UFP Industries announces quarterly dividend of $0.25 per share

Rhea-AI Summary

UFP Industries, Inc. (NASDAQ: UFPI) announced a quarterly dividend of $0.25 per share, marking a 25% increase from the $0.20 per share paid in March 2022. This dividend is set to be paid on March 15, 2023, to shareholders on record as of March 1, 2023. The Chairman and CEO, Matthew J. Missad, highlighted this decision as a reflection of strong performance and confidence in the company’s growth strategy. UFP Industries is recognized for its diverse product offerings in construction and packaging across multiple regions, including North America, Europe, Asia, and Australia.

Positive

• Quarterly dividend increased by 25%, from $0.20 to $0.25 per share.
• Strong cash flow allows investments for greater returns.
• Confident in growth strategy and balanced business model.

Negative

• None.

- Dividend represents a 25 percent increase over the dividend paid in March 2022 -

GRAND RAPIDS, Mich.--(BUSINESS WIRE)--

On February 3, 2023, the Board of Directors of UFP Industries, Inc. (Nasdaq: UFPI) approved a quarterly dividend payment of $0.25 per share, a 25 percent increase over the quarterly dividend of $0.20 per share paid in March 2022. The dividend is payable on March 15, 2023, to shareholders of record on March 1, 2023.

“This enhanced dividend reflects our strong performance and the confidence we have in our growth strategy and balanced business model, which serves many diverse yet complementary markets,” said Chairman and CEO Matthew J. Missad. “Our strong cash flow not only allows us to invest in growing UFP Industries to achieve even greater returns, but to share our success with shareholders through these dividends. We thank our shareholders, many of whom are employees, for making this success possible.”

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 http://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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005811/en/

Dick Gauthier

VP, Investor Relations

(616) 365-1555

Source: UFP Industries, Inc.

FAQ

What is the new dividend amount for UFP Industries (UFPI) in 2023?

UFP Industries announced a new dividend amount of $0.25 per share.

When will the dividend for UFP Industries be paid?

The dividend will be paid on March 15, 2023.

What was the previous dividend amount for UFP Industries before the increase?

The previous dividend amount was $0.20 per share, paid in March 2022.

Who is the current CEO of UFP Industries?

The current CEO of UFP Industries is Matthew J. Missad.