UFP Industries announced a dip in first-quarter earnings, with net sales falling 10% to $1.64 billion and net earnings decreasing 4% to $121 million, despite a tax-related earnings boost.
Chairman and CEO Matthew J. Missad linked the firm's results to lower selling prices and reduced unit sales, while highlighting strategic investments in automation and regional expansion. The company saw a marginal increase in new product sales, which now represent 7.6% of total sales.
UFP continues to strengthen its balance sheet, boasting $702.6 million in net surplus cash. The board approved a dividend increase to $0.33 per share and continued its $200 million share repurchase program. Looking forward, UFP expects lumber prices to stabilize and has adjusted its market outlook for 2024 in response to softer demand forecasts.
