UFP Industries, Inc. - UFPI STOCK NEWS

UFP Industries, Inc. (Nasdaq: UFPI) announced the acquisition of Spartanburg Forest Products, Inc. for approximately $16.5 million, which includes property, plants, and equipment. Additionally, Sunbelt Forest Products acquired Spartanburg's net working capital valued at around $146.5 million. This strategic purchase is expected to enhance product offerings and expand capacity and geographic reach, according to Ken DelleDonne, president of Sunbelt. The acquisition aims to improve supply chain efficiencies as the two companies combine operations.

UFP Industries, Nasdaq: UFPI, will host a conference call on April 21, 2021, at 4:30 p.m. ET to discuss its Q1 2021 results. The call will feature CEO Matthew J. Missad and CFO Michael Cole. Investors can access the call via a webcast on the company’s website under Investor Relations. A replay of the call will be available until April 24, 2021.

UFP Industries (UFPI) announced the acquisition of Walnut Hollow Farm, a wood products manufacturer, for an undisclosed amount. The deal is expected to close by the end of April 2021, pending customary conditions. Walnut Hollow, established in 1972, reported sales of approximately $11 million in 2020 and specializes in wood surfaces and tools for hobbyists. The acquisition is anticipated to enhance Handprint's product offerings and customer relationships in the home décor sector. The current leadership will transition as consultants to facilitate a smooth handover.

UFP Industries, Inc. (Nasdaq: UFPI) announced on March 1, 2021, the acquisition of J.C. Gilmore Pty Ltd assets by its subsidiary, The UBEECO Group. This move enhances UBEECO's portfolio with protective packaging products and expands its customer base in Australia. Gilmores, founded in 1988, reported sales of $15 million AUD in 2020 and will continue to be led by its founders. The acquisition aims to leverage Gilmores' strong reputation and create growth opportunities, particularly in New South Wales and Queensland.

UFP Industries (Nasdaq: UFPI) reported record net sales of $5.15 billion and EPS of $4.00 for fiscal 2020, marking a 37% increase in earnings per share year-over-year. In Q4 2020, net sales reached $1.39 billion, a 40% increase compared to Q4 2019. New product sales surged 46%, driven by the Deckorators Voyage decking line. The company’s SG&A expenses improved significantly, reflecting operational efficiencies. UFP maintains robust liquidity of approximately $485 million and plans to increase its quarterly dividend by 20% to 15 cents per share, payable on March 15, 2021.

UFP Industries (Nasdaq: UFPI) announced that its subsidiary, Sunbelt Forest Products, will acquire Spartanburg Forest Products for approximately $17 million. The deal includes Spartanburg's net working capital, which was about $80 million as of December 31, 2020. This acquisition, expected to close by Q1 2021, will enhance operational efficiencies and expand geographic reach. With a combined sales of around $543 million for 2020, the merger aims to improve customer service and capacity. Stephen Michael will remain as a consultant during the transition, ensuring continuity of vendor relationships.

UFP Industries, Inc. (Nasdaq: UFPI) will host a conference call on February 24, 2021, at 4:30 p.m. ET to discuss its Q4 2020 earnings. The earnings press release will be issued after the market closes on the same day. This call is significant as it aligns with the release of the Company’s Form 10-K and the completion of its external audit, signaling a potential update on financial performance. Interested parties can access the call via a U.S. dial-in number or through an online webcast.

UFP Industries (Nasdaq: UFPI) announced a quarterly dividend of 15 cents per share, a 20% increase from the previous year’s 12.5 cents. This dividend will be payable on March 15, 2021, to shareholders on record as of March 1, 2021. Chairman William G. Currie emphasized that this increase reflects the company’s strong cash position and optimism for future growth, enabling investments while rewarding shareholders. UFP Industries operates in various sectors including construction and packaging, underscoring its global reach.

UFP Industries, Inc. (Nasdaq: UFPI) announced the acquisition of PalletOne, Inc. for approximately $232 million. The deal values PalletOne at a cash-free, debt-free basis, with an additional $21 million for recent capital expenditures. PalletOne operates 17 locations and employs over 1,500 people across various states, focusing on new pallets, repair programs, and recycling. The acquisition aims to enhance operational synergies and growth strategies under the leadership of the existing management.