Universal Forest Products, Inc. (n/k/a UFP Industries) announced record net sales and profits for the 4Q 2019, as well as record EPS of $2.91 per diluted share for fiscal 2019 compared to $2.40 for fiscal 2018, a 21% increase.
4Q EBITDA increased by 12% to $70.9 million. 4Q 2019 net sales were $998 million, representing a 1% increase.
FY 2019 net sales were $4.42 billion, or down 2%, lower lumber prices reduced gross sales by 8%. EBITDA of $317.3 million was up 19% in 2019, exceeding the company’s unit sales increase of 6%.
“The hard-working employees of UFP Industries marked our 65th year in business by producing the best 4Q and year in our history,” stated CEO Matthew J. Missad. “Our record profitability is the result of increased unit sales, our ability to leverage fixed costs, and increased sales of our higher-margin, value-added products, which continue to comprise a greater portion of our product mix. We also generated record operating cash flow, allowing us to fund our strategic growth initiatives, further strengthen our balance sheet and return even more capital to our shareholders.”
UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.
