UFP Industries sees big profits in Q2

UFP Industries (UFPI) reported second quarter sales increased 7% to $2.9 billion from second quarter 2021 sales of $2.7 billion.

The Grand Rapids, Mich.-based company attributed the rise to a 4% increase in lumber prices, a 2% increase in organic sales, and a 1% increase from acquisitions.

Sales from UFP Retail Solutions decreased 11% to  $1.12 billion due to a 5% decline in organic unit sales, a 5% decrease in selling prices, and a 2% decrease due to the transfer of certain sales to the construction segment.

Construction sales jumped 32% to $975 million in net sales fueled by a 15% increase in organic unit growth and a 15% increase in selling prices.

Industrial sales rose 11% to $676 million in the second quarter due to an 11% increase in selling prices and a 1%increase in unit sales from acquisitions.

UFP Industries also posted net earnings of nearly $208 million, increasing more than 18% from net earnings of $175.4 million for the same period a year ago.

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The Bottom Line: Profits at UFP Industries jump 18% to $208 million as sales are up 7% to $2.9 billion.

What the CEO said: “Our construction and industrial business segments performed very well, and our retail segment, which is most adversely impacted by rapidly falling lumber prices, managed this challenge and is well-positioned for the rest of 2022 with the expected stabilization of lumber prices,” said UFP Industries CEO Matthew Missad. 

Company info: Click here to read the full second quarter 2022 financial report from UFP Industries.