UFP Industries, Inc. (Nasdaq: UFPI) today announced third
quarter 2024 results including net sales of $1.65 billion, net
earnings attributable to controlling interest of $100 million, and
earnings per diluted share of $1.64.
"Our third quarter results were impacted by softer demand and
broad-based pricing pressure which reduced our revenue and profit
margins. We are managing through these ongoing challenges by
operating more efficiently, aligning our overhead with lower demand
levels and eliminating unnecessary costs. I am confident our
teammates will respond appropriately to the changing economy while
enhancing the pursuit of our strategic priorities. While we expect
conditions to remain challenging as we move into 2025, we are well
positioned to capitalize on opportunities when markets recover and
remain on track to achieve our longer-term profitability targets,”
said Chairman and CEO Matthew J. Missad.
“When the economy slows, it also creates opportunities to obtain
more appropriate pricing on strategic acquisitions; invest in new
products, automation and technology; and pursue organic expansion.
We plan to leverage our strong balance sheet and free cash flow
generation to pursue growth initiatives that drive ROI and expand
our market share, while pursuing share buybacks when our stock is
at an attractive level.”
“Finally, I want to give special thanks to our teammates in the
southeastern U.S. for their dedication and perseverance after the
recent hurricanes. Despite their own storm-related personal
challenges, they worked long hours to make sure our customers were
taken care of. They embody the UFP culture by also caring for their
neighbors and communities and helping the UFPI Foundation identify
charities to support in the hardest-hit communities where we
operate. I am proud to be on their team.”
Third Quarter 2024 Highlights (comparisons on a
year-over-year basis except where noted):
- Net sales of $1.65 billion decreased 10 percent due to a 3
percent decrease in organic unit sales and a 7 percent decrease in
selling prices. The price of Southern Yellow Pine (SYP), which
comprises approximately two-thirds of our lumber purchases,
decreased 21 percent and contributed to the decrease in our selling
prices.
- New product sales of $119 million were 7.2 percent of total
sales compared to 7.6 percent in the third quarter of 2023. Many
products that were considered new products in 2023 were sunset and
not included in 2024 totals. In 2024, we also increased the margin
threshold for new products, resulting in certain product lines no
longer meeting our growth and margin requirements for the purpose
of being categorized as new products.
- Net earnings attributable to controlling interests of $100
million represents a 26 percent decrease from last year.
- Adjusted EBITDA1 of $165 million represents a decrease of 21
percent while adjusted EBITDA margin1 declined 140 basis points to
10.0 percent.
Capital Allocation
UFP Industries maintains a strong balance sheet with $1.19
billion in cash as of September 28, 2024, compared to $957 million
in cash at the end of the third quarter of 2023. The company had
approximately $2.4 billion of liquidity as of September 28, 2024.
The company’s return-focused approach to capital allocation
includes the following:
- Acquisitions and Organic Growth. The
company continues to pursue strategic acquisitions and will invest
in organic growth opportunities when acquisition targets are not
available at valuations that will allow us to meet or exceed
targeted return rates. The company has targeted approximately $1
billion in capital investments over the next five years, including
capital investments in 2024 of up to $300 million for automation,
technology upgrades, geographic expansion and increased capacity at
existing facilities, specifically for its Deckorators, Site Built,
structural and protective packaging, and machine-built pallet
businesses. Approximately $295 million in capital projects have
been approved in 2024 and another $55 million are pending
approval.
- Dividend payments. On October 23,
2024, the UFP Industries Board of Directors approved a quarterly
dividend payment of $0.33 per share, a 10 percent increase over the
quarterly dividend of $0.30 per share paid in December 2023. The
dividend is payable on December 16, 2024, to shareholders of record
on December 2, 2024.
- Share repurchases. On July 24, 2024,
the UFP Industries Board of Directors authorized the company to
repurchase up to $200 million of shares through July 31, 2025. No
shares have been repurchased under this new authorization.
________________________________ 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 third
quarter 2024 results:
UFP Retail Solutions
Net sales of $636 million, down 13 percent compared to the third
quarter of 2023, attributable to a 4 percent decline in organic
unit sales, a 7 percent decline in selling prices, and a 2 percent
decline due to the transfer of certain product sales to the
Packaging and Construction segments. Organic unit sales decreased 5
percent for ProWood, 4 percent for UFP-Edge, and 3 percent for
Deckorators. Overall, unit sales decreased 3 percent with big box
customers, reflective of ongoing softening in repair and remodel
activity. Independent dealer sales decreased 8 percent, a decline
that more closely correlates to housing starts. Gross profit of $93
million decreased 11 percent.
UFP Packaging
Net sales of $402 million were down 11 percent compared to the
third quarter of 2023, due to a 5 percent decline in organic unit
sales and an 8 percent decrease in selling prices, partially offset
by a 2 percent increase from the transfer of certain product sales
from the Retail segment. A 10 percent decline in organic unit sales
for Structural Packaging, attributable to weaker demand, drove
results in the quarter and were partially offset by a 2 percent
increase in organic unit sales for PalletOne and a 4 percent
increase in organic unit sales for Protective Packaging, both due
to market share gains. Gross profit for the Packaging segment
decreased 24 percent to $71 million due to competitive price
pressure and lower sales volumes.
UFP Construction
Net sales of $535 million decreased 8 percent compared to the
third quarter of 2023, attributable to a 2 percent decrease in
organic unit sales and a 7 percent decrease in selling prices,
partially offset by a 1 percent increase from the transfer of
certain product sales from the Retail segment. Organic unit sales
increased 11 percent in Factory Built due to an increase in
industry production and market share gains. Organic unit sales for
Site Built, Concrete Forming and Commercial decreased 8 percent, 7
percent and 6 percent, respectively, primarily due to weaker
demand. Gross profit for the Construction segment decreased 23
percent to $112 million, primarily due to a drop in volume and
fixed manufacturing costs, as well as a more competitive pricing
environment.
Short-Term Outlook
Lumber Market: We continue to
anticipate lumber prices will remain at lower levels in 2024 based
on current supply and demand dynamics. Recent industry production
curtailments combined with new demand from rebuilding after storm
damage may better align supply and demand in 2025.
End Market Demand: Our outlook for
the fourth quarter remains unchanged for our Retail and Packaging
segments. While we continue to anticipate demand will decrease in
Retail by mid-single digits and decrease in Packaging by mid- to
high-single digits, we now anticipate a decrease in demand for
Construction by low-single digits, with continued strength in our
Factory Built business offsetting weaker demand in our other
Construction business units. We anticipate the softer demand and
competitive pricing environment to continue through the remainder
of 2024 and into 2025, resulting in more challenging year-over-year
unit sales and profitability comparisons, partially offset by
market share gains in each of our segments.
CONFERENCE CALL
UFP Industries will conduct a conference call to discuss its
outlook and information included in this news release at 8:30 a.m.
ET on Tuesday, October 29, 2024. The call will be hosted by
Chairman and 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
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 Grand
Rapids, Mich., with affiliates in North America, Europe, Asia and
Australia. UFP Industries is ranked #493 on the Fortune 500 and
#128 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 uses Adjusted
EBITDA, a non-GAAP financial measure, in order to evaluate
historical and ongoing operations. Management believes that this
non-GAAP financial measure is useful in order to enable investors
to perform meaningful comparisons of historical and current
performance. Adjusted EBITDA is intended to supplement and should
be read together with the financial results. Adjusted EBITDA should
not be considered an alternative or substitute for, and should not
be considered superior to, the reported financial results.
Accordingly, users of this financial information should not place
undue reliance on the non-GAAP financial measure.
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 NINE MONTHS
ENDED
SEPTEMBER 2024/2023
Quarter Period
Year to Date
(In thousands, except per share
data)
2024
2023
2024
2023
NET SALES
$
1,649,383
100.0
%
$
1,827,637
100.0
%
$
5,190,308
100.0
%
$
5,694,031
100.0
%
COST OF GOODS SOLD
1,350,971
81.9
1,463,237
80.1
4,203,075
81.0
4,571,235
80.3
GROSS PROFIT
298,412
18.1
364,400
19.9
987,233
19.0
1,122,796
19.7
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
183,341
11.1
195,649
10.7
578,555
11.1
595,035
10.5
OTHER LOSSES (GAINS), NET
(4,855
)
(0.3
)
1,419
0.1
(4,105
)
(0.1
)
5,224
0.1
EARNINGS FROM OPERATIONS
119,926
7.3
167,332
9.2
412,783
8.0
522,537
9.2
INTEREST AND OTHER
(14,184
)
(0.9
)
(6,177
)
(0.3
)
(36,353
)
(0.7
)
(13,043
)
(0.2
)
EARNINGS BEFORE INCOME TAXES
134,110
8.1
173,509
9.5
449,136
8.7
535,580
9.4
INCOME TAXES
32,491
2.0
39,326
2.2
100,186
1.9
125,031
2.2
NET EARNINGS
101,619
6.2
134,183
7.3
348,950
6.7
410,549
7.2
LESS NET (EARNINGS) LOSS ATTRIBUTABLE
TO NONCONTROLLING INTEREST
(1,819
)
(0.1
)
(148
)
—
(2,429
)
—
316
—
NET EARNINGS ATTRIBUTABLE TO
CONTROLLING INTEREST
$
99,800
6.1
$
134,035
7.3
$
346,521
6.7
$
410,865
7.2
EARNINGS PER SHARE - BASIC
$
1.64
$
2.14
$
5.66
$
6.55
EARNINGS PER SHARE - DILUTED
$
1.64
$
2.10
$
5.65
$
6.45
COMPREHENSIVE INCOME
$
102,411
$
130,422
$
340,632
$
417,518
LESS COMPREHENSIVE (INCOME) LOSS
ATTRIBUTABLE TO NONCONTROLLING INTEREST
(1,032
)
820
397
(2,661
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO
CONTROLLING INTEREST
$
101,379
$
131,242
$
341,029
$
414,857
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS AND
RECONCILIATION TO ADJUSTED
EBITDA BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED
SEPTEMBER 2024/2023
Quarter Period 2024
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
635,571
$
401,626
$
534,625
$
75,802
$
1,759
$
1,649,383
COST OF GOODS SOLD
542,516
330,381
422,967
61,350
(6,243
)
1,350,971
GROSS PROFIT
93,055
71,245
111,658
14,452
8,002
298,412
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
54,113
49,352
69,046
13,696
(2,866
)
183,341
OTHER
(2,870
)
28
212
(1,791
)
(434
)
(4,855
)
EARNINGS FROM OPERATIONS
41,812
21,865
42,400
2,547
11,302
119,926
INTEREST AND OTHER
(114
)
81
—
(4,033
)
(10,118
)
(14,184
)
EARNINGS BEFORE INCOME TAXES
41,926
21,784
42,400
6,580
21,420
134,110
INCOME TAXES
10,157
5,277
10,273
1,594
5,190
32,491
NET EARNINGS
$
31,769
$
16,507
$
32,127
$
4,986
$
16,230
$
101,619
INTEREST AND OTHER
(114
)
81
—
(4,033
)
(10,118
)
(14,184
)
INCOME TAXES
10,157
5,277
10,273
1,594
5,190
32,491
EXPENSES ASSOCIATED WITH SHARE-BASED
COMPENSATION ARRANGEMENTS
1,116
1,575
1,822
140
3,416
8,069
NET LOSS (GAIN) ON DISPOSITION AND
IMPAIRMENT OF ASSETS
(9
)
28
(64
)
(4
)
(404
)
(453
)
DEPRECIATION EXPENSE
7,238
8,664
6,027
832
8,726
31,487
AMORTIZATION OF INTANGIBLES
998
2,216
703
1,536
433
5,886
ADJUSTED EBITDA
$
51,155
$
34,348
$
50,888
$
5,051
$
23,473
$
164,915
ADJUSTED EBITDA AS A PERCENTAGE OF NET
SALES
8.0
%
8.6
%
9.5
%
6.7
%
*
10.0
%
* Not meaningful
Quarter Period 2023
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
730,353
$
449,885
$
583,960
$
62,454
$
985
$
1,827,637
COST OF GOODS SOLD
625,730
355,924
439,152
43,084
(653
)
1,463,237
GROSS PROFIT
104,623
93,961
144,808
19,370
1,638
364,400
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
57,019
52,524
75,293
13,919
(3,106
)
195,649
OTHER
930
8
(45
)
108
418
1,419
EARNINGS FROM OPERATIONS
46,674
41,429
69,560
5,343
4,326
167,332
INTEREST AND OTHER
26
10
(1
)
(98
)
(6,114
)
(6,177
)
EARNINGS BEFORE INCOME TAXES
46,648
41,419
69,561
5,441
10,440
173,509
INCOME TAXES
10,642
9,388
15,766
1,164
2,366
39,326
NET EARNINGS
$
36,006
$
32,031
$
53,795
$
4,277
$
8,074
$
134,183
INTEREST AND OTHER
26
10
(1
)
(98
)
(6,114
)
(6,177
)
INCOME TAXES
10,642
9,388
15,766
1,164
2,366
39,326
EXPENSES ASSOCIATED WITH SHARE-BASED
COMPENSATION ARRANGEMENTS
1,314
1,686
1,685
184
3,324
8,193
NET LOSS (GAIN) ON DISPOSITION AND
IMPAIRMENT OF ASSETS
35
8
(14
)
(200
)
(112
)
(283
)
DEPRECIATION EXPENSE
6,355
8,361
4,930
518
7,482
27,646
AMORTIZATION OF INTANGIBLES
1,133
2,175
703
563
380
4,954
ADJUSTED EBITDA
$
55,511
$
53,659
$
76,864
$
6,408
$
15,400
$
207,842
ADJUSTED EBITDA AS A PERCENTAGE OF NET
SALES
7.6
%
11.9
%
13.2
%
10.3
%
*
11.4
%
* Not meaningful
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS AND
RECONCILIATION TO ADJUSTED
EBITDA BY SEGMENT (UNAUDITED)
FOR THE NINE MONTHS ENDED
SEPTEMBER 2024/2023
Year to Date 2024
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
2,073,403
$
1,261,248
$
1,627,068
$
224,219
$
4,370
$
5,190,308
COST OF GOODS SOLD
1,752,464
1,020,877
1,275,520
171,916
(17,702
)
4,203,075
GROSS PROFIT
320,939
240,371
351,548
52,303
22,072
987,233
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
175,014
156,289
211,503
41,663
(5,914
)
578,555
OTHER
(1,650
)
1,455
292
(3,276
)
(926
)
(4,105
)
EARNINGS FROM OPERATIONS
147,575
82,627
139,753
13,916
28,912
412,783
INTEREST AND OTHER
(386
)
1,314
(25
)
(8,826
)
(28,430
)
(36,353
)
EARNINGS BEFORE INCOME TAXES
147,961
81,313
139,778
22,742
57,342
449,136
INCOME TAXES
33,193
17,841
31,194
5,072
12,886
100,186
NET EARNINGS
$
114,768
$
63,472
$
108,584
$
17,670
$
44,456
$
348,950
INTEREST AND OTHER
(386
)
1,314
(25
)
(8,826
)
(28,430
)
(36,353
)
INCOME TAXES
33,193
17,841
31,194
5,072
12,886
100,186
EXPENSES ASSOCIATED WITH SHARE-BASED
COMPENSATION ARRANGEMENTS
3,928
5,351
6,098
609
11,359
27,345
NET LOSS (GAIN) ON DISPOSITION AND
IMPAIRMENT OF ASSETS
877
1,455
222
10
(1,026
)
1,538
GAIN FROM REDUCTION OF ESTIMATED EARNOUT
LIABILITY
—
(37
)
(1,818
)
—
—
(1,855
)
DEPRECIATION EXPENSE
21,327
25,600
17,032
2,449
25,722
92,130
AMORTIZATION OF INTANGIBLES
2,994
6,624
2,108
4,573
1,322
17,621
ADJUSTED EBITDA
$
176,701
$
121,620
$
163,395
$
21,557
$
66,289
$
549,562
ADJUSTED EBITDA AS A PERCENTAGE OF NET
SALES
8.5
%
9.6
%
10.0
%
9.6
%
*
10.6
%
* Not meaningful
Year to Date 2023
(In thousands)
Retail
Packaging
Construction
All Other
Corporate
Total
NET SALES
$
2,430,277
$
1,424,546
$
1,650,017
$
185,841
$
3,350
$
5,694,031
COST OF GOODS SOLD
2,107,528
1,091,452
1,246,346
127,446
(1,537
)
4,571,235
GROSS PROFIT
322,749
333,094
403,671
58,395
4,887
1,122,796
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
172,631
180,153
216,714
39,982
(14,445
)
595,035
OTHER
2,975
(84
)
1,190
1,452
(309
)
5,224
EARNINGS FROM OPERATIONS
147,143
153,025
185,767
16,961
19,641
522,537
INTEREST AND OTHER
67
1,012
(7
)
(4,467
)
(9,648
)
(13,043
)
EARNINGS BEFORE INCOME TAXES
147,076
152,013
185,774
21,428
29,289
535,580
INCOME TAXES
34,382
35,567
43,275
4,979
6,828
125,031
NET EARNINGS
$
112,694
$
116,446
$
142,499
$
16,449
$
22,461
$
410,549
INTEREST AND OTHER
67
1,012
(7
)
(4,467
)
(9,648
)
(13,043
)
INCOME TAXES
34,382
35,567
43,275
4,979
6,828
125,031
EXPENSES ASSOCIATED WITH SHARE-BASED
COMPENSATION ARRANGEMENTS
4,244
5,485
5,492
687
10,160
26,068
NET LOSS (GAIN) ON DISPOSITION AND
IMPAIRMENT OF ASSETS
61
(85
)
(45
)
(140
)
(256
)
(465
)
DEPRECIATION EXPENSE
18,585
24,038
14,192
1,479
22,138
80,432
AMORTIZATION OF INTANGIBLES
3,465
6,657
2,202
1,846
1,155
15,325
ADJUSTED EBITDA
$
173,498
$
189,120
$
207,608
$
20,833
$
52,838
$
643,897
ADJUSTED EBITDA AS A PERCENTAGE OF NET
SALES
7.1
%
13.3
%
12.6
%
11.2
%
*
11.3
%
* Not meaningful
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
SEPTEMBER 2024/2023
(In thousands)
ASSETS
2024
2023
LIABILITIES AND EQUITY
2024
2023
CURRENT ASSETS
CURRENT LIABILITIES
Cash and cash equivalents
$
1,190,807
$
957,092
Accounts payable
$
239,897
$
253,065
Restricted cash
761
3,761
Accrued liabilities and other
322,031
347,231
Investments
38,935
37,062
Current portion of debt
44,103
1,539
Accounts receivable
650,869
697,555
Inventories
645,429
744,747
Other current assets
86,724
64,905
TOTAL CURRENT ASSETS
2,613,525
2,505,122
TOTAL CURRENT LIABILITIES
606,031
601,835
OTHER ASSETS
259,637
283,999
LONG-TERM DEBT AND FINANCE LEASE
OBLIGATIONS
232,043
273,308
INTANGIBLE ASSETS, NET
501,641
476,271
OTHER LIABILITIES
180,465
173,390
TEMPORARY EQUITY
5,527
6,788
PROPERTY, PLANT AND EQUIPMENT,
NET
843,082
738,692
SHAREHOLDERS' EQUITY
3,193,819
2,948,763
TOTAL ASSETS
$
4,217,885
$
4,004,084
TOTAL LIABILITIES AND EQUITY
$
4,217,885
$
4,004,084
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS
ENDED
SEPTEMBER 2024/2023
(In thousands)
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net earnings
$
348,950
$
410,549
Adjustments to reconcile net earnings to
net cash from operating activities:
Depreciation
92,130
80,432
Amortization of intangibles
17,621
15,325
Expense associated with share-based and
grant compensation arrangements
27,345
26,068
Deferred income taxes
(674
)
113
Unrealized (gain) loss on investment and
other
(3,201
)
362
Equity in loss of investee
1,313
1,013
Net loss (gain) on sale, disposition and
impairment of assets
1,538
(465
)
Gain from reduction of estimated earnout
liability
(1,855
)
—
Changes in:
Accounts receivable
(102,355
)
(82,883
)
Inventories
81,238
230,559
Accounts payable and cash overdraft
37,391
49,093
Accrued liabilities and other
(1,779
)
(18,363
)
NET CASH FROM OPERATING
ACTIVITIES
497,662
711,803
CASH FLOWS USED IN INVESTING
ACTIVITIES:
Purchases of property, plant, and
equipment
(165,493
)
(130,947
)
Proceeds from sale of property, plant and
equipment
3,795
2,211
Acquisitions, net of cash received and
purchase of equity method investment
—
(52,488
)
Purchase of remaining noncontrolling
interest of subsidiary
(4,902
)
—
Purchases of investments
(34,284
)
(26,333
)
Proceeds from sale of investments
13,782
22,101
Other
4,712
(2,092
)
NET CASH USED IN INVESTING
ACTIVITIES
(182,390
)
(187,548
)
CASH FLOWS USED IN FINANCING
ACTIVITIES:
Borrowings under revolving credit
facilities
20,130
18,915
Repayments under revolving credit
facilities
(20,477
)
(21,929
)
Repayments of debt
—
(29
)
Repayment of debt on behalf of
investee
(6,303
)
—
Contingent consideration payments and
other
(4,779
)
(6,179
)
Proceeds from issuance of common stock
2,122
2,087
Dividends paid to shareholders
(60,721
)
(49,723
)
Distributions to noncontrolling
interest
(11,848
)
(7,355
)
Payments to taxing authorities in
connection with shares directly withheld from employees
(17,838
)
—
Repurchase of common stock
(141,122
)
(62,076
)
Other
55
65
NET CASH USED IN FINANCING
ACTIVITIES
(240,781
)
(126,224
)
Effect of exchange rate changes on
cash
(5,179
)
3,199
NET CHANGE IN CASH AND CASH
EQUIVALENTS
69,312
401,230
ALL CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD
1,122,256
559,623
ALL CASH AND CASH EQUIVALENTS, END OF
PERIOD
$
1,191,568
$
960,853
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
$
1,190,807
$
957,092
Restricted cash, end of period
761
3,761
All cash and cash equivalents, end of
period
$
1,191,568
$
960,853
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241028146612/en/
Dick Gauthier VP of Investor Relations (616) 365-1555
UFP Industries (NASDAQ:UFPI)
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