily and furloughed employees.

UFP Industries said it would provide further details on the pandemic’s effect during a quarterly conference call that has been rescheduled from today to May 7.

“We realize most investors will have questions about the impact of COVID-19 on financial results for the second quarter and the balance of 2020,” Missad said in a statement on the first quarter results. “Since those results very much depend on the future status of various state directives, and given the assumption that federal stay-at-home guidance is due to expire April 30, we expect to have better insight on May 7 and more detail on our new business segments. On behalf of our employees and other stakeholders, I encourage our elected officials to safely and expeditiously allow a targeted, risk-based resumption of business as soon as reasonably practical.”

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