Ufp Industries Inc - UFPI STOCK NEWS

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.

UFP Industries (Nasdaq: UFPI) announced its board's approval for UFP Industrial, LLC to acquire PalletOne, Inc. for approximately $232 million, plus $18 million for recent capital expenditures. The deal is expected to close on December 28, 2020, pending regulatory approvals. PalletOne, a leader in new pallet manufacturing, reported $672 million in trailing sales and $44 million in adjusted EBITDA for the last 12 months. UFP anticipates significant synergies, enhanced market access, and operational efficiencies from this acquisition.

UFP Industries (Nasdaq: UFPI) announced the acquisition of assets from three companies: Atlantic Prefab, Inc., Exterior Designs, LLC, and Patriot Building Systems, LLC, which have a combined annual sales of approximately $28 million. This strategic move aims to expand UFP's offerings in the commercial and multi-family construction sectors in the Northeast. The operational leadership of the acquired companies will remain unchanged, and the acquisition is expected to enhance UFP's market presence and product lines, particularly in prefabricated steel and exterior cladding.

UFP Industries (Nasdaq: UFPI) announced an equity investment in Enwrap Logistic & Packaging S.r.l., enhancing its presence in Europe. Enwrap, formed from Job Service S.p.A., generated approximately $14 million in sales in 2019, with its operations based in Milan, Italy. This partnership is expected to expand UFP's logistics and packaging capabilities across Europe and the Middle East. UFP executives expressed optimism about the collaboration, citing a strong cultural and strategic alignment with Enwrap, which could lead to significant growth opportunities in the global packaging market.

UFP Industries (UFPI) reported impressive third-quarter results with net sales increasing by 28% to $1.49 billion and diluted EPS rising 49% to $1.25 per share, marking the best quarterly performance in its 65-year history. The growth was driven by a 20% rise in pricing and 8% increase in unit sales. Gross profits surged 29% to over $241 million, while EBITDA rose 40% to $125.7 million. The Retail Solutions segment led the growth with a 76% sales increase. The company also announced a quarterly dividend of 12.5 cents per share.