The Michigan-based lumber supplier announces its latest earnings.

UFP Industries reported second-quarter net sales of $1.9 billion, down 7 percent from the previous year. Net earnings were $126 million, down 16 percent year-over-year.


“Our second quarter results were in line with expectations in a more challenging business cycle,” said chairman and CEO Matthew J. Missad. “The weaker environment and expected near-term softness in demand have enabled us to more aggressively pursue our long-term expansion plans and improvement strategies. These efforts include investments in automation and consolidating operations to eliminate redundancies, lower costs and enhance the profitability of each of our facilities," he said.

Missad went on to share that UFP would "stay on offense by investing in acquisitions, new ventures, new value-added products and organic expansion, while returning capital to shareholders through our recently increased dividend and share repurchase program.”

Q2 2024 highlights (comparisons on a year-over-year basis except where noted):

Net sales of $1.9 billion decreased 7 percent due to a 6 percent decrease in selling prices and a 1 percent decrease in organic unit sales. Quarter over quarter, the price of southern yellow pine (SYP) decreased 19 percent, which contributed to a decrease in selling prices.
New product sales of $134 million were 7 percent of total sales compared to 7.4 percent in the second quarter of 2023. Many products that were considered new products in 2023 were discontinued and not included in 2024 totals.
Net earnings attributable to controlling interests of $126 million represents a 16 percent decrease from last year.

Source: ufpi.com