UFP Industries sees Q4 sales slip
UFP Industries, Inc., reported four quarter 2022 sales declined 5% to $1.9 billion from fourth quarter 2021 sales of $2.02 billion.
Full-year sales for 2022 increased 11% to a company record $9.63 billion, however.
UFP Retail Solutions sales decreased 2% to $690.7 million during the quarter as full-year sales rose 7% to $3.65 billion.
UFP Construction sales fell 11% to $604.9 million for the period but increased 17% to $3.14 billion for the year.
The Grand Rapids, Michigan-based company reported earnings from operations retreated 14% to $169 million in the fourth quarter. Full-year earnings from operations jumped 29% to $950 million.
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The Bottom Line: Profits slide 14% in the fourth quarter but jump ahead 29% to $950 million for the year.
What the CEO said: “As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential."
"Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.”
Company info: Click here for the fourth quarter and full-year 2022 financial report from UFP Industries.