Welcome to our dedicated page for UFP Industries news (Ticker: UFPI), a resource for investors and traders seeking the latest updates and insights on UFP Industries stock.
UFP Industries, Inc. (symbol: UFPI) is a diversified holding company founded in 1955, with a robust global presence spanning North America, Europe, Asia, and Australia. The company operates through its subsidiaries: UFP Industrial, UFP Construction, and UFP Retail Solutions. Each subsidiary specializes in manufacturing, distributing, and selling an extensive range of products tailored for residential and commercial construction, packaging, and industrial applications.
Originally a supplier of lumber for the manufactured housing industry, UFP Industries has grown into a multibillion-dollar entity with a diverse product portfolio. UFP Industrial focuses on providing customized solutions for industrial packaging and material handling. UFP Construction offers a variety of wood and wood-alternative products used in construction, including trusses, treated lumber, and engineered wood components. UFP Retail Solutions caters to the retail market with products such as wood and composite decking, fencing, and decorative accessories.
Recent Achievements and Projects:
- Continual expansion through strategic acquisitions that enhance its product offerings and market reach.
- Investments in innovative technologies to improve manufacturing processes and product quality.
- Sustainable business practices, including the use of recycled materials and environmentally-friendly manufacturing techniques.
Financially, UFP Industries remains strong, consistently delivering value to its shareholders through steady revenue growth, profitability, and prudent capital management. The company’s commitment to innovation, quality, and customer service has solidified its position as an industry leader and a trusted partner worldwide.
UFP Industries has appointed Matthew J. Missad as the new Chairman of the Board, following the retirement of William G. Currie after 54 years with the company. This leadership transition was approved during a board meeting on February 2, 2023, and is part of a planned succession strategy that emphasizes continuity and change. Missad, who has been with the company since 1978 and served as CEO since 2011, will lead the board effectively while Currie remains a director until the end of his term. UFP Industries is ranked #401 on the Fortune 500.
UFP Retail Solutions, a segment of UFP Industries (NASDAQ: UFPI), will showcase its products at the NAHB International Builders’ Show in Las Vegas from January 31 to February 2, 2023. The brands Deckorators and UFP-Edge will display innovative offerings, including:
- Vista Decking with enhanced traction
- Aluminum Rapid Rail system for easy installation
- New lightweight composite decking
- Thermally Modified Wood Collection
- Primed Trim for protection against rot
Visitors can participate in a unique contest to win $5,000 by breaking a mineral-based composite deck board.
UFP Industries (Nasdaq: UFPI) has acquired Titan Corrugated, Inc., along with its affiliate All Boxed Up, LLC, marking a strategic move in the corrugated packaging sector. The acquisition adds approximately $46.5 million in sales, bolstering UFP's market presence. Titan, founded in 2003, specializes in various corrugated products and operates a highly automated facility in Texas. UFP aims to leverage Titan's efficiencies and expertise to expand its packaging solutions, with Titan's leadership remaining intact to drive future growth.
Deckorators, a leader in composite decking and accessories, released its 2023 Outdoor Living Report, highlighting trends in outdoor spaces as homeowners seek to enhance their outdoor living experiences. Key trends include Natural Neutrals inspired by nature, 365 Living for year-round use of outdoor areas, Dreaming Bigger with maximalist features, and Total Look focusing on cohesive materials. Experts predict more homeowners will invest in outdoor spaces for relaxation and entertainment, reflecting a shift towards maximizing outdoor time.
UFP Industries (UFPI) reported a 37% increase in earnings per share, reaching $2.66 for Q3 2022. The company achieved record net sales of $2.3 billion, an 11% year-over-year increase, driven by a 6% rise in prices and a 5% increase in unit sales. Earnings from operations rose by 41% to $237 million. New product sales grew by 38%, and adjusted EBITDA increased 46% to $274 million. The company maintains a robust balance sheet with $1.5 billion in liquidity and announced a 67% higher dividend of $0.25 per share for December.
UFP Industries (Nasdaq: UFPI) has named Will Schwartz as the new president of UFP Retail Solutions, effective January 1, 2023. This segment, which generates approximately $4 billion in revenue, includes notable brands like ProWood and Deckorators. Schwartz, who joined the company in 1998, has held various leadership positions and successfully managed supply chains during the pandemic. He takes over from Allen Peters, who becomes executive vice president of innovation. The company remains optimistic about its growth trajectory and Schwartz's leadership.
UFP Industries (Nasdaq: UFPI) announced the appointment of Allen Peters as executive vice president of innovation, effective January 1, 2023. Peters will lead the Innovation Accelerator and Innov8 Fund, using his experience from UFP Retail Solutions to drive new products and technology. CEO Matthew J. Missad expressed confidence in Peters' capabilities to achieve growth and innovation. The company is currently searching for a new president of UFP Retail Solutions, with an announcement expected by the end of September 2022.
UFP Industries (Nasdaq: UFPI) reported record net sales of $2.9 billion and net earnings of $203 million for Q2 2022, marking a 7% sales increase year-over-year. The company achieved earnings per diluted share of $3.23, a 16% increase. New product sales surged 37% to $181 million. Despite a 40% decline in retail gross profit due to falling lumber prices, the construction segment saw a 32% sales rise. The company maintains a strong liquidity of $1.16 billion and announced a 67% dividend increase to $0.25 per share.
UFP Industries, Inc. (Nasdaq: UFPI) is set to announce its second quarter financial results on July 21, 2022, after market close. The announcement will take place around 4:05 p.m. ET, followed by a conference call hosted by CEO Matt Missad and CFO Mike Cole at 4:30 p.m. ET. Investors can access the call through a webcast on the company's investor relations website. UFP Industries, headquartered in Grand Rapids, Mich., engages in manufacturing and distributing value-added products for construction and industrial applications worldwide.
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