UFP Industries, Inc. (Nasdaq: UFPI) today announced net sales of
$2.1 billion for the third quarter of 2021, a 41 percent increase
over the third quarter of 2020, and net earnings attributable to
controlling interest of $121 million, a 57 percent increase over
the same period of 2020. The company also reported EPS of $1.93 per
diluted share compared to $1.25 in the third quarter last year.
“Our outstanding third-quarter results once again validate our
balanced business model and reflect the hard work and commitment of
our employees,” said CEO Matthew J. Missad. “Our diversity of
markets, coupled with an improved pricing model that quickly
adjusts to lumber market fluctuations, have helped UFP deliver
record profitability and provide a favorable return on investment
to our shareholders, even when some markets face headwinds. When
the pandemic and rising lumber prices presented challenges to our
industrial and construction segments, our teams responded quickly
to meet the unprecedented demand in the retail segment. As we
anticipated, retail demand and lumber prices have normalized, and
our industrial and construction segments are now experiencing
favorable growth trends and profitability.”
Third Quarter 2021 Highlights (comparisons on a
year-over-year basis):
- Net sales of $2.1 billion increased 41 percent due to a 28
percent increase in selling prices and 16 percent unit increase
from acquisitions, offset by a 3 percent decrease in organic unit
sales.
- Earnings from operations increased 58 percent to $168 million,
including a $9 million gain on the sale of real estate.
- The increase in SG&A of nearly $35 million, or 26 percent,
is largely attributable to recent acquisitions ($14 million), an
increase in incentive compensation resulting from improved
profitability ($10 million), and increases in wages and benefits
($8 million). SG&A as a percentage of gross profit improved by
400 basis points to 52 percent in 2021, as the company continues to
focus on leveraging its cost structure as it grows and continues to
invest in capabilities to enhance its value-added mix of
products.
- New product sales of $196.7 million increased 24 percent.
Recent acquisitions contributed $15.6 million to the total.
- Adjusted EBITDA of $187.5 million increased 49 percent and
adjusted EBITDA margin expanded by 50 basis points to 9
percent.
UFP Industries continues to maintain a strong balance sheet with
liquidity of approximately $668 million at the end of the third
quarter despite an increase in our seasonal investment in net
working capital of $193 million. This increase resulted from
unprecedentedly high lumber prices and market demand. Net debt was
$182 million compared to $32 million in net surplus cash at the end
of the third quarter of 2020, primarily due to these factors and
the acquisitions of PalletOne and Spartanburg Forest Products. The
company had a cash surplus of $139 million at the end of the third
quarter, and it continues to reduce working capital and generate
strong free cash flow, allowing it to pursue growth opportunities
and returns to shareholders through its dividend and share
repurchase activities. UFP Industries has the authority to buy back
approximately 1.1 million additional shares.
On October 20, 2021, the Board of Directors of UFP Industries
approved a quarterly dividend payment of $0.20 per share, a 33
percent increase over the dividend of 15 cents paid on September
15, 2021, and a 60 percent increase over the dividend of 12.5 cents
paid on December 15, 2020. The dividend is payable on December 15,
2021, to shareholders of record on December 1, 2021.
By business segment, the company reported the following third
quarter 2021 results.
UFP Retail Solutions
- $696 million in net sales, down 1
percent compared to the third quarter of 2020. Unit sales fell 1
percent, mostly due to a 38 percent decline in the ProWood business
unit. The decrease in ProWood’s year-over-year comparable numbers —
an 11 percent drop in prices and a 27 percent drop in unit sales —
is the result of the unusually high demand for pressure-treated
wood in 2020 that followed the pandemic-related closures.
- Organic unit growth was achieved by
UFP-Edge (up 12 percent). Other business units experienced organic
unit declines compared to the third quarter of 2020, which
experienced unusually high demand attributable to the
pandemic-related closures; they include Handprint (down 17
percent), Deckorators (down 14 percent) and Outdoor Essentials
(down 8 percent). Additional capacity for the Deckorators and
UFP-Edge product lines is expected to provide growth in 2022.
- Gross profit for the retail segment
fell 90 percent to $11 million from $106 million in the same
quarter of 2020, as dramatically falling lumber prices reduced
margins for variable-priced products such as pressure-treated
wood.
UFP Industrial
- $573 million in net sales, up 103
percent from the third quarter of 2020. Selling prices increased 69
percent, and unit sales increased 34 percent. The unit sales
increase is attributable to the acquisitions of PalletOne and
T&R Lumber. New product sales grew 93 percent from the third
quarter of 2020.
- Gross profit for the segment rose
162 percent to $126 million, exceeding unit sales growth of 34
percent, due to the company’s focus on adding value-added products
and its ability to better leverage fixed costs and include the
impact of higher lumber, labor, and transportation costs in its
selling prices. Acquisitions contributed $22 million, or 45
percent, to the increase in gross profit.
- Value-added sales contributed to the
increase in gross profits and improved from 64 percent of net sales
in the third quarter of 2020 to 69 percent of net sales in the
third quarter of 2021.
UFP Construction
- $723 million in net sales, up 62 percent over the third quarter
of 2020, due to a 43 percent increase in selling prices, a 16
percent increase in organic unit sales and a 3 percent increase in
unit sales from acquisitions. Unit sales to site-built and
factory-built housing customers rose 31 percent and 17 percent,
respectively. Unit sales to commercial customers rose 26 percent,
and the business unit returned to profitability after a loss in
2020. New product sales increased 131 percent from the third
quarter of 2020.
- Gross profit of $154 million improved 148 percent over the
third quarter of 2020, primarily as a result of improved unit
sales, falling lumber prices, and the company’s ability to better
leverage fixed costs.
CONFERENCE CALL
UFP Industries will conduct a conference call to discuss
information included in this news release and related matters at
4:30 p.m. ET on Wednesday, October 20, 2021. 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 6541729. 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 October 22, 2021, at
855-859-2056, 404-537-3406 or 800-585-8367.
UFP Industries, Inc.
UFP Industries is a holding company whose operating subsidiaries
– UFP Industrial, UFP Construction and UFP Retail Solutions –
manufacture, distribute and sell a wide variety of value-added
products used in residential and commercial construction, packaging
and other industrial applications worldwide. Founded in 1955, the
company is headquartered in Grand Rapids, Mich., with affiliates in
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
Adjusted EBITDA, a non-GAAP measure, an alternative performance
measure which may provide useful information to investors.
Net earnings
Net earnings refers to net earnings attributable to controlling
interest unless specifically noted.
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)FOR
THE THREE AND NINE MONTHS ENDEDSEPTEMBER
2021/2020
|
|
Quarter Period |
Year to Date |
(In thousands, except per share data) |
|
2021 |
2020 |
2021 |
2020 |
NET SALES |
|
$ |
2,093,784 |
|
|
100.0 |
|
% |
$ |
1,486,227 |
|
|
100.0 |
|
% |
$ |
6,619,329 |
|
|
100.0 |
|
% |
$ |
3,760,290 |
|
|
100.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
1,766,229 |
|
|
84.4 |
|
|
|
1,245,153 |
|
|
83.8 |
|
|
|
5,583,926 |
|
|
84.4 |
|
|
|
3,147,049 |
|
|
83.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
327,555 |
|
|
15.6 |
|
|
|
241,074 |
|
|
16.2 |
|
|
|
1,035,403 |
|
|
15.6 |
|
|
|
613,241 |
|
|
16.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
169,467 |
|
|
8.1 |
|
|
|
134,649 |
|
|
9.1 |
|
|
|
504,104 |
|
|
7.6 |
|
|
|
357,770 |
|
|
9.5 |
|
|
OTHER GAINS, NET |
|
|
(10,037 |
) |
|
(0.5 |
) |
|
|
(176 |
) |
|
— |
|
|
|
(11,248 |
) |
|
(0.2 |
) |
|
|
(2,120 |
) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM OPERATIONS |
|
|
168,125 |
|
|
8.0 |
|
|
|
106,601 |
|
|
7.2 |
|
|
|
542,547 |
|
|
8.2 |
|
|
|
257,591 |
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INTEREST AND EXPENSE, NET |
|
|
4,750 |
|
|
0.2 |
|
|
|
921 |
|
|
0.1 |
|
|
|
9,280 |
|
|
0.1 |
|
|
|
4,668 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE INCOME TAXES |
|
|
163,375 |
|
|
7.8 |
|
|
|
105,680 |
|
|
7.1 |
|
|
|
533,267 |
|
|
8.1 |
|
|
|
252,923 |
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
|
37,628 |
|
|
1.8 |
|
|
|
26,819 |
|
|
1.8 |
|
|
|
127,909 |
|
|
1.9 |
|
|
|
63,798 |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS |
|
|
125,747 |
|
|
6.0 |
|
|
|
78,861 |
|
|
5.3 |
|
|
|
405,358 |
|
|
6.1 |
|
|
|
189,125 |
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING
INTEREST |
|
|
(4,706 |
) |
|
(0.2 |
) |
|
|
(1,657 |
) |
|
(0.1 |
) |
|
|
(7,624 |
) |
|
(0.1 |
) |
|
|
(5,299 |
) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS ATTRIBUTABLE TO CONTROLLING
INTEREST |
|
$ |
121,041 |
|
|
5.8 |
|
|
$ |
77,204 |
|
|
5.2 |
|
|
$ |
397,734 |
|
|
6.0 |
|
|
$ |
183,826 |
|
|
4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - BASIC |
|
$ |
1.94 |
|
|
|
|
$ |
1.25 |
|
|
|
|
$ |
6.40 |
|
|
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - DILUTED |
|
$ |
1.93 |
|
|
|
|
$ |
1.25 |
|
|
|
|
$ |
6.38 |
|
|
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME |
|
|
123,723 |
|
|
|
|
|
80,548 |
|
|
|
|
|
403,858 |
|
|
|
|
|
185,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING
INTEREST |
|
|
(4,496 |
) |
|
|
|
|
(1,922 |
) |
|
|
|
|
(7,608 |
) |
|
|
|
|
(3,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING
INTEREST |
|
$ |
119,227 |
|
|
|
|
$ |
78,626 |
|
|
|
|
$ |
396,250 |
|
|
|
|
$ |
181,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Quarter Period |
|
Year to Date |
Segment Classification |
|
2021 |
|
2020 |
|
% change |
|
2021 |
|
2020 |
|
% change |
Retail |
|
$ |
696,201 |
|
|
$ |
700,522 |
|
|
(0.6 |
)% |
|
$ |
2,714,440 |
|
|
$ |
1,661,873 |
|
|
63.3 |
% |
Industrial |
|
|
573,234 |
|
|
|
282,124 |
|
|
103.2 |
% |
|
|
1,633,289 |
|
|
|
763,046 |
|
|
114.0 |
% |
Construction |
|
|
722,872 |
|
|
|
447,103 |
|
|
61.7 |
% |
|
|
2,021,106 |
|
|
|
1,187,429 |
|
|
70.2 |
% |
All Other |
|
|
101,477 |
|
|
|
56,478 |
|
|
79.7 |
% |
|
|
250,494 |
|
|
|
147,942 |
|
|
69.3 |
% |
Total Net Sales |
|
$ |
2,093,784 |
|
|
$ |
1,486,227 |
|
|
40.9 |
% |
|
$ |
6,619,329 |
|
|
$ |
3,760,290 |
|
|
76.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A as a Percentage of Gross Profit |
|
|
51.7 |
% |
|
|
55.9 |
% |
|
|
|
|
48.7 |
% |
|
|
58.3 |
% |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS BY SEGMENT (UNAUDITED)FOR THE THREE AND
NINE MONTHS ENDEDSEPTEMBER 2021/2020
|
|
Quarter Period |
|
|
2021 |
(In thousands) |
|
Retail |
|
Industrial |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
NET SALES |
|
$ |
696,201 |
|
|
$ |
573,234 |
|
|
$ |
722,872 |
|
|
$ |
98,689 |
|
|
$ |
2,788 |
|
|
$ |
2,093,784 |
|
COST OF GOODS SOLD |
|
|
685,369 |
|
|
|
446,822 |
|
|
|
568,809 |
|
|
|
63,082 |
|
|
|
2,147 |
|
|
|
1,766,229 |
|
GROSS PROFIT |
|
|
10,832 |
|
|
|
126,412 |
|
|
|
154,063 |
|
|
|
35,607 |
|
|
|
641 |
|
|
|
327,555 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
36,899 |
|
|
|
55,723 |
|
|
|
70,663 |
|
|
|
15,996 |
|
|
|
(9,814 |
) |
|
|
169,467 |
|
OTHER |
|
|
86 |
|
|
|
281 |
|
|
|
(805 |
) |
|
|
(672 |
) |
|
|
(8,927 |
) |
|
|
(10,037 |
) |
EARNINGS FROM OPERATIONS |
|
$ |
(26,153 |
) |
|
$ |
70,408 |
|
|
$ |
84,205 |
|
|
$ |
20,283 |
|
|
$ |
19,382 |
|
|
$ |
168,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Period |
|
|
2020 |
(In thousands) |
|
Retail |
|
Industrial |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
NET SALES |
|
$ |
700,522 |
|
|
$ |
282,124 |
|
|
$ |
447,103 |
|
|
$ |
56,700 |
|
|
$ |
(222 |
) |
|
$ |
1,486,227 |
|
COST OF GOODS SOLD |
|
|
594,896 |
|
|
|
233,971 |
|
|
|
385,028 |
|
|
|
38,543 |
|
|
|
(7,285 |
) |
|
|
1,245,153 |
|
GROSS PROFIT |
|
|
105,626 |
|
|
|
48,153 |
|
|
|
62,075 |
|
|
|
18,157 |
|
|
|
7,063 |
|
|
|
241,074 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
43,515 |
|
|
|
26,080 |
|
|
|
45,411 |
|
|
|
10,499 |
|
|
|
9,144 |
|
|
|
134,649 |
|
OTHER |
|
|
(70 |
) |
|
|
36 |
|
|
|
151 |
|
|
|
209 |
|
|
|
(502 |
) |
|
|
(176 |
) |
EARNINGS FROM OPERATIONS |
|
$ |
62,181 |
|
|
$ |
22,037 |
|
|
$ |
16,513 |
|
|
$ |
7,449 |
|
|
$ |
(1,579 |
) |
|
$ |
106,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date |
|
|
2021 |
(In thousands) |
|
Retail |
|
Industrial |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
NET SALES |
|
$ |
2,714,440 |
|
|
$ |
1,633,289 |
|
|
$ |
2,021,106 |
|
|
$ |
243,736 |
|
|
$ |
6,758 |
|
|
$ |
6,619,329 |
|
COST OF GOODS SOLD |
|
|
2,480,804 |
|
|
|
1,292,102 |
|
|
|
1,644,069 |
|
|
|
160,853 |
|
|
|
6,098 |
|
|
|
5,583,926 |
|
GROSS PROFIT |
|
|
233,636 |
|
|
|
341,187 |
|
|
|
377,037 |
|
|
|
82,883 |
|
|
|
660 |
|
|
|
1,035,403 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
144,375 |
|
|
|
150,739 |
|
|
|
193,144 |
|
|
|
40,021 |
|
|
|
(24,175 |
) |
|
|
504,104 |
|
OTHER |
|
|
(182 |
) |
|
|
104 |
|
|
|
(437 |
) |
|
|
(1,703 |
) |
|
|
(9,030 |
) |
|
|
(11,248 |
) |
EARNINGS FROM OPERATIONS |
|
$ |
89,443 |
|
|
$ |
190,344 |
|
|
$ |
184,330 |
|
|
$ |
44,565 |
|
|
$ |
33,865 |
|
|
$ |
542,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date |
|
|
2020 |
(In thousands) |
|
Retail |
|
Industrial |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
NET SALES |
|
$ |
1,661,873 |
|
|
$ |
763,046 |
|
|
$ |
1,187,429 |
|
|
$ |
148,503 |
|
|
$ |
(561 |
) |
|
$ |
3,760,290 |
|
COST OF GOODS SOLD |
|
|
1,429,229 |
|
|
|
635,424 |
|
|
|
1,002,932 |
|
|
|
101,240 |
|
|
|
(21,776 |
) |
|
|
3,147,049 |
|
GROSS PROFIT |
|
|
232,644 |
|
|
|
127,622 |
|
|
|
184,497 |
|
|
|
47,263 |
|
|
|
21,215 |
|
|
|
613,241 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
110,596 |
|
|
|
73,662 |
|
|
|
134,098 |
|
|
|
28,228 |
|
|
|
11,186 |
|
|
|
357,770 |
|
OTHER |
|
|
(34 |
) |
|
|
123 |
|
|
|
(145 |
) |
|
|
(1,538 |
) |
|
|
(526 |
) |
|
|
(2,120 |
) |
EARNINGS FROM OPERATIONS |
|
$ |
122,082 |
|
|
$ |
53,837 |
|
|
$ |
50,544 |
|
|
$ |
20,573 |
|
|
$ |
10,555 |
|
|
$ |
257,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)SEPTEMBER
2021/2020
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
2021 |
|
|
2020 |
|
|
LIABILITIES AND EQUITY |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
138,637 |
|
$ |
346,154 |
|
|
Cash Overdraft |
|
$ |
10,812 |
|
$ |
— |
|
Restricted cash |
|
|
17,592 |
|
|
724 |
|
|
Accounts payable |
|
|
292,933 |
|
|
231,111 |
|
Investments |
|
|
33,723 |
|
|
20,530 |
|
|
Accrued liabilities |
|
|
362,832 |
|
|
259,733 |
|
Accounts receivable |
|
|
783,959 |
|
|
583,079 |
|
|
Current portion of debt |
|
|
93 |
|
|
2,760 |
|
Inventories |
|
|
900,665 |
|
|
528,734 |
|
|
|
|
|
|
|
|
|
|
Other current assets |
|
|
48,174 |
|
|
32,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
1,922,750 |
|
|
1,512,109 |
|
|
TOTAL CURRENT
LIABILITIES |
|
|
666,670 |
|
|
493,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
144,904 |
|
|
121,025 |
|
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
|
389,682 |
|
|
311,491 |
|
|
LONG-TERM DEBT AND
FINANCE LEASE OBLIGATIONS |
|
|
310,119 |
|
|
311,267 |
|
|
|
|
|
|
|
|
|
|
OTHER
LIABILITIES |
|
|
155,984 |
|
|
131,945 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
|
|
552,911 |
|
|
405,995 |
|
|
EQUITY |
|
|
1,877,474 |
|
|
1,413,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
3,010,247 |
|
$ |
2,350,620 |
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
3,010,247 |
|
$ |
2,350,620 |
|
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)FOR THE NINE MONTHS
ENDEDSEPTEMBER 2021/2020
(In thousands) |
|
|
2021 |
|
|
|
|
2020 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net
earnings |
|
$ |
405,358 |
|
|
|
$ |
189,125 |
|
|
Adjustments to reconcile net earnings to net cash from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
61,741 |
|
|
|
|
47,226 |
|
|
Amortization of intangibles |
|
|
9,369 |
|
|
|
|
5,863 |
|
|
Expense associated with share-based and grant compensation
arrangements |
|
|
8,444 |
|
|
|
|
3,152 |
|
|
Deferred income taxes |
|
|
(594 |
) |
|
|
|
110 |
|
|
Unrealized gain on investment and other |
|
|
(1,756 |
) |
|
|
|
(81 |
) |
|
Equity in earnings of investee |
|
|
2,411 |
|
|
|
|
— |
|
|
Net gain on sale and disposition of assets |
|
|
(10,482 |
) |
|
|
|
(662 |
) |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(141,088 |
) |
|
|
|
(211,238 |
) |
|
Inventories |
|
|
(204,144 |
) |
|
|
|
(39,167 |
) |
|
Accounts payable and cash overdraft |
|
|
53,437 |
|
|
|
|
85,354 |
|
|
Accrued liabilities and other |
|
|
99,067 |
|
|
|
|
105,401 |
|
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
281,763 |
|
|
|
|
185,083 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases
of property, plant, and equipment |
|
|
(110,092 |
) |
|
|
|
(67,024 |
) |
|
Proceeds
from sale of property, plant and equipment |
|
|
26,597 |
|
|
|
|
2,588 |
|
|
Acquisitions and purchase of noncontrolling interest, net of cash
received |
|
|
(433,275 |
) |
|
|
|
(34,820 |
) |
|
Purchases
of investments |
|
|
(17,866 |
) |
|
|
|
(24,266 |
) |
|
Proceeds
from sale of investments |
|
|
9,857 |
|
|
|
|
22,281 |
|
|
Other |
|
|
(3,478 |
) |
|
|
|
314 |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(528,257 |
) |
|
|
|
(100,927 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Borrowings under revolving credit facilities |
|
|
886,966 |
|
|
|
|
6,862 |
|
|
Repayments under revolving credit facilities |
|
|
(888,335 |
) |
|
|
|
(6,498 |
) |
|
Contingent consideration payment and other |
|
|
(2,664 |
) |
|
|
|
(3,087 |
) |
|
Issuance
of long-term debt |
|
|
— |
|
|
|
|
150,000 |
|
|
Proceeds
from issuance of common stock |
|
|
1,519 |
|
|
|
|
1,042 |
|
|
Dividends
paid to shareholders |
|
|
(27,831 |
) |
|
|
|
(23,020 |
) |
|
Distributions to noncontrolling interest |
|
|
(2,914 |
) |
|
|
|
(932 |
) |
|
Repurchase of common stock |
|
|
— |
|
|
|
|
(29,212 |
) |
|
Other |
|
|
(334 |
) |
|
|
|
23 |
|
|
NET CASH (USED IN) FROM FINANCING ACTIVITIES |
|
|
(33,593 |
) |
|
|
|
95,178 |
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash |
|
|
(292 |
) |
|
|
|
(1,122 |
) |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
(280,379 |
) |
|
|
|
178,212 |
|
|
|
|
|
|
|
|
|
|
|
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD |
|
|
436,608 |
|
|
|
|
168,666 |
|
|
|
|
|
|
|
|
|
|
|
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
156,229 |
|
|
|
$ |
346,878 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash and cash equivalents and restricted
cash: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period |
|
$ |
436,507 |
|
|
|
$ |
168,336 |
|
|
Restricted cash, beginning of period |
|
|
101 |
|
|
|
|
330 |
|
|
All cash
and cash equivalents, beginning of period |
|
$ |
436,608 |
|
|
|
$ |
168,666 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period |
|
$ |
138,637 |
|
|
|
$ |
346,154 |
|
|
Restricted cash, end of period |
|
|
17,592 |
|
|
|
|
724 |
|
|
All cash
and cash equivalents, end of period |
|
$ |
156,229 |
|
|
|
$ |
346,878 |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION
(UNAUDITED)FOR THE THREE AND NINE MONTHS
ENDEDSEPTEMBER 2021/2020
|
|
Quarter Period |
Year to Date |
(In thousands) |
|
2021 |
|
2020 |
2021 |
|
2020 |
Net earnings |
|
$ |
125,747 |
|
|
$ |
78,861 |
|
$ |
405,358 |
|
|
$ |
189,125 |
|
Interest
expense |
|
|
3,433 |
|
|
|
2,486 |
|
|
10,483 |
|
|
|
6,291 |
|
Interest
and investment income |
|
|
(658 |
) |
|
|
(1,011 |
) |
|
(1,859 |
) |
|
|
(1,541 |
) |
Income
taxes |
|
|
37,628 |
|
|
|
26,819 |
|
|
127,909 |
|
|
|
63,798 |
|
Expenses
associated with share-based compensation arrangements |
|
|
2,702 |
|
|
|
849 |
|
|
8,444 |
|
|
|
3,152 |
|
Net gain
on disposition and impairment of assets |
|
|
(8,905 |
) |
|
|
(391 |
) |
|
(10,482 |
) |
|
|
(662 |
) |
Equity in
earnings of investee |
|
|
946 |
|
|
|
— |
|
|
2,411 |
|
|
|
— |
|
Unrealized loss (gain) on investments |
|
|
1,028 |
|
|
|
(554 |
) |
|
(1,756 |
) |
|
|
(82 |
) |
Depreciation expense |
|
|
23,399 |
|
|
|
15,896 |
|
|
61,741 |
|
|
|
47,226 |
|
Amortization of intangibles |
|
|
2,176 |
|
|
|
2,734 |
|
|
9,369 |
|
|
|
5,863 |
|
Adjusted EBITDA |
|
$ |
187,496 |
|
|
$ |
125,689 |
|
$ |
611,618 |
|
|
$ |
313,170 |
|
---------------AT THE COMPANY---------------
Dick GauthierVP, Corporate Communications and Investor
Relations(616) 365-1555
UFP Industries (NASDAQ:UFPI)
Historical Stock Chart
From Sep 2024 to Oct 2024
UFP Industries (NASDAQ:UFPI)
Historical Stock Chart
From Oct 2023 to Oct 2024