UFP Industries, Inc. (UFPI) announced record sales of $1.49 billion and net earnings attributable to controlling interest of $77.2 million for the 3Q ended September 26, 2020. The company also reported record EPS of $1.25 per diluted share, a 49% increase over the same period of 2019. These are the best quarterly sales and earnings results in the company’s 65-year history. 3Q 2020 EBITDA increased by 40% to $125.7 million.
UFP Industries’ 3Q unit sales grew 8% over the same period of 2019, almost entirely from organic sales increases. Unit sales to Retail customers grew 34% organically over this period, led by the company’s ProWood, Dimensions, Outdoor Essentials, and Deckorators product lines.
“At the beginning of the pandemic, no one in the industry predicted the growth we’d see in our Retail segment,” said CEO Matthew J. Missad. “Although UFP Retail Solutions has benefited from higher lumber prices and the spike in consumer demand during the past several months, it was well-positioned for improvement even before the pandemic began. In addition to the extraordinary efforts of our team members, I credit our investments in new products and in our new management structure, which allows us to focus better on our customers’ needs, each market we serve, and launch new products and execute initiatives with greater speed.” New product sales grew 41% in the 3Q over the same period of last year.
UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three markets: retail, construction and industrial.
