UFP Industries, Inc. (UFPI) announced record net sales and net earnings attributable to controlling interests of $167 million for the 3Q 2022. The company also reported record earnings per diluted share of $2.66, a 37% increase over the 3Q 2021.
3Q 2022 net sales of $2.3 billion increased 11% due to a 6% increase in prices and a 5% increase in unit sales, including a 2% increase in unit sales from acquisitions.
“UFP’s ability to deliver record-setting performance in a challenging economic environment is a direct result of the efforts of our hard-working teammates and a balanced business model that minimizes risk by operating in diverse but complementary markets,” said CEO Matthew J. Missad. “Our market-focused organizational structure helps us to better address customer needs, and our increased commitment to innovation and new, value-added products continues to improve our operating results and set us apart from competitors.”
3Q 2022 earnings from operations of $237 million increased 41%. In the 3Q 2021, the company recognized a gain on the sale of real estate of $9 million.
3Q 2022 Adjusted EBITDA of $274 million increased 46%, and adjusted EBITDA margin improved by 280 basis points to 11.8%. Acquisitions completed during 2022 contributed $7.3 million to adjusted EBITDA.
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.
