UFP Industries, Inc. announced record net sales of $1.83 billion for the 1Q 2021, a 77% increase over the 1Q 2020, and record net earnings attributable to controlling interest of $103 million, a 157% increase over the same period of 2020.
The company also reported record EPS of $1.67 per diluted share compared to $0.65 in the 1Q last year. While 1Q performance is typically limited by seasonality, net sales and earnings for the 1Q 2021 were the highest of any quarter in company history.
“UFP Industries is enjoying unprecedented growth as we benefit from strong market conditions and the successful execution of our strategic plans. We are using our new market-focused structure to target and quickly assimilate acquisitions, better leverage our fixed costs, and reallocate resources to increase capacity efficiently,” said CEO Matthew J. Missad. “As a result, we are experiencing strong organic growth in our retail and industrial segments as well as in our site-built and factory-built housing business units. Our improvement in gross profit resulted from these changes, as well as a better pricing model that quickly adjusts to lumber market fluctuations and our growing line-up of new and value-added products.”
The elevated level of softwood lumber prices contributed to a significant increase in the company’s cost of materials and was responsible for 44% of the 77% increase in net sales. The remaining 33% came from increased unit sales – 23% from acquisitions and 10% from organic growth.
New product sales of $159.4 million increased 58% over the 1Q 2020, led by Deckorators Vault decking and deck accessories, UFP-Edge shiplap and trim, Handprint project panels and ProWood Fire Retardant treated lumber.
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.
