UFP Industries Announces Fourth Quarter and Fiscal 2024 Results
UFP Industries (UFPI) reported Q4 2024 results with net sales of $1.46 billion, down 4% year-over-year, and net earnings of $68.0 million. Full-year 2024 net sales were $6.7 billion, down 8%, with earnings per diluted share of $6.77.
The company faced softer demand and a more competitive pricing environment in Q4, with a 4% decrease in selling prices. Despite challenges, 2024 marked UFPI's 70th consecutive profitable year. The company maintains a strong balance sheet with nearly $1.2 billion in cash and announced a 6% increase in quarterly dividend to $0.35 per share.
Management expects softer demand and competitive pricing to continue through first half of 2025, with slight declines expected across Retail, Packaging, and Construction segments. The company plans to invest approximately $350 million in capital projects in 2025 as part of its $1 billion investment plan through 2028.
UFP Industries (UFPI) ha riportato i risultati del quarto trimestre 2024 con vendite nette di 1,46 miliardi di dollari, in calo del 4% rispetto all'anno precedente, e utili netti di 68,0 milioni di dollari. Le vendite nette dell'intero anno 2024 sono state di 6,7 miliardi di dollari, in diminuzione dell'8%, con utili per azione diluiti di 6,77 dollari.
L'azienda ha affrontato una domanda più debole e un ambiente di prezzi più competitivo nel quarto trimestre, con una diminuzione del 4% nei prezzi di vendita. Nonostante le sfide, il 2024 ha segnato il 70° anno consecutivo di utili per UFPI. L'azienda mantiene un bilancio solido con quasi 1,2 miliardi di dollari in contante e ha annunciato un aumento del 6% del dividendo trimestrale a 0,35 dollari per azione.
La direzione si aspetta che la domanda più debole e la competitività dei prezzi continuino nella prima metà del 2025, con lievi cali previsti nei segmenti Retail, Packaging e Construction. L'azienda prevede di investire circa 350 milioni di dollari in progetti di capitale nel 2025 come parte del suo piano di investimento di 1 miliardo di dollari fino al 2028.
UFP Industries (UFPI) reportó resultados del cuarto trimestre de 2024 con ventas netas de 1.46 mil millones de dólares, una disminución del 4% en comparación con el año anterior, y ganancias netas de 68.0 millones de dólares. Las ventas netas del año completo 2024 fueron de 6.7 mil millones de dólares, una baja del 8%, con ganancias por acción diluida de 6.77 dólares.
La empresa enfrentó una demanda más débil y un entorno de precios más competitivo en el cuarto trimestre, con una disminución del 4% en los precios de venta. A pesar de los desafíos, el 2024 marcó el 70º año consecutivo de ganancias para UFPI. La empresa mantiene un balance sólido con casi 1.2 mil millones de dólares en efectivo y anunció un aumento del 6% en el dividendo trimestral a 0.35 dólares por acción.
La dirección espera que la demanda más débil y la competitividad de precios continúen durante la primera mitad de 2025, con ligeras caídas previstas en los segmentos de Retail, Packaging y Construction. La empresa planea invertir aproximadamente 350 millones de dólares en proyectos de capital en 2025 como parte de su plan de inversión de 1 mil millones de dólares hasta 2028.
UFP Industries (UFPI)는 2024년 4분기 결과를 발표하며 순매출 14억 6천만 달러를 기록했으며, 이는 전년 대비 4% 감소한 수치입니다. 순이익은 6천 8백만 달러였습니다. 2024년 전체 연간 순매출은 67억 달러로 8% 감소했으며, 희석 주당순이익은 6.77달러였습니다.
회사는 4분기에 수요가 약세를 보이고 가격 경쟁이 심해지면서 판매 가격이 4% 감소하는 어려움에 직면했습니다. 그럼에도 불구하고 2024년은 UFPI의 70번째 연속 흑자 해가 되었습니다. 회사는 거의 12억 달러의 현금을 보유한 강력한 재무 상태를 유지하고 있으며, 분기 배당금을 주당 0.35달러로 6% 인상한다고 발표했습니다.
경영진은 2025년 상반기에도 수요 약세와 가격 경쟁이 지속될 것으로 예상하며, Retail, Packaging 및 Construction 부문에서 약간의 감소가 예상됩니다. 회사는 2025년에 자본 프로젝트에 약 3억 5천만 달러를 투자할 계획이며, 이는 2028년까지 10억 달러 투자 계획의 일환입니다.
UFP Industries (UFPI) a publié les résultats du quatrième trimestre 2024 avec des ventes nettes de 1,46 milliard de dollars, en baisse de 4% par rapport à l'année précédente, et un bénéfice net de 68,0 millions de dollars. Les ventes nettes pour l'année entière 2024 étaient de 6,7 milliards de dollars, en baisse de 8%, avec un bénéfice par action diluée de 6,77 dollars.
L'entreprise a fait face à une demande plus faible et à un environnement de prix plus concurrentiel au quatrième trimestre, avec une baisse de 4% des prix de vente. Malgré les défis, 2024 a marqué la 70ème année consécutive de bénéfices pour UFPI. L'entreprise maintient un bilan solide avec près de 1,2 milliard de dollars en liquidités et a annoncé une augmentation de 6% du dividende trimestriel à 0,35 dollar par action.
La direction s'attend à ce que la demande plus faible et la concurrence sur les prix se poursuivent au cours de la première moitié de 2025, avec de légers déclins prévus dans les segments de vente au détail, d'emballage et de construction. L'entreprise prévoit d'investir environ 350 millions de dollars dans des projets d'investissement en 2025 dans le cadre de son plan d'investissement de 1 milliard de dollars jusqu'en 2028.
UFP Industries (UFPI) hat die Ergebnisse des 4. Quartals 2024 veröffentlicht, mit Nettoumsätzen von 1,46 Milliarden Dollar, was einem Rückgang von 4% im Vergleich zum Vorjahr entspricht, und einem Nettogewinn von 68,0 Millionen Dollar. Der Nettoumsatz für das gesamte Jahr 2024 betrug 6,7 Milliarden Dollar, was einem Rückgang von 8% entspricht, mit einem Gewinn pro verwässerter Aktie von 6,77 Dollar.
Das Unternehmen sah sich im 4. Quartal mit einer schwächeren Nachfrage und einem wettbewerbsintensiveren Preisumfeld konfrontiert, was zu einem Rückgang der Verkaufspreise um 4% führte. Trotz der Herausforderungen war 2024 das 70. Jahr in Folge mit Gewinn für UFPI. Das Unternehmen verfügt über eine starke Bilanz mit fast 1,2 Milliarden Dollar in bar und kündigte eine Erhöhung der vierteljährlichen Dividende um 6% auf 0,35 Dollar pro Aktie an.
Das Management erwartet, dass die schwächere Nachfrage und der Wettbewerbsdruck auch in der ersten Hälfte von 2025 anhalten werden, mit leichten Rückgängen in den Segmenten Einzelhandel, Verpackung und Bau. Das Unternehmen plant, im Jahr 2025 etwa 350 Millionen Dollar in Investitionsprojekte zu investieren, Teil seines Investitionsplans von 1 Milliarde Dollar bis 2028.
- 70th consecutive year of profitability
- Strong cash position of $1.2 billion
- 6% increase in quarterly dividend to $0.35 per share
- Planned cost savings of $60 million by end of 2026
- $350 million planned capital investment for 2025
- Q4 net sales decreased 4% year-over-year
- Q4 net earnings declined 34% from previous year
- Full-year net sales decreased 8%
- Full-year net earnings decreased 19%
- Expected continued soft demand and competitive pricing through H1 2025
Insights
UFP Industries' Q4 2024 results demonstrate both resilience and challenges in a difficult market environment. The company's 9.1% EBITDA margin, while down from 10.9% year-over-year, remains solid given significant market headwinds. The
Key positives include strong liquidity position of
However, segment performance reveals concerning trends:
- Packaging segment's margin compression from 19.9% to 16.2% indicates intense competitive pressures
- Construction segment's margin decline from 23.5% to 17.9% reflects market softness and fixed cost deleveraging
- Retail segment's stable performance (12.9% vs 12.7%) demonstrates successful SKU rationalization efforts
The variable incentive compensation program provides important cost flexibility during market downturns. New product development at 7.0% of sales, though slightly below target, shows continued innovation focus, particularly with new Deckorators Surestone technology.
The
“The second half of 2024 proved more challenging than expected, as we continued to face softer demand and a more competitive pricing environment in the fourth quarter,” said Matthew J. Missad, executive chairman. “Despite these market headwinds, 2024 marked the 70th consecutive profitable year for the company, which highlights the resiliency of our businesses and our people. It has been an incredible pleasure to work with and help lead such a great team, and I am grateful for their hard work and determination, with the goal of always being the best. In times like these, they are addressing challenges head-on and making the tough decisions that will enable us to grow further and faster when our markets find a more stable footing. Although we expect the challenging economy to persist in 2025, our balanced business model, variable incentive compensation program, growth and improvement strategies, and strong balance sheet will help drive our success. I am very confident that Will Schwartz, Mike Cole and our great team of leaders will drive even greater success in the future while maintaining the team culture of employee growth and opportunity in pursuit of elite performance.”
On December 29, 2024, Will Schwartz replaced Matt Missad as CEO, and Landon Tarvin succeeded Will as president of UFP Retail Solutions. Additionally, Will added the role of president, and CFO Mike Cole expanded his duties to include president of corporate services.
“I feel honored to step into the role as CEO at UFP Industries and help build on the company’s incredibly rich history,” said Will Schwartz. “Our team is focused on investing in our most promising growth opportunities and businesses that will generate the highest long-term returns. Bringing new, value-added products to market remains a key focus across the enterprise, and we’ll showcase a few of our latest innovations, including our new Deckorators product lines made with Surestone technology, at the International Builders’ Show next week. We’ll also prioritize improving the value we bring to our customers and driving returns across our portfolio through investments in automation, new value-added product introductions, and plant optimization. Finally, as we manage through this uncertain environment, we will carefully manage our profitability and remain on track to achieve cost savings of
Fourth Quarter 2024 Highlights (comparisons on a year-over-year basis except where noted):
-
Net sales of
$1.46 billion -
New product sales of
$102 million -
Net earnings attributable to controlling interests of
$68.0 million -
Adjusted EBITDA1 was
$132.7 million $165.6 million
Fiscal 2024 Highlights
-
Net sales of
$6.7 billion -
New product sales of
$505 million -
Net earnings attributable to controlling interests of
$414.6 million -
Adjusted EBITDA1 was
$682.3 million $810 million
Capital Allocation
UFP Industries maintains a strong balance sheet with nearly
-
Acquisitions and Organic Growth. The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. On December 23, 2024, the company acquired C&L Wood Products, Inc. (C&L), a manufacturer of pallets based in
Hartselle, Alabama . C&L expands the geographic footprint of the company’s PalletOne subsidiary into northernAlabama and centralTennessee .
In 2024, the company announced up to$1 billion $350 million
-
Dividend payments. On February 13, 2025, the UFP Industries Board of Directors approved a quarterly dividend payment of
$0.35 $0.33
-
Share repurchases. On July 24, 2024, the UFP Industries Board of Directors authorized the company to repurchase up to
$200 million $1 million $111.81 $7.0 million $111.27
| _____________________________ |
1 Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below. |
By business segment, the company reported the following results:
UFP Retail Solutions
Fourth Quarter: Net sales of
Full Year: Net sales of
UFP Packaging
Fourth Quarter: Net sales of
Full Year: Net sales of
UFP Construction
Fourth Quarter: Net sales of
Full Year: Net sales of
Short-Term Outlook
Tariff impacts: We are working closely with our domestic and international suppliers to navigate the recently proposed tariffs, which have been paused in
End Market Demand: We anticipate the softer demand and a competitive pricing environment will continue through the first half of 2025, with overall demand slightly down in each of our Retail, Packaging, and Constructions segments.
Long-Term Outlook
The company’s long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) and at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent EBITDA margins; 3) earning an incremental return on new investments over its hurdle rate; and 4) maintaining its conservative capital structure.
CONFERENCE CALL
UFP Industries will conduct a conference call to discuss its outlook and information included in this news release at 9:00 a.m. ET on Tuesday, February 18, 2025. The call will be hosted by Executive Chairman Matt Missad, President and CEO Will Schwartz and CFO Michael Cole and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at https://www.ufpinvestor.com/news-filings-reports#events---presentations. A replay of the call will be available through the website.
UFP Industries, Inc.
UFP Industries, Inc. 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
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
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 2024/2023 |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Quarter Period |
Year to Date |
||||||||||||||||||||||
(In thousands, except per share data) |
|
2024 |
2023 |
2024 |
2023 |
||||||||||||||||||||
NET SALES |
|
$ |
1,462,001 |
|
|
100.0 |
% |
$ |
1,524,353 |
|
|
100.0 |
% |
$ |
6,652,309 |
|
|
100.0 |
% |
$ |
7,218,384 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
COST OF GOODS SOLD |
|
|
1,222,492 |
|
|
83.6 |
|
|
1,228,211 |
|
|
80.6 |
|
|
5,425,567 |
|
|
81.6 |
|
|
5,799,446 |
|
|
80.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GROSS PROFIT |
|
|
239,509 |
|
|
16.4 |
|
|
296,142 |
|
|
19.4 |
|
|
1,226,742 |
|
|
18.4 |
|
|
1,418,938 |
|
|
19.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
156,491 |
|
|
10.7 |
|
|
171,598 |
|
|
11.3 |
|
|
735,046 |
|
|
11.0 |
|
|
766,633 |
|
|
10.6 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
4,619 |
|
|
0.3 |
|
|
205 |
|
|
— |
|
|
6,157 |
|
|
0.1 |
|
|
(260 |
) |
|
— |
|
OTHER (GAINS) LOSSES, NET |
|
|
(1,060 |
) |
|
(0.1 |
) |
|
342 |
|
|
— |
|
|
(6,703 |
) |
|
(0.1 |
) |
|
6,031 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS FROM OPERATIONS |
|
|
79,459 |
|
|
5.4 |
|
|
123,997 |
|
|
8.1 |
|
|
492,242 |
|
|
7.4 |
|
|
646,534 |
|
|
9.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
INTEREST AND OTHER |
|
|
(11,560 |
) |
|
(0.8 |
) |
|
(11,664 |
) |
|
(0.8 |
) |
|
(47,913 |
) |
|
(0.7 |
) |
|
(24,707 |
) |
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS BEFORE INCOME TAXES |
|
|
91,019 |
|
|
6.2 |
|
|
135,661 |
|
|
8.9 |
|
|
540,155 |
|
|
8.1 |
|
|
671,241 |
|
|
9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
INCOME TAXES |
|
|
21,236 |
|
|
1.5 |
|
|
31,753 |
|
|
2.1 |
|
|
121,422 |
|
|
1.8 |
|
|
156,784 |
|
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS |
|
|
69,783 |
|
|
4.8 |
|
|
103,908 |
|
|
6.8 |
|
|
418,733 |
|
|
6.3 |
|
|
514,457 |
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST |
|
|
(1,744 |
) |
|
(0.1 |
) |
|
(461 |
) |
|
— |
|
|
(4,173 |
) |
|
(0.1 |
) |
|
(145 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST |
|
$ |
68,039 |
|
|
4.7 |
|
$ |
103,447 |
|
|
6.8 |
|
$ |
414,560 |
|
|
6.2 |
|
$ |
514,312 |
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER SHARE - BASIC |
|
$ |
1.12 |
|
|
|
$ |
1.65 |
|
|
|
$ |
6.78 |
|
|
|
$ |
8.21 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER SHARE - DILUTED |
|
$ |
1.12 |
|
|
|
$ |
1.62 |
|
|
|
$ |
6.77 |
|
|
|
$ |
8.07 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME |
|
$ |
58,121 |
|
|
|
$ |
111,775 |
|
|
|
$ |
398,753 |
|
|
|
$ |
529,293 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST |
|
|
(1,007 |
) |
|
|
|
(2,139 |
) |
|
|
|
(610 |
) |
|
|
|
(4,800 |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
$ |
57,114 |
|
|
|
$ |
109,636 |
|
|
|
$ |
398,143 |
|
|
|
$ |
524,493 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED) FOR THE THREE MONTHS ENDED DECEMBER 2024 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Quarter Period 2024 |
||||||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||||||
NET SALES |
|
$ |
524,591 |
|
|
$ |
375,315 |
|
|
$ |
486,776 |
|
|
$ |
73,971 |
|
|
$ |
1,348 |
|
|
$ |
1,462,001 |
|
COST OF GOODS SOLD |
|
|
456,731 |
|
|
|
314,427 |
|
|
|
399,826 |
|
|
|
68,602 |
|
|
|
(17,094 |
) |
|
|
1,222,492 |
|
GROSS PROFIT |
|
|
67,860 |
|
|
|
60,888 |
|
|
|
86,950 |
|
|
|
5,369 |
|
|
|
18,442 |
|
|
|
239,509 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
34,578 |
|
|
|
35,468 |
|
|
|
51,014 |
|
|
|
(1,723 |
) |
|
|
37,154 |
|
|
|
156,491 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
2,189 |
|
|
|
5,090 |
|
|
|
452 |
|
|
|
18 |
|
|
|
(3,130 |
) |
|
|
4,619 |
|
OTHER (GAINS) LOSSES, NET |
|
|
(436 |
) |
|
|
— |
|
|
|
(447 |
) |
|
|
(286 |
) |
|
|
109 |
|
|
|
(1,060 |
) |
EARNINGS FROM OPERATIONS |
|
|
31,529 |
|
|
|
20,330 |
|
|
|
35,931 |
|
|
|
7,360 |
|
|
|
(15,691 |
) |
|
|
79,459 |
|
INTEREST AND OTHER |
|
|
(171 |
) |
|
|
(1,415 |
) |
|
|
42 |
|
|
|
(530 |
) |
|
|
(9,486 |
) |
|
|
(11,560 |
) |
EARNINGS BEFORE INCOME TAXES |
|
|
31,700 |
|
|
|
21,745 |
|
|
|
35,889 |
|
|
|
7,890 |
|
|
|
(6,205 |
) |
|
|
91,019 |
|
INCOME TAXES |
|
|
7,341 |
|
|
|
5,182 |
|
|
|
8,294 |
|
|
|
721 |
|
|
|
(302 |
) |
|
|
21,236 |
|
NET EARNINGS |
|
$ |
24,359 |
|
|
$ |
16,563 |
|
|
$ |
27,595 |
|
|
$ |
7,169 |
|
|
$ |
(5,903 |
) |
|
$ |
69,783 |
|
INTEREST AND OTHER |
|
|
(171 |
) |
|
|
(1,415 |
) |
|
|
42 |
|
|
|
(530 |
) |
|
|
(9,486 |
) |
|
|
(11,560 |
) |
INCOME TAXES |
|
|
7,341 |
|
|
|
5,182 |
|
|
|
8,294 |
|
|
|
721 |
|
|
|
(302 |
) |
|
|
21,236 |
|
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS |
|
|
1,860 |
|
|
|
1,623 |
|
|
|
1,846 |
|
|
|
163 |
|
|
|
5,326 |
|
|
|
10,818 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
940 |
|
|
|
861 |
|
|
|
451 |
|
|
|
18 |
|
|
|
(3,130 |
) |
|
|
(860 |
) |
IMPAIRMENT OF INTANGIBLES |
|
|
1,250 |
|
|
|
4,229 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,479 |
|
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |
|
|
— |
|
|
|
(605 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(605 |
) |
DEPRECIATION EXPENSE |
|
|
7,550 |
|
|
|
9,003 |
|
|
|
6,092 |
|
|
|
889 |
|
|
|
8,977 |
|
|
|
32,511 |
|
AMORTIZATION OF INTANGIBLES |
|
|
998 |
|
|
|
2,216 |
|
|
|
702 |
|
|
|
1,551 |
|
|
|
433 |
|
|
|
5,900 |
|
ADJUSTED EBITDA |
|
$ |
44,127 |
|
|
$ |
37,657 |
|
|
$ |
45,022 |
|
|
$ |
9,981 |
|
|
$ |
(4,085 |
) |
|
$ |
132,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES |
|
|
8.4 |
% |
|
|
10.0 |
% |
|
|
9.2 |
% |
|
|
13.5 |
% |
|
|
* |
|
|
9.1 |
% |
|
* Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED) FOR THE THREE MONTHS ENDED DECEMBER 2023 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Quarter Period 2023 |
||||||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||||||
NET SALES |
|
$ |
525,730 |
|
|
$ |
413,654 |
|
|
$ |
511,042 |
|
|
$ |
73,551 |
|
|
$ |
376 |
|
|
$ |
1,524,353 |
|
COST OF GOODS SOLD |
|
|
459,044 |
|
|
|
331,488 |
|
|
|
390,983 |
|
|
|
54,601 |
|
|
|
(7,905 |
) |
|
|
1,228,211 |
|
GROSS PROFIT |
|
|
66,686 |
|
|
|
82,166 |
|
|
|
120,059 |
|
|
|
18,950 |
|
|
|
8,281 |
|
|
|
296,142 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
40,657 |
|
|
|
39,170 |
|
|
|
62,393 |
|
|
|
11,566 |
|
|
|
17,812 |
|
|
|
171,598 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
741 |
|
|
|
92 |
|
|
|
53 |
|
|
|
(27 |
) |
|
|
(654 |
) |
|
|
205 |
|
OTHER LOSSES (GAINS), NET |
|
|
264 |
|
|
|
— |
|
|
|
34 |
|
|
|
(166 |
) |
|
|
210 |
|
|
|
342 |
|
EARNINGS FROM OPERATIONS |
|
|
25,024 |
|
|
|
42,904 |
|
|
|
57,579 |
|
|
|
7,577 |
|
|
|
(9,087 |
) |
|
|
123,997 |
|
INTEREST AND OTHER |
|
|
(124 |
) |
|
|
1,356 |
|
|
|
(3 |
) |
|
|
(4,300 |
) |
|
|
(8,593 |
) |
|
|
(11,664 |
) |
EARNINGS BEFORE INCOME TAXES |
|
|
25,148 |
|
|
|
41,548 |
|
|
|
57,582 |
|
|
|
11,877 |
|
|
|
(494 |
) |
|
|
135,661 |
|
INCOME TAXES |
|
|
5,922 |
|
|
|
9,725 |
|
|
|
13,478 |
|
|
|
2,744 |
|
|
|
(116 |
) |
|
|
31,753 |
|
NET EARNINGS |
|
$ |
19,226 |
|
|
$ |
31,823 |
|
|
$ |
44,104 |
|
|
$ |
9,133 |
|
|
$ |
(378 |
) |
|
$ |
103,908 |
|
INTEREST AND OTHER |
|
|
(124 |
) |
|
|
1,356 |
|
|
|
(3 |
) |
|
|
(4,300 |
) |
|
|
(8,593 |
) |
|
|
(11,664 |
) |
INCOME TAXES |
|
|
5,922 |
|
|
|
9,725 |
|
|
|
13,478 |
|
|
|
2,744 |
|
|
|
(116 |
) |
|
|
31,753 |
|
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS |
|
|
1,331 |
|
|
|
2,110 |
|
|
|
1,698 |
|
|
|
248 |
|
|
|
3,444 |
|
|
|
8,831 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
740 |
|
|
|
92 |
|
|
|
54 |
|
|
|
(27 |
) |
|
|
(654 |
) |
|
|
205 |
|
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |
|
|
(134 |
) |
|
|
(3,475 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,609 |
) |
DEPRECIATION EXPENSE |
|
|
6,898 |
|
|
|
8,958 |
|
|
|
5,354 |
|
|
|
975 |
|
|
|
7,946 |
|
|
|
30,131 |
|
AMORTIZATION OF INTANGIBLES |
|
|
1,101 |
|
|
|
2,192 |
|
|
|
702 |
|
|
|
1,642 |
|
|
|
365 |
|
|
|
6,002 |
|
ADJUSTED EBITDA |
|
$ |
34,960 |
|
|
$ |
52,781 |
|
|
$ |
65,387 |
|
|
$ |
10,415 |
|
|
$ |
2,014 |
|
|
$ |
165,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES |
|
|
6.6 |
% |
|
|
12.8 |
% |
|
|
12.8 |
% |
|
|
14.2 |
% |
|
|
* |
|
|
10.9 |
% |
|
* Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED) FOR THE TWELVE MONTHS ENDED DECEMBER 2024 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year to Date 2024 |
||||||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||||||
NET SALES |
|
$ |
2,597,994 |
|
|
$ |
1,636,563 |
|
|
$ |
2,113,844 |
|
|
$ |
298,190 |
|
|
$ |
5,718 |
|
|
$ |
6,652,309 |
|
COST OF GOODS SOLD |
|
|
2,209,195 |
|
|
|
1,335,304 |
|
|
|
1,675,346 |
|
|
|
240,518 |
|
|
|
(34,796 |
) |
|
|
5,425,567 |
|
GROSS PROFIT |
|
|
388,799 |
|
|
|
301,259 |
|
|
|
438,498 |
|
|
|
57,672 |
|
|
|
40,514 |
|
|
|
1,226,742 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
209,592 |
|
|
|
191,757 |
|
|
|
262,517 |
|
|
|
39,940 |
|
|
|
31,240 |
|
|
|
735,046 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
3,067 |
|
|
|
6,545 |
|
|
|
673 |
|
|
|
28 |
|
|
|
(4,156 |
) |
|
|
6,157 |
|
OTHER (GAINS) LOSSES, NET |
|
|
(2,964 |
) |
|
|
— |
|
|
|
(376 |
) |
|
|
(3,572 |
) |
|
|
209 |
|
|
|
(6,703 |
) |
EARNINGS FROM OPERATIONS |
|
|
179,104 |
|
|
|
102,957 |
|
|
|
175,684 |
|
|
|
21,276 |
|
|
|
13,221 |
|
|
|
492,242 |
|
INTEREST AND OTHER |
|
|
(557 |
) |
|
|
(101 |
) |
|
|
17 |
|
|
|
(9,356 |
) |
|
|
(37,916 |
) |
|
|
(47,913 |
) |
EARNINGS BEFORE INCOME TAXES |
|
|
179,661 |
|
|
|
103,058 |
|
|
|
175,667 |
|
|
|
30,632 |
|
|
|
51,137 |
|
|
|
540,155 |
|
INCOME TAXES |
|
|
40,534 |
|
|
|
23,023 |
|
|
|
39,488 |
|
|
|
5,793 |
|
|
|
12,584 |
|
|
|
121,422 |
|
NET EARNINGS |
|
$ |
139,127 |
|
|
$ |
80,035 |
|
|
$ |
136,179 |
|
|
$ |
24,839 |
|
|
$ |
38,553 |
|
|
$ |
418,733 |
|
INTEREST AND OTHER |
|
|
(557 |
) |
|
|
(101 |
) |
|
|
17 |
|
|
|
(9,356 |
) |
|
|
(37,916 |
) |
|
|
(47,913 |
) |
INCOME TAXES |
|
|
40,534 |
|
|
|
23,023 |
|
|
|
39,488 |
|
|
|
5,793 |
|
|
|
12,584 |
|
|
|
121,422 |
|
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS |
|
|
5,788 |
|
|
|
6,974 |
|
|
|
7,944 |
|
|
|
772 |
|
|
|
16,685 |
|
|
|
38,163 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
1,817 |
|
|
|
2,316 |
|
|
|
673 |
|
|
|
28 |
|
|
|
(4,156 |
) |
|
|
678 |
|
IMPAIRMENT OF INTANGIBLES |
|
|
1,250 |
|
|
|
4,229 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,479 |
|
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |
|
|
— |
|
|
|
(642 |
) |
|
|
(1,818 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,460 |
) |
DEPRECIATION EXPENSE |
|
|
28,877 |
|
|
|
34,603 |
|
|
|
23,124 |
|
|
|
3,338 |
|
|
|
34,699 |
|
|
|
124,641 |
|
AMORTIZATION OF INTANGIBLES |
|
|
3,992 |
|
|
|
8,840 |
|
|
|
2,810 |
|
|
|
6,124 |
|
|
|
1,755 |
|
|
|
23,521 |
|
ADJUSTED EBITDA |
|
$ |
220,828 |
|
|
$ |
159,277 |
|
|
$ |
208,417 |
|
|
$ |
31,538 |
|
|
$ |
62,204 |
|
|
$ |
682,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES |
|
|
8.5 |
% |
|
|
9.7 |
% |
|
|
9.9 |
% |
|
|
10.6 |
% |
|
|
* |
|
|
10.3 |
% |
|
* Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED) FOR THE TWELVE MONTHS ENDED DECEMBER 2023 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year to Date 2023 |
||||||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||||||
NET SALES |
|
$ |
2,956,007 |
|
|
$ |
1,838,200 |
|
|
$ |
2,161,059 |
|
|
$ |
259,392 |
|
|
$ |
3,726 |
|
|
$ |
7,218,384 |
|
COST OF GOODS SOLD |
|
|
2,566,572 |
|
|
|
1,422,940 |
|
|
|
1,637,329 |
|
|
|
182,047 |
|
|
|
(9,442 |
) |
|
|
5,799,446 |
|
GROSS PROFIT |
|
|
389,435 |
|
|
|
415,260 |
|
|
|
523,730 |
|
|
|
77,345 |
|
|
|
13,168 |
|
|
|
1,418,938 |
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
213,288 |
|
|
|
219,323 |
|
|
|
279,107 |
|
|
|
51,548 |
|
|
|
3,367 |
|
|
|
766,633 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
800 |
|
|
|
8 |
|
|
|
9 |
|
|
|
(166 |
) |
|
|
(911 |
) |
|
|
(260 |
) |
OTHER LOSSES, NET |
|
|
3,180 |
|
|
|
— |
|
|
|
1,268 |
|
|
|
1,425 |
|
|
|
158 |
|
|
|
6,031 |
|
EARNINGS FROM OPERATIONS |
|
|
172,167 |
|
|
|
195,929 |
|
|
|
243,346 |
|
|
|
24,538 |
|
|
|
10,554 |
|
|
|
646,534 |
|
INTEREST AND OTHER |
|
|
(57 |
) |
|
|
2,368 |
|
|
|
(10 |
) |
|
|
(8,767 |
) |
|
|
(18,241 |
) |
|
|
(24,707 |
) |
EARNINGS BEFORE INCOME TAXES |
|
|
172,224 |
|
|
|
193,561 |
|
|
|
243,356 |
|
|
|
33,305 |
|
|
|
28,795 |
|
|
|
671,241 |
|
INCOME TAXES |
|
|
40,304 |
|
|
|
45,292 |
|
|
|
56,753 |
|
|
|
7,723 |
|
|
|
6,712 |
|
|
|
156,784 |
|
NET EARNINGS |
|
$ |
131,920 |
|
|
$ |
148,269 |
|
|
$ |
186,603 |
|
|
$ |
25,582 |
|
|
$ |
22,083 |
|
|
$ |
514,457 |
|
INTEREST AND OTHER |
|
|
(57 |
) |
|
|
2,368 |
|
|
|
(10 |
) |
|
|
(8,767 |
) |
|
|
(18,241 |
) |
|
|
(24,707 |
) |
INCOME TAXES |
|
|
40,304 |
|
|
|
45,292 |
|
|
|
56,753 |
|
|
|
7,723 |
|
|
|
6,712 |
|
|
|
156,784 |
|
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS |
|
|
5,575 |
|
|
|
7,595 |
|
|
|
7,190 |
|
|
|
935 |
|
|
|
13,604 |
|
|
|
34,899 |
|
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS |
|
|
801 |
|
|
|
7 |
|
|
|
9 |
|
|
|
(167 |
) |
|
|
(910 |
) |
|
|
(260 |
) |
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |
|
|
(593 |
) |
|
|
(1,784 |
) |
|
|
(800 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,177 |
) |
DEPRECIATION EXPENSE |
|
|
25,483 |
|
|
|
32,996 |
|
|
|
19,546 |
|
|
|
2,454 |
|
|
|
30,084 |
|
|
|
110,563 |
|
AMORTIZATION OF INTANGIBLES |
|
|
4,566 |
|
|
|
8,849 |
|
|
|
2,904 |
|
|
|
3,488 |
|
|
|
1,520 |
|
|
|
21,327 |
|
ADJUSTED EBITDA |
|
$ |
207,999 |
|
|
$ |
243,592 |
|
|
$ |
272,195 |
|
|
$ |
31,248 |
|
|
$ |
54,852 |
|
|
$ |
809,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES |
|
|
7.0 |
% |
|
|
13.3 |
% |
|
|
12.6 |
% |
|
|
12.0 |
% |
|
|
* |
|
|
11.2 |
% |
|
* Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) DECEMBER 2024/2023 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
2024 |
|
|
2023 |
|
LIABILITIES AND EQUITY |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,171,828 |
|
|
1,118,329 |
|
Accounts payable |
|
$ |
224,659 |
|
$ |
203,055 |
|
|
Restricted cash |
|
|
7,766 |
|
|
3,927 |
|
|
Accrued liabilities and other |
|
|
283,664 |
|
|
322,021 |
|
Investments |
|
|
31,087 |
|
|
34,745 |
|
|
Current portion of debt |
|
|
4,125 |
|
|
42,900 |
|
Accounts receivable |
|
|
500,920 |
|
|
549,499 |
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
720,824 |
|
|
727,788 |
|
|
|
|
|
|
|
|
|
|
Other current assets |
|
|
70,600 |
|
|
67,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
2,503,025 |
|
|
2,502,089 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
512,448 |
|
|
567,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
257,533 |
|
|
220,278 |
|
|
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS |
|
|
229,830 |
|
|
233,534 |
|
INTANGIBLE ASSETS, NET |
|
|
499,637 |
|
|
518,853 |
|
|
OTHER LIABILITIES |
|
|
158,669 |
|
|
166,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEMPORARY EQUITY |
|
|
5,366 |
|
|
20,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET |
|
|
890,743 |
|
|
776,577 |
|
|
SHAREHOLDERS' EQUITY |
|
|
3,244,625 |
|
|
3,030,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
4,150,938 |
|
$ |
4,017,797 |
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
4,150,938 |
|
$ |
4,017,797 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE TWELVE MONTHS ENDED DECEMBER 2024/2023 |
|||||||||
|
|
|
|
|
|
|
|
||
(In thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||
Net earnings |
|
$ |
418,733 |
|
|
$ |
514,457 |
|
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
Depreciation |
|
|
124,641 |
|
|
|
110,563 |
|
|
Amortization of intangibles |
|
|
23,521 |
|
|
|
21,327 |
|
|
Expense associated with share-based and grant compensation arrangements |
|
|
38,163 |
|
|
|
34,899 |
|
|
Deferred income taxes |
|
|
(15,382 |
) |
|
|
(5,573 |
) |
|
Unrealized gain on investment and other |
|
|
(1,217 |
) |
|
|
(2,435 |
) |
|
Equity in (earnings) loss of investee |
|
|
(89 |
) |
|
|
2,367 |
|
|
Net loss (gain) on sale, disposition and impairment of assets |
|
|
678 |
|
|
|
(260 |
) |
|
Impairment of intangibles |
|
|
5,479 |
|
|
|
— |
|
|
Gain from reduction of estimated earnout liability |
|
|
(2,460 |
) |
|
|
(3,177 |
) |
|
Changes in: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
47,070 |
|
|
|
81,659 |
|
|
Inventories |
|
|
6,356 |
|
|
|
250,561 |
|
|
Accounts payable |
|
|
22,394 |
|
|
|
(3,578 |
) |
|
Accrued liabilities and other |
|
|
(25,316 |
) |
|
|
(40,920 |
) |
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
642,571 |
|
|
|
959,890 |
|
|
|
|
|
|
|
|
|
|
||
CASH FLOWS USED IN INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||
Purchases of property, plant, and equipment |
|
|
(232,274 |
) |
|
|
(180,382 |
) |
|
Proceeds from sale of property, plant and equipment |
|
|
11,501 |
|
|
|
3,291 |
|
|
Acquisitions, net of cash received and purchase of equity method investment |
|
|
(29,830 |
) |
|
|
(52,383 |
) |
|
Purchases of investments |
|
|
(55,397 |
) |
|
|
(29,806 |
) |
|
Proceeds from sale of investments |
|
|
30,844 |
|
|
|
29,935 |
|
|
Other |
|
|
4,406 |
|
|
|
(10,819 |
) |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(270,750 |
) |
|
|
(240,164 |
) |
|
|
|
|
|
|
|
|
|
||
CASH FLOWS USED IN FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||
Borrowings under revolving credit facilities |
|
|
29,913 |
|
|
|
28,462 |
|
|
Repayments under revolving credit facilities |
|
|
(32,256 |
) |
|
|
(30,125 |
) |
|
Repayments of debt |
|
|
(40,000 |
) |
|
|
(29 |
) |
|
Repayment of debt on behalf of investee |
|
|
(6,303 |
) |
|
|
— |
|
|
Contingent consideration payments and other |
|
|
(4,868 |
) |
|
|
(6,262 |
) |
|
Proceeds from issuance of common stock |
|
|
2,811 |
|
|
|
2,750 |
|
|
Dividends paid to shareholders |
|
|
(80,782 |
) |
|
|
(68,238 |
) |
|
Distributions to noncontrolling interest |
|
|
(11,848 |
) |
|
|
(7,355 |
) |
|
Purchase of remaining noncontrolling interest of subsidiary |
|
|
(4,902 |
) |
|
|
— |
|
|
Payments to taxing authorities in connection with shares directly withheld from employees |
|
|
(17,838 |
) |
|
|
— |
|
|
Repurchase of common stock |
|
|
(141,120 |
) |
|
|
(82,149 |
) |
|
Other |
|
|
73 |
|
|
|
86 |
|
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(307,120 |
) |
|
|
(162,860 |
) |
|
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash |
|
|
(7,363 |
) |
|
|
5,767 |
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
57,338 |
|
|
|
562,633 |
|
|
|
|
|
|
|
|
|
|
||
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
1,122,256 |
|
|
|
559,623 |
|
|
|
|
|
|
|
|
|
|
||
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
1,179,594 |
|
|
$ |
1,122,256 |
|
|
|
|
|
|
|
|
|
|
||
Reconciliation of cash and cash equivalents and restricted cash: |
|
|
|
|
|
|
|
||
Cash and cash equivalents, beginning of period |
|
$ |
1,118,329 |
|
|
$ |
559,397 |
|
|
Restricted cash, beginning of period |
|
|
3,927 |
|
|
|
226 |
|
|
All cash and cash equivalents, beginning of period |
|
$ |
1,122,256 |
|
|
$ |
559,623 |
|
|
|
|
|
|
|
|
|
|
||
Cash and cash equivalents, end of period |
|
$ |
1,171,828 |
|
|
$ |
1,118,329 |
|
|
Restricted cash, end of period |
|
|
7,766 |
|
|
|
3,927 |
|
|
All cash and cash equivalents, end of period |
|
$ |
1,179,594 |
|
|
$ |
1,122,256 |
|
|
|
|
|
|
|
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250217034441/en/
Stanley Elliott
Director of Investor Relations
(804) 337-8217
Source: UFP Industries, Inc.
FAQ
What were UFP Industries' (UFPI) Q4 2024 financial results?
How much did UFPI's full-year 2024 sales and earnings decline?
What is UFPI's dividend increase for 2025?
What are UFPI's capital investment plans for 2025?
What is UFPI's cost savings target by 2026?
