UFP Industries Reports Record Profits for Fourth Quarter and Year
February 19 2020 - 4:05PM
Universal Forest Products, Inc. (n/k/a UFP Industries)
(Nasdaq: UFPI), today announced record net sales and
profits for the fourth quarter of 2019, as well as record EPS of
$2.91 per diluted share for fiscal 2019 compared to $2.40 for
fiscal 2018, a 21 percent increase.
“The hard-working employees of UFP Industries marked our 65th
year in business by producing the best fourth quarter 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.”
Fourth Quarter 2019 Highlights (comparisons on a
year-over-year basis):
- Earnings from operations of $51.8 million were up 14 percent
and net earnings attributable to controlling interest of $37.7
million were up 24 percent
- EBITDA of $70.9 million increased by 12 percent
- Net sales of $998 million represent a 1 percent increase; lower
lumber prices reduced gross sales by 5 percent
Fiscal 2019 Highlights (comparisons on a year-over-year
basis):
- Earnings from operations of $244.9 million were up 18 percent,
and net earnings attributable to controlling interest of $179.7
million were up 21 percent
- EBITDA of $317.3 million was up 19 percent, exceeding the
company’s unit sales increase of 6 percent
- New product sales were $540 million, up 13 percent. For 2020,
the company has removed $126 million of 2019 sales from its new
products classification, although it will continue to sell those
products.
- Net sales of $4.42 billion were down 2 percent; lower lumber
prices reduced gross sales by 8 percent
- Net cash flow from operating activities of $349.3 million was
up 199%
By market, the Company reported the following 2019 results:
Retail
- Fourth Quarter: $323.3 million in gross sales, up 7 percent
over the fourth quarter of 2018. Retail unit sales increased 10
percent due to new product growth and market share gains. Lower
selling prices reduced gross sales by 3 percent.
- Full Year: $1.64 billion in gross sales, down 1 percent from
2018, due to a 7 percent increase in unit sales and an 8 percent
decrease in selling prices.
Industrial
- Fourth Quarter: $309.7 million in gross sales, down 4 percent
from the fourth quarter of 2018; unit sales increased 2 percent,
while lower lumber prices reduced gross sales by 6 percent.
Acquisitions accounted for all the unit sales growth.
- Full Year: $1.33 billion in gross sales, up 2 percent over the
previous year. Unit sales increased 7 percent; 5 percent came from
acquisitions and 2 percent from organic growth.
Construction
- Fourth Quarter: $379.0 million in gross sales, up 1 percent
over the fourth quarter of 2018, due to a 5 percent increase in
unit sales and a 4 percent decrease in selling prices. Unit sales
to commercial, manufactured housing and residential customers rose
9, 4, and 3 percent, respectively.
- Full Year: $1.52 billion in gross sales, down 5 percent from
the previous year due to a 10 percent decrease in lumber prices and
a 5 percent increase in unit sales. Unit sales to commercial and
residential customers rose 11 and 5 percent, respectively.
Manufactured housing sales were flat for the year.
On January 1, 2020, the company began doing business as UFP
Industries to better reflect its growing diversity of products and
markets. (The company will seek shareholder approval for the change
to its corporate name at its annual meeting of shareholders in
April.) The company also realigned its organizational structure,
creating three market-focused segments: UFP Construction, UFP
Industrial and UFP Retail.
“Although our results indicate we are performing well, we
believe we can continue to improve and have made changes to do so,”
added Missad. “Our new structure is intended to bring even greater
alignment with our customers and allow for quicker introduction of
new, value-added products. It also will help us more effectively
allocate capital to grow and improve our business. We are truly
excited about the future of UFP Industries.”
On February 3, 2020, UFP Industries announced it changed the
frequency of its dividend payments from semi-annual to quarterly.
The company also announced a 25 percent pro-rated increase in its
dividend payment.
CONFERENCE CALL
UFP Industries will conduct a conference call to discuss
information included in this news release and related matters at
8:30 a.m. ET on Thursday, February 20, 2020. The call will be
hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be
available for analysts and institutional investors domestically at
866-518-4547 and internationally at 213-660-0879. Use conference
pass code 8194375. The conference call will be available
simultaneously and in its entirety to all interested investors and
news media through a webcast at http://www.ufpi.com. A replay of
the call will be available through March 21, 2020, at 855-859-2056,
404-537-3406 or 800-585-5367.
Universal Forest Products, Inc. (d/b/a UFP
Industries)
UFP Industries is a holding company whose subsidiaries supply
wood, wood composite and other products to three robust markets:
retail, construction and industrial. Founded in 1955, the
company is headquartered in Grand Rapids, Mich., with affiliates
throughout North America, Europe, Asia and Australia. For more
about UFP Industries, go to www.ufpi.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act, as
amended, that are based on management’s beliefs, assumptions,
current expectations, estimates and projections about the markets
we serve, the economy and the Company itself. Words like
“anticipates,” “believes,” “confident,” “estimates,” “expects,”
“forecasts,” “likely,” “plans,” “projects,” “should,” variations of
such words, and similar expressions identify such forward-looking
statements. These statements do not guarantee future performance
and involve certain risks, uncertainties and assumptions that are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. The Company does not undertake to update
forward-looking statements to reflect facts, circumstances, events,
or assumptions that occur after the date the forward-looking
statements are made. Actual results could differ materially from
those included in such forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty. Among the factors that could cause actual results to
differ materially from forward-looking statements are the
following: fluctuations in the price of lumber; adverse or unusual
weather conditions; adverse economic conditions in the markets we
serve; government regulations, particularly involving environmental
and safety regulations; and our ability to make successful business
acquisitions. Certain of these risk factors as well as other risk
factors and additional information are included in the Company's
reports on Form 10-K and 10-Q on file with the Securities and
Exchange Commission.
Non-GAAP Financial Information
This release includes certain financial information not prepared
in accordance with U.S. GAAP. Because not all companies calculate
non-GAAP financial information identically (or at all), the
presentations herein may not be comparable to other similarly
titled measures used by other companies. Management considers
EBITDA, a non-GAAP measure, an alternative performance measure
which may provide useful information to investors.
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND
COMPREHENSIVE INCOME (UNAUDITED) |
FOR THE THREE AND TWELVE MONTHS ENDED |
DECEMBER 2019/2018 |
|
|
Quarter Period |
|
|
|
Year to Date |
|
|
(In thousands, except per share data) |
|
|
2019 |
|
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
|
$ |
998,041 |
|
|
100 |
% |
|
$ |
988,181 |
|
|
100 |
% |
|
$ |
4,416,009 |
|
|
100 |
% |
|
$ |
4,489,180 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
840,786 |
|
|
84.2 |
|
|
|
850,538 |
|
|
86.1 |
|
|
|
3,730,491 |
|
|
84.5 |
|
|
|
3,896,286 |
|
|
86.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
157,255 |
|
|
15.8 |
|
|
|
137,643 |
|
|
13.9 |
|
|
|
685,518 |
|
|
15.5 |
|
|
|
592,894 |
|
|
13.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADMINISTRATIVE EXPENSES |
|
|
104,154 |
|
|
10.4 |
|
|
|
92,387 |
|
|
9.3 |
|
|
|
438,320 |
|
|
9.9 |
|
|
|
392,679 |
|
|
8.7 |
|
FOREIGN CURRENCY EXCHANGE LOSS |
|
|
610 |
|
|
0.1 |
|
|
|
(657 |
) |
|
(0.1 |
) |
|
|
727 |
|
|
- |
|
|
|
(444 |
) |
|
- |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF
ASSETS |
|
|
735 |
|
|
0.1 |
|
|
|
475 |
|
|
- |
|
|
|
1,565 |
|
|
- |
|
|
|
(6,604 |
) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM OPERATIONS |
|
|
51,756 |
|
|
5.2 |
|
|
|
45,438 |
|
|
4.6 |
|
|
|
244,906 |
|
|
5.5 |
|
|
|
207,263 |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE, NET |
|
|
150 |
|
|
- |
|
|
|
4,548 |
|
|
0.5 |
|
|
|
4,232 |
|
|
0.1 |
|
|
|
9,410 |
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE INCOME TAXES |
|
|
51,606 |
|
|
5.2 |
|
|
|
40,890 |
|
|
4.1 |
|
|
|
240,674 |
|
|
5.5 |
|
|
|
197,853 |
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
|
12,930 |
|
|
1.3 |
|
|
|
9,258 |
|
|
0.9 |
|
|
|
58,270 |
|
|
1.3 |
|
|
|
45,441 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS |
|
|
38,676 |
|
|
3.9 |
|
|
|
31,632 |
|
|
3.2 |
|
|
|
182,404 |
|
|
4.1 |
|
|
|
152,412 |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTEREST |
|
|
(940 |
) |
|
(0.1 |
) |
|
|
(1,130 |
) |
|
(0.1 |
) |
|
|
(2,754 |
) |
|
(0.1 |
) |
|
|
(3,814 |
) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTROLLING INTEREST |
|
$ |
37,736 |
|
|
3.8 |
|
|
$ |
30,502 |
|
|
3.1 |
|
|
$ |
179,650 |
|
|
4.1 |
|
|
$ |
148,598 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - BASIC |
|
$ |
0.61 |
|
|
|
|
$ |
0.50 |
|
|
|
|
$ |
2.91 |
|
|
|
|
$ |
2.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - DILUTED |
|
$ |
0.61 |
|
|
|
|
$ |
0.50 |
|
|
|
|
$ |
2.91 |
|
|
|
|
$ |
2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME |
|
|
39,545 |
|
|
|
|
|
29,726 |
|
|
|
|
|
183,917 |
|
|
|
|
|
147,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS COMPREHENSIVE INCOME ATTRIBUTABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TO NONCONTROLLING INTEREST |
|
|
(1,383 |
) |
|
|
|
|
(577 |
) |
|
|
|
|
(3,218 |
) |
|
|
|
|
(3,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTRIBUTABLE TO CONTROLLING INTEREST |
|
$ |
38,162 |
|
|
|
|
$ |
29,149 |
|
|
|
|
$ |
180,699 |
|
|
|
|
$ |
143,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SALES DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Period |
|
Year to Date |
Market Classification |
|
|
2019 |
|
|
|
|
|
2018 |
|
|
% |
|
|
2019 |
|
|
|
|
|
2018 |
|
|
% |
Retail |
|
$ |
323,342 |
|
|
|
|
$ |
302,414 |
|
|
7 |
% |
|
$ |
1,638,885 |
|
|
|
|
$ |
1,659,503 |
|
|
-1 |
% |
Industrial |
|
|
309,709 |
|
|
|
|
|
321,101 |
|
|
-4 |
% |
|
|
1,329,245 |
|
|
|
|
|
1,307,350 |
|
|
2 |
% |
Construction |
|
|
378,990 |
|
|
|
|
|
376,508 |
|
|
1 |
% |
|
|
1,524,053 |
|
|
|
|
|
1,598,896 |
|
|
-5 |
% |
Total Gross Sales |
|
|
1,012,041 |
|
|
|
|
|
1,000,023 |
|
|
1 |
% |
|
|
4,492,183 |
|
|
|
|
|
4,565,749 |
|
|
-2 |
% |
Sales Allowances |
|
|
(14,000 |
) |
|
|
|
|
(11,842 |
) |
|
-18 |
% |
|
|
(76,174 |
) |
|
|
|
|
(76,569 |
) |
|
1 |
% |
Total Net Sales |
|
$ |
998,041 |
|
|
|
|
$ |
988,181 |
|
|
1 |
% |
|
$ |
4,416,009 |
|
|
|
|
$ |
4,489,180 |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
% of Sales |
|
|
2018 |
|
|
% of Sales |
|
|
2019 |
|
|
% of Sales |
|
|
2018 |
|
|
% of Sales |
SG&A, Excluding Bonus Expense |
|
$ |
88,592 |
|
|
8.9 |
|
|
$ |
82,495 |
|
|
8.3 |
|
|
$ |
369,491 |
|
|
8.4 |
|
|
$ |
344,877 |
|
|
7.7 |
|
Bonus Expense |
|
|
15,562 |
|
|
1.6 |
|
|
|
9,892 |
|
|
1.0 |
|
|
|
68,829 |
|
|
1.6 |
|
|
|
47,802 |
|
|
1.1 |
|
Total SG&A |
|
$ |
104,154 |
|
|
10.4 |
|
|
$ |
92,387 |
|
|
9.3 |
|
|
$ |
438,320 |
|
|
9.9 |
|
|
$ |
392,679 |
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A, Excluding Bonus Expense, as a Percentage of Gross
Profit |
|
|
56.3 |
% |
|
|
|
|
59.9 |
% |
|
|
|
|
53.9 |
% |
|
|
|
|
58.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED) |
DECEMBER 2019/2018 |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
2019 |
|
|
2018 |
|
LIABILITIES AND EQUITY |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Cash and cash equivalents |
|
$ |
168,336 |
|
$ |
27,316 |
|
Cash overdraft |
|
$ |
- |
|
$ |
27,367 |
Restricted cash |
|
|
330 |
|
|
882 |
|
Accounts payable |
|
|
142,479 |
|
|
136,901 |
Investments |
|
|
18,527 |
|
|
14,755 |
|
Accrued liabilities |
|
|
208,747 |
|
|
145,754 |
Accounts receivable |
|
|
364,027 |
|
|
343,450 |
|
Current portion of debt |
|
|
2,816 |
|
|
148 |
Inventories |
|
|
486,874 |
|
|
556,220 |
|
|
|
|
|
|
Other current assets |
|
|
54,978 |
|
|
52,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
1,093,072 |
|
|
995,278 |
|
TOTAL CURRENT LIABILITIES |
|
|
354,042 |
|
|
310,170 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
124,028 |
|
|
24,597 |
|
LONG-TERM DEBT AND |
|
|
|
|
INTANGIBLE ASSETS, NET |
|
|
285,203 |
|
|
272,963 |
|
CAPITAL LEASE OBLIGATIONS |
|
|
160,867 |
|
|
202,130 |
PROPERTY, PLANT |
|
|
|
|
|
|
OTHER LIABILITIES |
|
|
116,835 |
|
|
46,564 |
AND EQUIPMENT, NET |
|
|
387,174 |
|
|
354,710 |
|
EQUITY |
|
|
1,257,733 |
|
|
1,088,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,889,477 |
|
$ |
1,647,548 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
1,889,477 |
|
$ |
1,647,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED) |
FOR THE TWELVE MONTHS ENDED |
DECEMBER 2019/2018 |
(In thousands) |
|
|
|
|
2019 |
|
|
|
2018 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net earnings |
|
|
|
$ |
182,404 |
|
|
$ |
152,412 |
|
Adjustments to reconcile net earnings to net cash from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
60,494 |
|
|
|
54,949 |
|
Amortization of intangibles |
|
|
|
6,325 |
|
|
|
6,393 |
|
Expense associated with share-based and grant compensation
arrangements |
|
|
4,007 |
|
|
|
3,574 |
|
Deferred income taxes |
|
|
|
7,176 |
|
|
|
857 |
|
Unrealized loss (gain) on investments and other |
|
|
|
(2,523 |
) |
|
|
1,888 |
|
Net loss (gain) on disposition and impairment of assets |
|
|
1,565 |
|
|
|
(6,604 |
) |
Changes in: |
|
|
|
|
|
|
Accounts receivable |
|
|
|
(16,872 |
) |
|
|
(8,512 |
) |
Inventories |
|
|
|
|
73,120 |
|
|
|
(84,304 |
) |
Accounts payable and cash overdraft |
|
|
|
(24,132 |
) |
|
|
(5,213 |
) |
Accrued liabilities and other |
|
|
|
57,727 |
|
|
|
1,245 |
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
349,291 |
|
|
|
116,685 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property, plant, and equipment |
|
|
|
(84,933 |
) |
|
|
(95,862 |
) |
Proceeds from sale of property, plant and equipment |
|
|
|
1,777 |
|
|
|
38,373 |
|
Acquisitions and purchase of noncontrolling interest, net of cash
received |
|
|
(39,122 |
) |
|
|
(54,017 |
) |
Investment in life insurance contracts |
|
|
|
(15,253 |
) |
|
|
- |
|
Purchases of investments |
|
|
|
(13,352 |
) |
|
|
(13,338 |
) |
Proceeds from sale of investments |
|
|
|
9,828 |
|
|
|
3,678 |
|
Other |
|
|
|
|
|
(982 |
) |
|
|
(66 |
) |
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(142,037 |
) |
|
|
(121,232 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Borrowings under revolving credit facilities |
|
|
|
422,057 |
|
|
|
732,370 |
|
Repayments under revolving credit facilities |
|
|
|
(460,537 |
) |
|
|
(748,496 |
) |
Borrowings of debt |
|
|
|
|
- |
|
|
|
927 |
|
Repayments of debt |
|
|
|
|
(3,136 |
) |
|
|
(5,540 |
) |
Issuance of long-term debt |
|
|
|
- |
|
|
|
75,000 |
|
Proceeds from issuance of common stock |
|
|
|
1,093 |
|
|
|
1,026 |
|
Distributions to noncontrolling interest |
|
|
|
(2,216 |
) |
|
|
(3,139 |
) |
Dividends paid to shareholders |
|
|
|
(24,549 |
) |
|
|
(22,072 |
) |
Repurchase of common stock |
|
|
|
- |
|
|
|
(24,629 |
) |
Other |
|
|
|
|
|
20 |
|
|
|
(1,054 |
) |
NET CASH FROM (USED IN) FINANCING ACTIVITIES |
|
|
(67,268 |
) |
|
|
4,393 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
|
482 |
|
|
|
(464 |
) |
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
140,468 |
|
|
|
(618 |
) |
|
|
|
|
|
|
|
|
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD |
|
|
28,198 |
|
|
|
28,816 |
|
|
|
|
|
|
|
|
|
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
168,666 |
|
|
$ |
28,198 |
|
|
|
|
|
|
|
|
|
Reconciliation of cash and cash equivalents and restricted
cash: |
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
$ |
27,316 |
|
|
$ |
28,339 |
|
Restricted cash, beginning of period |
|
|
|
882 |
|
|
|
477 |
|
All cash and cash equivalents, beginning of period |
|
|
$ |
28,198 |
|
|
$ |
28,816 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
|
$ |
168,336 |
|
|
$ |
27,316 |
|
Restricted cash, end of period |
|
|
|
330 |
|
|
|
882 |
|
All cash and cash equivalents, end of period |
|
|
$ |
168,666 |
|
|
$ |
28,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA RECONCILIATION (UNAUDITED) |
FOR THE THREE AND TWELVE MONTHS ENDED |
DECEMBER 2019/2018 |
|
|
Quarter Period |
Year to Date |
(In thousands) |
|
2019 |
2018 |
2019 |
2018 |
Net earnings |
|
38,676 |
|
|
31,632 |
|
|
182,404 |
|
|
152,412 |
|
|
Interest expense |
|
1,933 |
|
|
2,921 |
|
|
8,700 |
|
|
8,893 |
|
|
Interest and investment income |
|
(871 |
) |
|
(262 |
) |
|
(1,945 |
) |
|
(1,371 |
) |
|
Income taxes |
|
12,930 |
|
|
9,258 |
|
|
58,270 |
|
|
45,441 |
|
|
Expense associated with share-based compensation arrangements |
|
902 |
|
|
813 |
|
|
4,007 |
|
|
3,574 |
|
|
Net loss (gain) on disposition and impairment of assets |
|
735 |
|
|
475 |
|
|
1,565 |
|
|
(6,604 |
) |
|
Unrealized loss (gain) on investments |
|
(912 |
) |
|
1,888 |
|
|
(2,523 |
) |
|
1,888 |
|
|
Depreciation expense |
|
15,842 |
|
|
14,459 |
|
|
60,494 |
|
|
54,949 |
|
|
Amortization of intangibles |
|
1,635 |
|
|
2,119 |
|
|
6,325 |
|
|
6,393 |
|
|
EBITDA |
|
70,870 |
|
|
63,303 |
|
|
317,297 |
|
|
265,575 |
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A
PERCENTAGE OF SALES |
CURRENT YEAR'S SALES STATED AT LAST YEAR'S SELLING PRICES
(UNAUDITED) |
FOR THE THREE MONTHS ENDED - DECEMBER
2019/2018 |
|
Quarter Period |
|
Actual |
Sales Adjusted to Last Year's Selling Price |
Actual |
|
2019 |
2019 |
2018 |
|
|
|
|
|
|
|
|
|
|
NET SALES |
|
100.0 |
|
% |
|
100.0 |
|
% |
|
100.0 |
|
% |
COST OF GOODS SOLD |
|
84.2 |
|
|
|
85.0 |
|
|
|
86.1 |
|
|
GROSS PROFIT |
|
15.8 |
|
|
|
15.0 |
|
|
|
13.9 |
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
10.5 |
|
|
|
9.9 |
|
|
|
9.3 |
|
|
NET LOSS ON DISPOSITION AND IMPAIRMENT OF
ASSETS |
|
0.1 |
|
|
|
0.1 |
|
|
|
- |
|
|
EARNINGS FROM OPERATIONS |
|
5.2 |
|
|
|
4.9 |
|
|
|
4.6 |
|
|
OTHER EXPENSE, NET |
|
- |
|
|
|
- |
|
|
|
0.5 |
|
|
EARNINGS BEFORE INCOME TAXES |
|
5.2 |
|
|
|
4.9 |
|
|
|
4.1 |
|
|
INCOME TAXES |
|
1.3 |
|
|
|
1.2 |
|
|
|
0.9 |
|
|
NET EARNINGS |
|
3.9 |
|
|
|
3.7 |
|
|
|
3.2 |
|
|
LESS NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTEREST |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
CONTROLLING INTEREST |
|
3.8 |
|
% |
|
3.6 |
|
% |
|
3.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
Note: Actual percentages are calculated and may not sum to
total due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 NET SALES |
$ |
988,181 |
|
|
|
|
|
|
|
|
2019 SELL PRICE DECLINE |
|
5.00 |
|
% |
|
|
|
|
|
|
DECREASE IN 2019 NET SALES DUE TO SELL PRICE
DECLINE |
$ |
49,409 |
|
|
|
|
|
|
|
|
ACTUAL 2019 NET SALES |
|
998,041 |
|
|
|
|
|
|
|
|
ADJUSTED 2019 NET SALES |
$ |
1,047,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTUAL 2019 COST OF GOODS SOLD |
$ |
840,786 |
|
|
|
|
|
|
|
|
PLUS DIFFERENCE IN NET SALES (ABOVE) |
|
49,409 |
|
|
|
|
|
|
|
|
ADJUSTED 2019 COST OF GOODS SOLD |
$ |
890,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
---------------AT THE COMPANY---------------
Dick GauthierVP, Business Outreach(616) 365-1555
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