UFP Industries, Inc. (UFPI) announced Q3 2024 results including net sales of $1.65 billion, net earnings attributable to controlling interest of $100 million, and earnings per diluted share of $1.64.
Net sales of $1.65 billion decreased 10% due to a 3% decrease in organic unit sales and a 7% decrease in selling prices. The price of Southern Yellow Pine (SYP), which comprises approximately two-thirds of its lumber purchases, decreased 21% and contributed to the decrease in its selling prices.
Q3 2024 net earnings attributable to controlling interests of $100 million represents a 26% decrease from last year.
Q3 2024 Adjusted EBITDA of $165 million represents a decrease of 21% while adjusted EBITDA margin declined 140 basis points to 10%.
"Our Q3 results were impacted by softer demand and broad-based pricing pressure which reduced our revenue and profit margins. We are managing through these ongoing challenges by operating more efficiently, aligning our overhead with lower demand levels and eliminating unnecessary costs. I am confident our teammates will respond appropriately to the changing economy while enhancing the pursuit of our strategic priorities. While we expect conditions to remain challenging as we move into 2025, we are well positioned to capitalize on opportunities when markets recover and remain on track to achieve our longer-term profitability targets,” said Chairman and CEO Matthew J. Missad.
UFP Industries, Inc. 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.
