UFP Industries, Inc. announced net sales of $1.9 billion, net earnings of $133 million, and earnings per diluted share of $2.10 for the Q4 2022. The company also announced a record $9.6 billion in net sales for fiscal 2022, an 11% increase over 2021, and record 2022 earnings per diluted share of $10.97, a 28% increase over the previous year.
“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential. Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.”
Q4 2022 Adjusted EBITDA of $213 million decreased 5% from the record performance during the same period of 2021, while adjusted EBITDA margin remained unchanged at 11.1%.
FY 2022 Adjusted EBITDA of $1.1 billion increased 32%. Acquisitions contributed $25.5 million to adjusted EBITDA.
UFP Retail Solutions
Q4 2022: $690.7 million in net sales, down 2% from the Q4 2021 due to a 9% decline in organic unit sales and a 2% decline due to the transfer of certain building products to the construction segment, which was offset by a 7% increase in selling prices and a 2% increase from acquisitions.
Full Year: $3.65 billion in net sales, up 7% from 2021 due to a 5% increase in unit sales from acquisitions and a 7% increase in selling prices, which was offset by a 3% decline in organic unit sales and a 2% decrease due to the transfer of certain products to the construction segment.
UFP Packaging (formerly UFP Industrial)
Q4 2022: $522.2 million in net sales, up 1% compared to the Q4 2021, due to a 1% increase in selling prices and flat organic unit sales growth.
Full Year: $2.39 billion in net sales, up 11% from the previous year due to a 12% increase in selling prices, a 1% increase in unit sales from acquisitions, and a 2% decrease in organic unit sales.
UFP Construction
Q4 2022: $604.9 million in net sales, down 11% over the Q4 2021, due to a 16% decline in organic unit sales, a 3% increase in selling prices, and a 2% increase from the transfer of certain products from the retail solutions segment.
Full Year: $3.14 billion in net sales, up 17% from the previous year due to an 11% increase in selling prices, a 4% increase in organic unit sales, and a 2% increase due to the transfer of certain products from the retail solutions segment.
UFP Industries is a holding company whose operating subsidiaries – UFP Packaging, 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.
