UFP Industries sees profits surge
UFP Industries, the Grand Rapids, Mich.-based company formerly known as Universal Forest Products, reported first quarter sales increased 2% to a company record of $1.03 billion from first quarter 2019 sales of $1.01 billion.
The holding company said lower lumber prices impacted gross sales by 3%.
UFP retail sales increased 6% to $365 million during the quarter. Industrial sales decreased 7% to $258.6 million while construction sales are up 4% to $384.9 million.
Net earnings jumped 12.7% to $40.57 million during the period from net earnings of $36 million in the first quarter last year.
UPF Industries said that its employees are deemed essential critical infrastructure workers during the COVID-19 crisis and are continuing to serve customers. In other cases, the company serves customers who have temporarily shut down, and UFP has reduced operations and temporarily furloughed employees.
The company did not provide details on how many employees have been furloughed during the pandemic.
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The Bottom Line: Profits at UFP Industries rise nearly 13% to $40.57 million as sales grow 2% to $1.03 billion.
What the CEO said: “Our team jumped out of the gates quickly, extending our record-setting performance from 2019 while delivering an excellent first quarter,” said UFP CEO Matthew Missad. “The realignment we announced last year is going very well, and we are seeing additional opportunities for improvement as a result of these changes.”
“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,” he added.
Company info: The full first quarter 2020 report from UFP Industries can be accessed here.
The holding company said lower lumber prices impacted gross sales by 3%.
UFP retail sales increased 6% to $365 million during the quarter. Industrial sales decreased 7% to $258.6 million while construction sales are up 4% to $384.9 million.Net earnings jumped 12.7% to $40.57 million during the period from net earnings of $36 million in the first quarter last year.
UPF Industries said that its employees are deemed essential critical infrastructure workers during the COVID-19 crisis and are continuing to serve customers. In other cases, the company serves customers who have temporarily shut down, and UFP has reduced operations and temporarily furloughed employees.
The company did not provide details on how many employees have been furloughed during the pandemic.
###
The Bottom Line: Profits at UFP Industries rise nearly 13% to $40.57 million as sales grow 2% to $1.03 billion.
What the CEO said: “Our team jumped out of the gates quickly, extending our record-setting performance from 2019 while delivering an excellent first quarter,” said UFP CEO Matthew Missad. “The realignment we announced last year is going very well, and we are seeing additional opportunities for improvement as a result of these changes.”
“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,” he added.
Company info: The full first quarter 2020 report from UFP Industries can be accessed here.