UFP Industries Reports Record Earnings for Fourth Quarter and Year

Rhea-AI Summary

UFP Industries (NASDAQ: UFPI) announced record net sales of $8.64 billion for fiscal 2021, a 68% increase year-over-year. In Q4, net sales reached $2.02 billion, a 45% rise, with diluted EPS soaring by 117% to $2.21. The company made nine acquisitions in 2021, contributing significantly to sales growth. Despite a rise in SG&A expenses by 54% due to increased profitability, adjusted EBITDA grew by 93% to $834.9 million. UFP anticipates capital expenditures between $175-225 million in 2022 and has authorized a new $2.6 million share repurchase program to offset dilution.

Positive

• Net sales increased by 68% to $8.64 billion in fiscal 2021.
• Q4 diluted EPS rose 117% to $2.21.
• Nine acquisitions made in 2021 contributed significantly to growth.
• Adjusted EBITDA increased 93% to $834.9 million.
• Authorized share repurchase program of $2.6 million.

Negative

• SG&A expenses rose by 54% due to increased profitability-related bonuses.
• Organic unit sales for UFP Retail Solutions declined by 4%.

-- Unit sales increase 25 percent and diluted EPS increases 117 percent in Q4; board increases share buyback authorization

GRAND RAPIDS, Mich., Feb. 16, 2022 (GLOBE NEWSWIRE) -- UFP Industries, Inc. (Nasdaq: UFPI) today announced record net sales and net earnings for the fourth quarter and fiscal year 2021. The company, which passed $8.6 billion in net sales for fiscal 2021, also reported record earnings per diluted share of $8.59, a 115 percent increase over the previous year. During the fourth quarter of fiscal 2021, net sales were $2 billion, a 45 percent increase over the fourth quarter of 2020, while earnings per diluted share were $2.21, a 117 percent increase over the fourth quarter of 2020.

“Our new market-focused organizational structure is helping us to better identify growth opportunities, and we are more strategically investing our capital. These investments, coupled with the addition of new value-added products and very strong demand, have resulted in unprecedented growth,” said CEO Matthew J. Missad. “We are grateful for our hard-working teammates who overcame what we hope are once-in-a-lifetime COVID-19 disruptions, as well as normal production and delivery challenges, to meet the demand and serve our customers. We are delighted to recognize the contributions of our hourly and production employees during this challenging period by paying them more than $50 million in additional bonuses and other compensation for 2021.”

UFP Industries made four acquisitions during the fourth quarter: Shelter Products (distribution in U.S.); Boxpack Packaging (Australia), a 70 percent equity stake in Ficus Pax (industrial packaging in India), and Advantage Label & Packaging (U.S.). Altogether, UFP Industries acquired nine companies, including PalletOne and Spartanburg Forest Products, during fiscal 2021. Together, they contributed 20 percent of the unit sales growth during the fourth quarter and 24 percent during fiscal 2021.

Fourth Quarter 2021 Highlights (comparisons on a year-over-year basis):

• Net sales of $2.02 billion increased 45 percent due to a 5 percent increase in organic unit sales, a 20 percent increase in unit sales from acquisitions, and a 20 percent increase in lumber prices.
• Earnings from operations of $195 million increased 121 percent. Acquisitions contributed $19 million to earnings.
• An increase in SG&A of $91 million, or 105 percent, is largely attributable to bonus and sales incentive compensation expenses resulting from increased profitability (up $67 million), recent acquisitions ($10 million), increases in wages and benefits ($4 million), and travel and lodging (up $3 million) as employees resumed more normal business travel activity. SG&A as a percentage of gross profit rose from 46 percent to 48 percent.
• New product sales of $189.1 million increased 42 percent.
• Adjusted EBITDA of $223.3 million increased 89 percent, and adjusted EBITDA margin expanded by 260 basis points to 11.1 percent. Acquisitions contributed $25 million to adjusted EBITDA.
  

Fiscal 2021 Highlights (comparisons on a year-over-year basis):

• Net sales of $8.64 billion increased 68 percent due to a 4 percent increase in organic unit sales, a 24 percent increase in unit sales from acquisitions, and a 40 percent increase in lumber prices.
• Earnings from operations of $737.6 million increased 113 percent. Acquisitions contributed $50 million to earnings.
• An increase in SG&A of $238 million or 54 percent is largely attributable to increases in bonus and sales incentive compensation expenses due to increased profitability (up $147 million), recent acquisitions ($50 million), and increases in wages and benefits ($19 million) and travel and lodging ($5 million). SG&A as a percentage of gross profit fell from 56 percent to 49 percent.
• New product sales were $842 million, up 56 percent.
• Adjusted EBITDA of $834.9 million increased 93 percent, and adjusted EBITDA margin expanded by 130 basis points to 9.7 percent. Acquisitions contributed $71 million to adjusted EBITDA.
  

UFP Industries maintains a strong balance sheet with just over $50 million in net debt and $805 million of liquidity at the end of December 2021. As a result of the cash flow generated in 2021 and the growth opportunities ahead, the company is increasing its capital expenditure target to a range of $175-225 million in 2022, an increase over the $151 million spent in 2021. This growth reflects the enhanced speed and focus created by the new organizational structure as well as the recognition that certain organic growth has a better return on investment than some acquisition growth opportunities, as pricing for acquisitions remains elevated. The investments include additional capacity for Deckorators and UFP-Edge; new locations that expand the geographic reach of the company’s site-built operations; automation, robotics and technology; and upgrades to existing facilities that will help strengthen UFP’s position as an employer of choice. In order to be approved, each expansionary capital project must meet the company’s financial targets.

The company has also increased capital available for share repurchases. The company’s board authorized an increase in its share repurchase program to a total of up to 2.6 million shares. The company may utilize this authorization to repurchase shares to offset dilution resulting from long-term, share-based incentive compensation programs.

“The volatility in both the lumber market and the economy during the past few years has only validated the strength of our balanced business model and new market-focused structure,” said Missad. “More businesses are turning to UFP because of our growing portfolio and geographic reach, as well as our reliability as a supplier.”

By business segment, the Company reported the following 2021 results:

UFP Retail Solutions

Fourth Quarter: $703.9 million in net sales, up 39 percent over the fourth quarter of 2020 due to a 34 percent increase in unit sales from the acquisitions of Sunbelt Forest Products and Spartanburg Forest Products, a 2 percent increase in organic unit sales, and a 3 percent increase in selling prices. Unit sales increased for UFP-Edge (up 9 percent), and ProWood (up 1 percent). Unit sales fell for Deckorators (down 7 percent) and Outdoor Essentials (down 4 percent). The decline in Deckorators’ unit sales is attributable to decking accessories (down 21 percent). Unit sales for Deckorators decking rose 11 percent. Gross profit for the retail segment rose 6 percent to $64 million. Gross profit margin fell from 12 percent to 9 percent mostly due to falling lumber prices early in the quarter and a change in product mix resulting from acquisitions whose product mix is more heavily weighted toward treated lumber.

Full Year: $3.42 billion in net sales, up 58 percent from 2020 due to a 35 percent increase in unit sales from acquisitions, a 27 percent increase in selling prices, and a 4 percent decline in organic unit sales. Unit sales rose for UFP Edge (up 17 percent), Deckorators (up 9 percent), and Outdoor Essentials (up 5 percent). Unit sales fell for ProWood (down 14 percent). Gross profit rose 1.6 percent to $298 million, well below the segment’s 31 percent increase in unit sales. Gross profit was unfavorably impacted by falling lumber prices from June through October and the treated lumber sales of acquisitions.

UFP Industrial

Fourth Quarter: $514.9 million in net sales, up 67 percent from the fourth quarter of 2020 due to a 42 percent increase in selling prices, a 29 percent increase in unit sales from the acquisition of PalletOne, and a 4 percent decline in organic unit growth. Organic unit growth was adversely impacted by capacity and labor constraints, long lead times for equipment, and the company’s strategy of being more selective in taking on new business to focus on higher-margin products. Gross profit rose 152 percent to $123 million, exceeding unit sales growth of 29 percent, due to acquisitions, an increasing proportion of value-added products, and value-based pricing discipline that includes the impact of higher lumber, labor and transportation costs.

Full Year: $2.15 billion in net sales, up 100 percent from the previous year due to a 60 percent increase in selling prices, a 35 percent increase in unit sales from the acquisition of PalletOne, and a 5 percent increase in organic unit sales. Gross profit rose 163 percent to $465 million, exceeding unit sales growth of 40 percent, due to value-based pricing discipline and leveraging fixed costs, as well as a greater proportion of value-added products.

UFP Construction

Fourth Quarter: $677.3 million in net sales, up 33 percent over the fourth quarter of 2020, due to an 18 percent increase in selling prices, a 13 percent increase in organic unit growth, and a 2 percent increase in unit sales from acquisitions. Unit sales increased to these markets: commercial (up 38 percent), manufactured housing (up 20 percent) and residential (up 6 percent). Gross profit increased 98 percent to $154 million in the fourth quarter, due to better pricing discipline and the company’s ability to better leverage fixed costs.

Full Year: $2.70 billion in net sales, up 59 percent from the previous year due to a 42 percent increase in selling prices, a 14 percent increase in organic unit sales, and a 3 percent increase in unit sales from acquisitions. Unit sales increased to these markets: manufactured housing (up 25 percent), residential (up 21 percent), and commercial (up 16 percent). For the year, gross profit increased 103 percent to $531 million, exceeding unit sales growth of 17 percent, due to better pricing discipline and the company’s ability to better leverage fixed costs.

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 Wednesday, February 16, 2022. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547 and internationally at 213-660-0879. Use conference pass code 4878996. The conference call 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 February 18, 2022, at 855-859-2056 or 404-537-3406.

UFP Industries, Inc.

UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, 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. 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 2021/2020

	Quarter Period														Year to Date
(In thousands, except per share data)	2021							2020							2021							2020
NET SALES	$	2,016,805			100.0		%	$	1,393,708			100.0		%	$	8,636,134			100.0		%	$	5,153,998			100.0		%
COST OF GOODS SOLD		1,645,241			81.6				1,206,653			86.6				7,229,167			83.7				4,353,702			84.5
GROSS PROFIT		371,564			18.4				187,055			13.4				1,406,967			16.3				800,296			15.5
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		178,149			8.8				86,826			6.2				682,253			7.9				444,596			8.6
OTHER (GAINS) LOSSES, NET		(1,592	)		(0.1	)			11,995			0.9				(12,840	)		(0.1	)			9,874			0.2
EARNINGS FROM OPERATIONS		195,007			9.7				88,234			6.3				737,554			8.5				345,826			6.7
OTHER INTEREST AND EXPENSE, NET		1,938			0.1				174			—				11,218			0.1				4,843			0.1
EARNINGS BEFORE INCOME TAXES		193,069			9.6				88,060			6.3				726,336			8.4				340,983			6.6
INCOME TAXES		46,063			2.3				23,303			1.7				173,972			2.0				87,101			1.7
NET EARNINGS		147,006			7.3				64,757			4.6				552,364			6.4				253,882			4.9
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST		(9,100	)		(0.5	)			(1,805	)		(0.1	)			(16,724	)		(0.2	)			(7,104	)		(0.1	)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$	137,906			6.8			$	62,952			4.5			$	535,640			6.2			$	246,778			4.8
EARNINGS PER SHARE - BASIC	$	2.21						$	1.02						$	8.61						$	4.00
EARNINGS PER SHARE - DILUTED	$	2.21						$	1.02						$	8.59						$	4.00
COMPREHENSIVE INCOME		143,210							74,754							547,068							259,849
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST		(7,431	)						(6,622	)						(15,039	)						(9,976	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$	135,779						$	68,132						$	532,029						$	249,873

SUPPLEMENTAL DATA
(In thousands)		Quarter Period														Year to Date
Segment Classification		2021							2020				% change			2021							2020				% change
Retail		$	703,897						$	505,249			39.3	%		$	3,418,337						$	2,167,122			57.7	%
Industrial			514,854							309,071			66.6	%			2,148,142							1,072,117			100.4	%
Construction			677,326							508,254			33.3	%			2,698,434							1,695,684			59.1	%
All Other			120,728							71,134			69.7	%			371,221							219,075			69.4	%
Total Net Sales		$	2,016,805						$	1,393,708			44.7	%		$	8,636,134						$	5,153,998			67.6	%
		2021				% of Sales			2020				% of Sales			2021				% of Sales			2020				% of Sales
SG&A		$	178,149			8.8	%		$	86,826			6.2	%		$	682,253			7.9	%		$	444,596			8.6	%
SG&A as a Percentage of Gross Profit			47.9	%						46.4	%						48.5	%						55.6	%

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 2021/2020

	Quarter Period
	2021
(In thousands)	Retail				Industrial				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

	Quarter Period
	2020
(In thousands)	Retail				Industrial				Construction				All Other				Corporate				Total
NET SALES	$	505,249			$	309,071			$	508,254			$	68,591			$	2,543			$	1,393,708
COST OF GOODS SOLD		444,886				260,042				430,537				45,876				25,312				1,206,653
GROSS PROFIT		60,363				49,029				77,717				22,715				(22,769	)			187,055
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		27,045				23,484				45,418				6,243				(15,364	)			86,826
OTHER		90				(3,996	)			13,835				2,313				(247	)			11,995
EARNINGS FROM OPERATIONS	$	33,228			$	29,541			$	18,464			$	14,159			$	(7,158	)		$	88,234

	Year to Date
	2021
(In thousands)	Retail				Industrial				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

	Year to Date
	2020
(In thousands)	Retail				Industrial				Construction				All Other				Corporate				Total
NET SALES	$	2,167,122			$	1,072,117			$	1,695,684			$	217,094			$	1,981			$	5,153,998
COST OF GOODS SOLD		1,874,114				895,466				1,433,469				147,117				3,536				4,353,702
GROSS PROFIT		293,008				176,651				262,215				69,977				(1,555	)			800,296
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		137,641				97,146				179,516				34,471				(4,178	)			444,596
OTHER		56				(3,873	)			13,690				775				(774	)			9,874
EARNINGS FROM OPERATIONS	$	155,311			$	83,378			$	69,009			$	34,731			$	3,397			$	345,826

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 2021/2020

(In thousands)
ASSETS	2021			2020				LIABILITIES AND EQUITY	2021			2020
CURRENT ASSETS								CURRENT LIABILITIES
Cash and cash equivalents	$	286,662		$	436,507			Cash Overdraft	$	17,030		$	—
Restricted cash		4,561			101			Accounts payable		319,125			211,518
Investments		36,495			24,308			Accrued liabilities		397,204			252,131
Accounts receivable		737,805			470,504			Current portion of debt		42,683			100
Inventories		963,320			567,294
Other current assets		44,633			39,648
TOTAL CURRENT ASSETS		2,073,476			1,538,362			TOTAL CURRENT LIABILITIES		776,042			463,749
OTHER ASSETS		151,351			117,521
INTANGIBLE ASSETS, NET		431,424			331,846			LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS		277,567			311,607
								OTHER LIABILITIES		175,093			146,383
PROPERTY, PLANT AND EQUIPMENT, NET		589,020			417,162			EQUITY		2,016,569			1,483,152
TOTAL ASSETS	$	3,245,271		$	2,404,891			TOTAL LIABILITIES AND EQUITY	$	3,245,271		$	2,404,891

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE TWELVE MONTHS ENDED
DECEMBER 2021/2020

(In thousands)	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	552,364		$	253,882
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation		84,184			63,964
Amortization of intangibles		13,948			8,716
Expense associated with share-based and grant compensation arrangements		11,224			4,034
Deferred income taxes		5,653			1,857
Unrealized gain on investment and other		(4,118	)		(2,076	)
Equity in earnings of investee		3,902			—
Net (gain) loss on sale and disposition of assets		(11,992	)		1,470
Goodwill impairment		—			11,485
Gain from reduction of estimated earnout liability		—			(4,134	)
Changes in:
Accounts receivable		(85,439	)		(87,552	)
Inventories		(260,301	)		(76,022	)
Accounts payable and cash overdraft		78,060			62,405
Accrued liabilities and other		124,992			98,448
NET CASH FROM OPERATING ACTIVITIES		512,477			336,477
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(151,166	)		(89,182	)
Proceeds from sale of property, plant and equipment		29,973			2,922
Acquisitions and purchase of noncontrolling interest, net of cash received		(475,960	)		(65,255	)
Purchases of investments		(23,797	)		(28,054	)
Proceeds from sale of investments		14,882			24,805
Other		(5,119	)		46
NET CASH USED IN INVESTING ACTIVITIES		(611,187	)		(154,718	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities		892,072			6,862
Repayments under revolving credit facilities		(888,695	)		(6,498	)
Contingent consideration payment and other		(3,176	)		(5,787	)
Issuance of long-term debt		—			150,000
Proceeds from issuance of common stock		2,116			1,395
Dividends paid to shareholders		(40,209	)		(30,669	)
Distributions to noncontrolling interest		(6,750	)		(932	)
Repurchase of common stock		—			(29,212	)
Other		(364	)		62
NET CASH (USED IN) FROM FINANCING ACTIVITIES		(45,006	)		85,221
Effect of exchange rate changes on cash		(1,669	)		962
NET CHANGE IN CASH AND CASH EQUIVALENTS		(145,385	)		267,942
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		436,608			168,666
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD	$	291,223		$	436,608
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	$	436,507		$	168,336
Restricted cash, beginning of period		101			330
All cash and cash equivalents, beginning of period	$	436,608		$	168,666
Cash and cash equivalents, end of period	$	286,662		$	436,507
Restricted cash, end of period		4,561			101
All cash and cash equivalents, end of period	$	291,223		$	436,608

ADJUSTED EBITDA RECONCILIATION (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 2021/2020

	Quarter Period							Year to Date
(In thousands)	2021				2020			2021				2020
Net earnings	$	147,006			$	64,757		$	552,364			$	253,882
Interest expense		3,331				3,020			13,814				9,311
Interest and investment income		(521	)			(851	)		(2,380	)			(2,392	)
Income taxes		46,063				23,303			173,972				87,101
Expenses associated with share-based compensation arrangements		2,780				882			11,224				4,034
Net gain on disposition and impairment of assets		(1,510	)			2,132			(11,992	)			1,470
Goodwill impairment		—				11,485			—				11,485
Equity in earnings of investee		1,491				—			3,902				—
Gain from reduction of estimated earnout liability		—				(4,134	)		—				(4,134	)
Unrealized loss (gain) on investments		(2,362	)			(1,994	)		(4,118	)			(2,076	)
Depreciation expense		22,443				16,738			84,184				63,964
Amortization of intangibles		4,579				2,853			13,948				8,716
Adjusted EBITDA	$	223,300			$	118,191		$	834,918			$	431,361
Adjusted EBITDA as a Percentage of Net Sales		11.1	%			8.5	%		9.7	%			8.4	%

---------------AT THE COMPANY---------------

Dick Gauthier
VP, Communications and Investor Relations
(616) 365-1555

FAQ

What were UFP Industries' Q4 2021 earnings results?

UFP Industries reported Q4 2021 net sales of $2.02 billion, a 45% increase, and diluted EPS of $2.21, up 117% year-over-year.

How did UFP Industries perform in fiscal 2021?

In fiscal 2021, UFP Industries achieved record net sales of $8.64 billion, a 68% increase from the previous year.

What acquisitions did UFP Industries make in 2021?

UFP Industries made nine acquisitions in 2021, significantly contributing to its sales growth.

What is UFP Industries' guidance for capital expenditures in 2022?

UFP Industries has increased its capital expenditure target to between $175 million and $225 million for 2022.

What share buyback program did UFP Industries authorize?

The board authorized a share repurchase program of up to 2.6 million shares.