UFP Industries, Inc. (UFPI) announced record net earnings of $66.5 million for the 2Q 2020, as well as record EPS of $1.08 per diluted share, a 23% increase over the same period of 2019.
2Q 2020 net sales were $1.24 billion; higher lumber prices contributed 3% in net sales which was substantially offset by a 3% decrease in units sold.
2Q EBITDA increased by 22% to $110.4 million.
CEO Matthew J. Missad said: “While virus-related shutdowns negatively impacted our industrial and construction segments in ways we expected, the increase in home improvement activity resulting from stay-at-home orders benefited our retail segment. Conditions improved as we progressed through the second quarter, as demand in our retail segment accelerated sharply while the headwinds in our industrial and construction segments eased. Overall, our results once again validate our balanced business model and diverse product portfolio, which combine to mitigate the risk of a decline in a single market.”
UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.
