UFP Industries Announces Fourth Quarter and Fiscal 2022 Results

Rhea-AI Summary

UFP Industries reported a record net sales of $9.6 billion for fiscal 2022, marking an 11% increase from 2021. The company's earnings per diluted share surged 28% to $10.97. For Q4 2022, net sales reached $1.91 billion, down 5% year-over-year, amid a 10% decline in organic unit sales. Despite a 14% decrease in earnings from operations, the company invested $174 million in capital expenditures and allocated over $60 million for employee bonuses. With a strong balance sheet showing $281.3 million in net surplus cash, UFP looks ahead to navigate a cooling housing market and maintain growth through new product innovations and strategic acquisitions.

Positive

• Record net sales of $9.6 billion for fiscal 2022, an 11% increase over 2021.
• Earnings per diluted share increased by 28% to $10.97.
• New product sales surged 53%, totaling $736 million.
• Strong balance sheet with $281.3 million in net surplus cash.
• Continued share repurchases authorized for an additional 2 million shares.

Negative

• Q4 2022 net sales decreased by 5% due to a 10% decline in organic unit sales.
• Earnings from operations down 14% year-over-year.
• Flat to slightly down unit sales projected for 2023 in major segments.

Full year net sales increase 11 percent and earnings per share increase 28 percent

GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- UFP Industries, Inc. (Nasdaq: UFPI) today announced net sales of $1.9 billion, net earnings attributable to controlling interest of $133 million, and earnings per diluted share of $2.10 for the fourth quarter of 2022. The company also announced a record $9.6 billion in net sales for fiscal 2022, an 11 percent increase over 2021, and record 2022 earnings per diluted share of $10.97, a 28 percent increase over the previous year.

“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential. Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.

“To recognize the hard work of our teammates in 2022, we provided significant wage increases and will pay our production and hourly employees more than $60 million in bonuses and other extra compensation.”

Fourth Quarter 2022 Highlights (comparisons on a year-over-year basis):

• Net sales of $1.91 billion decreased 5 percent due to a 10 percent decrease in organic unit sales, a 4 percent increase in prices, and a 1 percent increase from acquisitions.
• New product sales of $164 million increased 36 percent.
• Earnings from operations of $169 million decreased 14 percent.
• Adjusted EBITDA of $213 million decreased 5 percent from the record performance during the same period of 2021, while adjusted EBITDA margin remained unchanged at 11.1 percent.

Fiscal 2022 Highlights (comparisons on a year-over-year basis):

• Net sales of $9.63 billion increased 11 percent due a 3 percent increase from acquisitions, a 9 percent increase in prices, and a 1 percent decline in organic unit sales.
• New product sales were $736 million, up 53 percent.
• Earnings from operations of $950 million increased 29 percent. Acquisitions contributed $16.5 million to earnings.
• Adjusted EBITDA of $1.1 billion increased 32 percent. Acquisitions contributed $25.5 million to adjusted EBITDA.

Capital Allocation

UFP Industries maintains a strong balance sheet with $281.3 million in net surplus cash (surplus cash less interest-bearing debt and cash overdraft) at year-end 2022, compared to $50.6 million in net debt at year-end 2021, and had more than $1.8 billion of liquidity at year-end 2022. The company’s return-focused approach to capital allocation included:

- Investments of approximately $174 million for capital expenditures during 2022. The company is targeting $200-225 million in 2023, including value-added growth investments as well as significant investments in automation, robotics and technology.

- Repurchases of approximately 1,247,000 shares of common stock for $95.8 million during 2022 (an average price of $76.83 per share). The company is authorized to purchase an additional 2 million shares through February 3, 2024, and will continue to repurchase UFPI shares when the price is advantageous to offset dilution resulting from long-term, share-based incentive compensation programs. In 2022, the company issued 919,000 shares for share-based compensation programs at an average issue price of $82.61 per share.

- Paid dividends of $58.9 million or $0.95 per share in 2022, a 46 percent increase per share over 2021. On February 3, 2023, the Board approved a quarterly dividend payment of $0.25 per share, payable on March 15, 2023, to shareholders of record on March 1, 2023.

The company continues to seek strategic acquisitions that allow it to drive long-term growth and margin improvements, enhance its capabilities, and create incremental value for its customers and shareholders. During the fourth quarter of 2022, UFP Packaging acquired Titan Corrugated and its affiliate, All Boxed Up. For the full year 2022, UFP Industries made four acquisitions, including Cedar Poly, Ultra Aluminum Manufacturing, and a 50 percent stake in Dempsey Wood Products.

By business segment, the company reported the following 2022 results:

UFP Retail Solutions

Fourth Quarter: $690.7 million in net sales, down 2 percent from the fourth quarter of 2021 due to a 9 percent decline in organic unit sales and a 2 percent decline due to the transfer of certain building products to the construction segment, which was offset by a 7 percent increase in selling prices and a 2 percent increase from acquisitions.

Full Year: $3.65 billion in net sales, up 7 percent from 2021 due to a 5 percent increase in unit sales from acquisitions and a 7 percent increase in selling prices, which was offset by a 3 percent decline in organic unit sales and a 2 percent decrease due to the transfer of certain products to the construction segment.

Segment Outlook: After experiencing a significant increase in demand during the pandemic, we continue to expect more normalized demand in our retail solutions segment in 2023. We anticipate lumber prices will normalize and follow more seasonal historical trends in 2023, and the retail segment will experience flat unit sales.

UFP Packaging (formerly UFP Industrial)

Fourth Quarter: $522.2 million in net sales, up 1 percent compared to the fourth quarter of 2021, due to a 1 percent increase in selling prices and flat organic unit sales growth.

Full Year: $2.39 billion in net sales, up 11 percent from the previous year due to a 12 percent increase in selling prices, a 1 percent increase in unit sales from acquisitions, and a 2 percent decrease in organic unit sales.

Segment Outlook: We continue to monitor business activity and the key economic indicators that drive this segment with many of those metrics indicating unit sales will be flat to slightly down in 2023.

UFP Construction

Fourth Quarter: $604.9 million in net sales, down 11 percent over the fourth quarter of 2021, due to a 16 percent decline in organic unit sales, a 3 percent increase in selling prices, and a 2 percent increase from the transfer of certain products from the retail solutions segment.

Full Year: $3.14 billion in net sales, up 17 percent from the previous year due to an 11 percent increase in selling prices, a 4 percent increase in organic unit sales, and a 2 percent increase due to the transfer of certain products from the retail solutions segment.

Segment Outlook: The portion of the construction business which focuses on housing includes site-built residential (14 percent of total company sales in 2022) and factory built (12 percent). There are many estimates on housing starts, with the consensus estimating a 15-20 percent decline in 2023.

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 4:30 p.m. ET on Tuesday, February 21, 2023. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through the website.

UFP Industries, Inc.

UFP Industries is a holding company whose operating subsidiaries – UFP Packaging, 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. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. UFP Industries is ranked #401 on the Fortune 500 and #149 on Industry Week’s list of America’s Largest Manufacturers. For more about UFP Industries, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management considers Adjusted EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 2022/2021
		Quarter Period										Year to Date
(In thousands, except per share data)		2022					2021					2022					2021
NET SALES		$	1,913,697		100.0	%	$	2,016,805		100.0	%	$	9,626,739		100.0	%	$	8,636,134		100.0	%
COST OF GOODS SOLD			1,556,227		81.3			1,645,241		81.6			7,837,278		81.4			7,229,167		83.7
GROSS PROFIT			357,470		18.7			371,564		18.4			1,789,461		18.6			1,406,967		16.3
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			183,064		9.6			178,149		8.8			832,079		8.6			682,253		7.9
OTHER (GAINS) LOSSES, NET			5,857		0.3			(1,592)		(0.1)			7,198		0.1			(12,840)		(0.1)
EARNINGS FROM OPERATIONS			168,549		8.8			195,007		9.7			950,184		9.9			737,554		8.5
INTEREST AND OTHER			(4,490)		(0.2)			1,938		0.1			15,368		0.2			11,218		0.1
EARNINGS BEFORE INCOME TAXES			173,039		9.0			193,069		9.6			934,816		9.7			726,336		8.4
INCOME TAXES			41,160		2.2			46,063		2.3			229,852		2.4			173,972		2.0
NET EARNINGS			131,879		6.9			147,006		7.3			704,964		7.3			552,364		6.4
LESS NET LOSS (EARNINGS) ATTRIBUTABLE TO NONCONTROLLING INTEREST			710		—			(9,100)		(0.5)			(12,313)		(0.1)			(16,724)		(0.2)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST		$	132,589		6.9		$	137,906		6.8		$	692,651		7.2		$	535,640		6.2
EARNINGS PER SHARE - BASIC		$	2.12				$	2.21				$	11.05				$	8.61
EARNINGS PER SHARE - DILUTED		$	2.10				$	2.21				$	10.97				$	8.59
COMPREHENSIVE INCOME		$	135,057				$	143,210				$	702,466				$	547,068
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST			(195)					(7,431)					(13,485)					(15,039)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST		$	134,862				$	135,779				$	688,981				$	532,029

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 2022/2021
		Quarter Period
		2022
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES		$	690,663		$	522,171		$	604,895		$	99,425		$	(3,457)		$	1,913,697
COST OF GOODS SOLD			631,116			391,443			466,541			70,207			(3,080)			1,556,227
GROSS PROFIT			59,547			130,728			138,354			29,218			(377)			357,470
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			33,893			49,871			61,695			17,012			20,593			183,064
OTHER			183			(489)			1,259			4,844			60			5,857
EARNINGS FROM OPERATIONS		$	25,471		$	81,346		$	75,400		$	7,362		$	(21,030)		$	168,549

		Quarter Period
		2021
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES		$	703,897		$	514,854		$	677,326		$	118,738		$	1,990		$	2,016,805
COST OF GOODS SOLD			639,827			391,365			523,334			76,846			13,869			1,645,241
GROSS PROFIT			64,070			123,489			153,992			41,892			(11,879)			371,564
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			24,658			49,455			74,148			12,182			17,706			178,149
OTHER			88			(560)			(56)			(533)			(531)			(1,592)
EARNINGS FROM OPERATIONS		$	39,324		$	74,594		$	79,900		$	30,243		$	(29,054)		$	195,007

		Year to Date
		2022
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES		$	3,650,639		$	2,394,681		$	3,143,868		$	431,611		$	5,940		$	9,626,739
COST OF GOODS SOLD			3,306,112			1,808,449			2,417,212			300,307			5,198			7,837,278
GROSS PROFIT			344,527			586,232			726,656			131,304			742			1,789,461
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			193,383			250,858			328,125			66,745			(7,032)			832,079
OTHER			817			129			1,097			5,929			(774)			7,198
EARNINGS FROM OPERATIONS		$	150,327		$	335,245		$	397,434		$	58,630		$	8,548		$	950,184

		Year to Date
		2021
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES		$	3,418,337		$	2,148,142		$	2,698,434		$	362,473		$	8,748		$	8,636,134
COST OF GOODS SOLD			3,120,634			1,683,466			2,167,405			237,696			19,966			7,229,167
GROSS PROFIT			297,703			464,676			531,029			124,777			(11,218)			1,406,967
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			169,033			200,194			267,292			52,204			(6,470)			682,253
OTHER			(94)			(456)			(493)			(2,237)			(9,560)			(12,840)
EARNINGS FROM OPERATIONS		$	128,764		$	264,938		$	264,230		$	74,810		$	4,812		$	737,554

 

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED
DECEMBER 2022/2021
		Quarter Period
		2022
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	19,357		$	62,233		$	57,451		$	8,708		$	(15,870)		$	131,879
Interest and other			106			(572)			(8)			(4,038)			22			(4,490)
Income taxes			6,008			19,685			17,957			2,692			(5,182)			41,160
Expenses associated with share-based compensation arrangements			1,153			1,283			1,185			148			4,408			8,177
Net loss (gain) on disposition and impairment of assets			168			(489)			1,287			342			(375)			933
Impairment of goodwill and other intangibles			—			—			—			4,261			—			4,261
Depreciation expense			6,085			5,694			5,263			964			7,176			25,182
Amortization of intangibles			1,389			1,152			877			2,504			129			6,051
Adjusted EBITDA		$	34,266		$	88,986		$	84,012		$	15,581		$	(9,692)		$	213,153
Adjusted EBITDA as a Percentage of Net Sales			5.0%			17.0%			13.9%			15.7%			280.4%			11.1%
		Quarter Period
		2021
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	31,418		$	53,967		$	60,273		$	26,346		$	(24,998)		$	147,006
Interest and other			75			1,688			727			(3,765)			3,214			1,939
Income taxes			7,831			18,939			18,901			7,662			(7,270)			46,063
Expenses associated with share-based compensation arrangements			665			614			567			156			778			2,780
Net loss (gain) on disposition and impairment of assets			49			(104)			624			—			(2,079)			(1,510)
Depreciation expense			4,670			6,794			3,499			717			6,763			22,443
Amortization of intangibles			1,235			2,172			802			311			59			4,579
Adjusted EBITDA		$	45,943		$	84,070		$	85,393		$	31,427		$	(23,533)		$	223,300
Adjusted EBITDA as a Percentage of Net Sales			6.5%			16.3%			12.6%			26.5%			(1182.6)%			11.1%

 

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED)
FOR THE TWELVE MONTHS ENDED
DECEMBER 2022/2021
		Year to Date
		2022
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	113,245		$	251,187		$	299,721		$	42,844		$	(2,033)		$	704,964
Interest and other			162			2,158			(12)			1,817			11,243			15,368
Income taxes			36,920			81,900			97,725			13,969			(662)			229,852
Expenses associated with share-based compensation arrangements			4,476			5,125			4,882			614			13,059			28,156
Net loss (gain) on disposition and impairment of assets			785			131			1,349			347			(1,327)			1,285
Impairment of goodwill and other intangibles			—			—			—			4,261			—			4,261
Depreciation expense			19,898			28,191			15,364			2,992			27,618			94,063
Amortization of intangibles			4,131			6,925			3,358			4,571			514			19,499
Adjusted EBITDA		$	179,617		$	375,617		$	422,387		$	71,415		$	48,412		$	1,097,448
Adjusted EBITDA as a Percentage of Net Sales			4.9%			15.7%			13.4%			16.5%			815.0%			11.4%
		Year to Date
		2021
(In thousands)		Retail			Packaging			Construction			All Other			Corporate			Total
Net earnings		$	98,802		$	197,593		$	200,948		$	61,527		$	(6,506)		$	552,364
Interest and other			72			3,882			(8)			(6,095)			13,367			11,218
Income taxes			29,890			63,463			63,290			19,378			(2,049)			173,972
Expenses associated with share-based compensation arrangements			2,747			2,520			2,452			585			2,920			11,224
Net loss (gain) on disposition and impairment of assets			2			—			—			—			(11,994)			(11,992)
Depreciation expense			16,955			26,219			13,151			2,094			25,765			84,184
Amortization of intangibles			2,780			6,093			3,525			1,336			214			13,948
Adjusted EBITDA		$	151,248		$	299,770		$	283,358		$	78,825		$	21,717		$	834,918
Adjusted EBITDA as a Percentage of Net Sales			4.4%			14.0%			10.5%			21.7%			248.3%			9.7%

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 2022/2021
(In thousands)
ASSETS			2022			2021		LIABILITIES AND EQUITY			2022			2021
CURRENT ASSETS								CURRENT LIABILITIES
Cash and cash equivalents		$	559,397		$	286,662		Cash Overdraft		$	—		$	17,030
Restricted cash			226			4,561		Accounts payable			206,941			319,125
Investments			36,013			36,495		Accrued liabilities and other			401,952			397,204
Accounts receivable			617,604			737,805		Current portion of debt			2,942			42,683
Inventories			973,227			963,320
Other current assets			75,646			44,633
TOTAL CURRENT ASSETS			2,262,113			2,073,476		TOTAL CURRENT LIABILITIES			611,835			776,042
OTHER ASSETS			232,427			151,351		LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS			275,154			277,567
INTANGIBLE ASSETS, NET			488,551			431,424		OTHER LIABILITIES			181,381			175,093
								TEMPORARY EQUITY			6,880			—
PROPERTY, PLANT AND EQUIPMENT, NET			688,982			589,020		SHAREHOLDERS' EQUITY			2,596,823			2,016,569
TOTAL ASSETS		$	3,672,073		$	3,245,271		TOTAL LIABILITIES AND EQUITY		$	3,672,073		$	3,245,271

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE TWELVE MONTHS ENDED
DECEMBER 2022/2021
(In thousands)			2022				2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings		$	704,964			$	552,364
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation			94,063				84,184
Amortization of intangibles			19,499				13,948
Expense associated with share-based and grant compensation arrangements			28,156				11,224
Deferred income taxes (credit)			(16,289)				5,653
Unrealized loss (gain) on investment and other			5,768				(4,118)
Equity in loss of investee			2,183				3,902
Net loss (gain) on sale and disposition of assets			1,285				(11,992)
Impairment of goodwill and other intangibles			4,261				—
Changes in:
Accounts receivable			130,704				(85,439)
Inventories			718				(260,301)
Accounts payable and cash overdraft			(137,907)				78,060
Accrued liabilities and other			(5,838)				124,992
NET CASH FROM OPERATING ACTIVITIES			831,567				512,477
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant, and equipment			(174,124)				(151,166)
Proceeds from sale of property, plant and equipment			3,805				29,973
Acquisitions, net of cash received and purchase of equity method investment			(180,151)				(475,960)
Purchases of investments			(19,875)				(23,797)
Proceeds from sale of investments			12,874				14,882
Other			3,535				(5,119)
NET CASH USED IN INVESTING ACTIVITIES			(353,936)				(611,187)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities			605,101				892,072
Repayments under revolving credit facilities			(607,549)				(888,695)
Repayments of debt			(38,719)				—
Contingent consideration payments and other			(2,856)				(3,176)
Proceeds from issuance of common stock			2,769				2,116
Dividends paid to shareholders			(58,860)				(40,209)
Distributions to noncontrolling interest			(12,024)				(6,750)
Repurchase of common stock			(95,774)				—
Other			(2,298)				(364)
NET CASH USED IN FINANCING ACTIVITIES			(210,210)				(45,006)
Effect of exchange rate changes on cash			979				(1,669)
NET CHANGE IN CASH AND CASH EQUIVALENTS			268,400				(145,385)
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			291,223				436,608
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD		$	559,623			$	291,223
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period		$	286,662			$	436,507
Restricted cash, beginning of period			4,561				101
All cash and cash equivalents, beginning of period		$	291,223			$	436,608
Cash and cash equivalents, end of period		$	559,397			$	286,662
Restricted cash, end of period			226				4,561
All cash and cash equivalents, end of period		$	559,623			$	291,223

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005749/en/

Dick Gauthier

VP of Investor Relations

(616) 365-1555

Source: UFP Industries, Inc.

FAQ

What were UFP Industries' earnings for Q4 2022?

UFP Industries reported earnings per diluted share of $2.10 for Q4 2022.

What is the revenue forecast for UFP Industries in 2023?

UFP Industries anticipates flat unit sales in its retail solutions segment and slight declines in packaging and construction segments.

How much did UFP Industries spend on capital expenditures in 2022?

UFP Industries invested approximately $174 million in capital expenditures during 2022.

What is UFP Industries' net cash position?

At year-end 2022, UFP Industries had a net surplus cash of $281.3 million.

What strategic acquisitions did UFP Industries make in 2022?

UFP Industries made four acquisitions in 2022, including Cedar Poly, Ultra Aluminum Manufacturing, and a 50% stake in Dempsey Wood Products.