UFP Industries, Inc. announced record net sales and net earnings for the 4Q and fiscal year 2020. The company, while surpassing the $5 billion mark in annual net sales for the first time, also reported record EPS of $4.00 per diluted share for fiscal 2020, a 37% increase over the previous year.
During the 4Q of fiscal 2020, net sales were $1.39 billion, a 40% increase over the 4Q 2019, while EPS was $1.02 per diluted share, a 67% increase over the 4Q 2019.
“Despite the disruptions that marked 2020, our reorganized structure allowed our employees to remain focused on bringing new value-added products to market faster and using capital more efficiently, while supporting more rapid growth at a lower incremental cost,” said CEO Matthew J. Missad. “I am most impressed by the perseverance of our hourly production employees who safely served our customers. Their commitment to our company enabled us to reward our hourly employees with more than $25 million in bonuses and additional benefits for 2020.”
New product sales for the 4Q 2020 increased 46% over the same period of 2019, led by the company’s new Deckorators Voyage decking line and Dimensions project panels business. These improvements in sales mix contributed to an increase in the company’s gross profit per unit, as gross profit increased by 19%, exceeding the company’s 15% increase in unit sales growth.
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.
