Universal Forest Products, Inc. (Nasdaq: UFPI), soon to be known as
UFP Industries, Inc., today announced net sales of $1.16 billion
and record net earnings attributable to controlling interests of
$51.9 million, or 84 cents per diluted share, for the quarter ended
September 28, 2019.
“Our record results are the reflection of the hard work of our
employees and the successful execution of our strategies to grow
and improve our business. Our growth in organic unit sales was very
strong, and we continue to successfully add new, value-added
products and services to our offerings that are improving our
profitabilty,” said CEO Matthew J. Missad.
The Company’s mix of value-added sales relative to commodity
sales improved from 62.1 percent in the third quarter of 2018 to
67.6 percent in the third quarter of 2019, and new product sales
grew 7 percent over the same period of 2018. Although lower lumber
pricing affected the Company’s third-quarter net sales, unit sales
increased 7 percent over the same period of last year, driven
mostly by organic sales growth. During the third quarter, the
Company acquired Hartford, Wisconsin-based Pallet USA and Bonner,
Montana-based Northwest Painting, Inc., expanding its value-added
offerings and market presence in the Midwest and Northwest.
“While we are pleased that so many of our operations are
performing so well, we know we have operations that can do much
better given our culture of continuous improvement, and we have
been making changes to improve their performance. This summer, we
announced a new organizational structure beginning January 1, 2020,
that will allow for a more specialized and consistent sales
approach, more efficient use of resources and capital, and quicker
introduction of new, value-added products and services. I’m happy
to say we have already made great progress toward the
reorganization, and our employees are very excited about the new
UFP Industries and the new business and career opportunities that
are being created. This truly is an exciting time for our
Company.”
Third Quarter 2019 Highlights (comparisons on a
year-over-year basis):
- Operating profit of $70.5 million was up 24 percent and net
earnings of $51.9 million was up 26 percent
- EBITDA of $89.7 million was up 23 percent, far exceeding the
Company’s unit sales increase of 7 percent
- Unit sales grew 7 percent; organic sales accounted for 6
percent of the growth while acquisitions added 1 percent
- New product sales were $142.9 million, up 7 percent
- Net sales of $1.16 billion represented a 4 percent decrease;
lower lumber prices contributed significantly to the gross sales
reduction, as selling prices were down by 11 percent
- SG&A, excluding bonus expense, as a percentage of gross
profit fell from 55.4 percent in the third quarter of 2018 to 49.8
percent during the third quarter of 2019
By market, the Company reported the following third-quarter 2019
results.
Retail
- $437 million in gross sales, down 1 percent compared to the
third quarter of 2018. A unit sales increase of 10 percent was
offset by selling prices that were 11 percent lower. Organic growth
was responsible for all of the unit sales increase and was largely
driven by robust sales of Deckorators decking and deck accessories
and new product sales.
Industrial
·$332.5 million in gross sales, down 6 percent from the third
quarter of 2018. A unit sales increase of 4 percent was offset by
lower selling prices of 10 percent. Organic growth contributed 2
percent of the unit sales increase; acquisitions were responsible
for 2 percent. The Company’s focus on improving its product mix has
resulted in more value-added sales and fewer commodity sales,
improving gross profits.
Construction
·$414.4 million in gross sales, down 5 percent compared to the
third quarter of 2018, due to a 13 percent decrease in selling
prices and an 8 percent increase in overall unit sales. Unit sales
growth was entirely organic, with commercial sales growing 15
percent, residential housing sales growing 6 percent and
manufactured housing sales growing 1 percent.
CONFERENCE CALL
Universal Forest Products, soon to be known as UFP Industries,
Inc., will conduct a conference call to discuss information
included in this news release and related matters at 8:30 a.m. ET
on Thursday, October 24, 2019. 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. Analysts and institutional
investors should use conference pass code 4270679. The conference
call will be available simultaneously and in its entirety to all
interested investors, news media and Universal employees through a
webcast at http://www.ufpi.com. A replay of the call will be
available through November 24, 2019, at 855-859-2056 or
404-537-3406.
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc., soon to be known as UFP
Industries, Inc., is a holding company whose subsidiaries supply
wood, wood composite and other products to three robust markets:
retail, construction and industrial. Founded in 1955, the
Company is headquartered in Grand Rapids, Mich., with affiliates
throughout North America, Europe, Asia and Australia. For more, 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
EBITDA, a non-GAAP measure, an alternative performance measure
which may provide useful information to investors.
Brandon FroyslandDirector of Finance(616) 365-1589
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND
COMPREHENSIVE INCOME (UNAUDITED) |
|
|
FOR THE THREE AND NINE MONTHS ENDED |
|
|
SEPTEMBER 2019/2018 |
|
|
|
Quarter Period |
Year to Date |
|
|
(In thousands, except per share data) |
|
|
2019 |
|
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
|
$ |
1,163,026 |
|
|
100 |
% |
|
$ |
1,212,702 |
|
|
100 |
% |
|
$ |
3,417,969 |
|
|
100 |
% |
|
$ |
3,500,999 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
975,756 |
|
|
83.9 |
|
|
|
1,054,029 |
|
|
86.9 |
|
|
|
2,889,706 |
|
|
84.5 |
|
|
|
3,045,748 |
|
|
87.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
187,270 |
|
|
16.1 |
|
|
|
158,673 |
|
|
13.1 |
|
|
|
528,263 |
|
|
15.5 |
|
|
|
455,251 |
|
|
13.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADMINISTRATIVE EXPENSES |
|
|
115,958 |
|
|
10.0 |
|
|
|
102,292 |
|
|
8.4 |
|
|
|
334,165 |
|
|
9.8 |
|
|
|
300,292 |
|
|
8.6 |
|
|
|
FOREIGN CURRENCY EXCHANGE (GAIN) LOSS |
|
|
(306 |
) |
|
-0 |
|
|
|
412 |
|
|
-0 |
|
|
|
118 |
|
|
-0 |
|
|
|
213 |
|
|
-0 |
|
|
|
NET (GAIN) LOSS ON DISPOSITION OF ASSETS |
|
|
1,151 |
|
|
0.1 |
|
|
|
(1,022 |
) |
|
(0.1 |
) |
|
|
830 |
|
|
-0 |
|
|
|
(7,079 |
) |
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM OPERATIONS |
|
|
70,467 |
|
|
6.1 |
|
|
|
56,991 |
|
|
4.7 |
|
|
|
193,150 |
|
|
5.7 |
|
|
|
161,825 |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE, NET |
|
|
1,490 |
|
|
0.1 |
|
|
|
1,734 |
|
|
0.1 |
|
|
|
4,082 |
|
|
0.1 |
|
|
|
4,862 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE INCOME TAXES |
|
|
68,977 |
|
|
5.9 |
|
|
|
55,257 |
|
|
4.6 |
|
|
|
189,068 |
|
|
5.5 |
|
|
|
156,963 |
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES |
|
|
16,396 |
|
|
1.4 |
|
|
|
13,189 |
|
|
1.1 |
|
|
|
45,340 |
|
|
1.3 |
|
|
|
36,183 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS |
|
|
52,581 |
|
|
4.5 |
|
|
|
42,068 |
|
|
3.5 |
|
|
|
143,728 |
|
|
4.2 |
|
|
|
120,780 |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTEREST |
|
|
(722 |
) |
|
(0.1 |
) |
|
|
(849 |
) |
|
(0.1 |
) |
|
|
(1,814 |
) |
|
(0.1 |
) |
|
|
(2,684 |
) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTROLLING INTEREST |
|
$ |
51,859 |
|
|
4.5 |
|
|
$ |
41,219 |
|
|
3.4 |
|
|
$ |
141,914 |
|
|
4.2 |
|
|
$ |
118,096 |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - BASIC |
|
$ |
0.84 |
|
|
|
|
$ |
0.67 |
|
|
|
|
$ |
2.30 |
|
|
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - DILUTED |
|
$ |
0.84 |
|
|
|
|
$ |
0.66 |
|
|
|
|
$ |
2.30 |
|
|
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Period |
|
Year to Date |
|
|
Sales by Market Classification |
|
|
2019 |
|
|
|
|
|
2018 |
|
|
% |
|
|
2019 |
|
|
|
|
|
2018 |
|
|
% |
|
|
Retail |
|
$ |
437,092 |
|
|
|
|
$ |
441,916 |
|
|
-1 |
% |
|
$ |
1,315,543 |
|
|
|
|
$ |
1,356,920 |
|
|
-3 |
% |
|
|
Industrial |
|
|
332,537 |
|
|
|
|
|
353,660 |
|
|
-6 |
% |
|
|
1,019,535 |
|
|
|
|
|
986,410 |
|
|
3 |
% |
|
|
Construction |
|
|
414,401 |
|
|
|
|
|
438,115 |
|
|
-5 |
% |
|
|
1,145,064 |
|
|
|
|
|
1,222,395 |
|
|
-6 |
% |
|
|
Total Gross Sales |
|
|
1,184,030 |
|
|
|
|
|
1,233,691 |
|
|
-4 |
% |
|
|
3,480,142 |
|
|
|
|
|
3,565,725 |
|
|
-2 |
% |
|
|
Sales Allowances |
|
|
(21,004 |
) |
|
|
|
|
(20,989 |
) |
|
-0 |
% |
|
|
(62,173 |
) |
|
|
|
|
(64,726 |
) |
|
4 |
% |
|
|
Total Net Sales |
|
$ |
1,163,026 |
|
|
|
|
$ |
1,212,702 |
|
|
-4 |
% |
|
$ |
3,417,969 |
|
|
|
|
$ |
3,500,999 |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
% of Sales |
|
|
2018 |
|
|
% of Sales |
|
|
2019 |
|
|
% of Sales |
|
|
2018 |
|
|
% of Sales |
|
|
SG&A, Excluding Bonus Expense |
|
$ |
93,344 |
|
|
8.0 |
|
|
$ |
87,967 |
|
|
7.3 |
|
|
$ |
280,898 |
|
|
8.2 |
|
|
$ |
262,382 |
|
|
7.5 |
|
|
|
Bonus Expense |
|
|
22,614 |
|
|
1.9 |
|
|
|
14,325 |
|
|
1.2 |
|
|
|
53,267 |
|
|
1.6 |
|
|
|
37,910 |
|
|
1.1 |
|
|
|
Total SG&A |
|
$ |
115,958 |
|
|
10.0 |
|
|
$ |
102,292 |
|
|
8.4 |
|
|
$ |
334,165 |
|
|
9.8 |
|
|
$ |
300,292 |
|
|
8.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A, Excluding Bonus Expense, as a Percentage of Gross
Profit |
|
|
49.8 |
% |
|
|
|
|
55.4 |
% |
|
|
|
|
53.2 |
% |
|
|
|
|
57.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|
|
|
SEPTEMBER 2019/2018 |
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
2019 |
|
|
2018 |
|
LIABILITIES AND EQUITY |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
64,498 |
|
$ |
26,327 |
|
|
Cash overdraft |
|
$ |
- |
|
$ |
31,115 |
|
|
|
|
Restricted cash |
|
|
729 |
|
|
1,024 |
|
|
Accounts payable |
|
|
180,767 |
|
|
175,912 |
|
|
|
|
Investments |
|
|
17,028 |
|
|
15,809 |
|
|
Accrued liabilities |
|
|
204,529 |
|
|
151,102 |
|
|
|
|
Accounts receivable |
|
|
474,648 |
|
|
454,935 |
|
|
Current portion of debt |
|
|
152 |
|
|
149 |
|
|
|
|
Inventories |
|
|
479,356 |
|
|
510,057 |
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets |
|
|
55,845 |
|
|
38,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
1,092,104 |
|
|
1,046,851 |
|
TOTAL CURRENT LIABILITIES |
|
|
385,448 |
|
|
358,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
116,887 |
|
|
22,345 |
|
LONG-TERM DEBT AND |
|
|
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
|
286,627 |
|
|
261,666 |
|
|
CAPITAL LEASE OBLIGATIONS |
|
|
162,853 |
|
|
186,539 |
|
|
|
PROPERTY, PLANT |
|
|
|
|
|
OTHER LIABILITIES |
|
|
103,221 |
|
|
40,630 |
|
|
|
|
AND EQUIPMENT, NET |
|
|
385,007 |
|
|
346,309 |
|
EQUITY |
|
|
1,229,103 |
|
|
1,091,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
1,880,625 |
|
$ |
1,677,171 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
1,880,625 |
|
$ |
1,677,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) |
|
|
FOR THE NINE MONTHS ENDED |
|
|
SEPTEMBER 2019/2018 |
|
|
(In thousands) |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net earnings |
|
|
|
$ |
143,728 |
|
|
$ |
120,780 |
|
|
|
Adjustments to reconcile net earnings to net cash from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
44,652 |
|
|
|
40,490 |
|
|
|
Amortization of intangibles |
|
|
|
4,690 |
|
|
|
4,274 |
|
|
|
Expense associated with share-based and grant compensation
arrangements |
|
|
3,105 |
|
|
|
2,762 |
|
|
|
Deferred income taxes credit |
|
|
|
(367 |
) |
|
|
(583 |
) |
|
|
Unrealized gain on investment |
|
|
|
(1,611 |
) |
|
|
- |
|
|
|
Net gain on disposition of assets |
|
|
|
830 |
|
|
|
(7,079 |
) |
|
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
(127,841 |
) |
|
|
(121,067 |
) |
|
|
Inventories |
|
|
|
|
80,178 |
|
|
|
(39,448 |
) |
|
|
Accounts payable and cash overdraft |
|
|
|
14,293 |
|
|
|
38,611 |
|
|
|
Accrued liabilities and other |
|
|
|
36,423 |
|
|
|
21,361 |
|
|
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
198,080 |
|
|
|
60,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
|
|
(66,338 |
) |
|
|
(74,541 |
) |
|
|
Proceeds from sale of property, plant and equipment |
|
|
|
1,180 |
|
|
|
37,612 |
|
|
|
Acquisitions and purchase of noncontrolling interest, net of cash
received |
|
|
(38,710 |
) |
|
|
(38,963 |
) |
|
|
Purchases of investments |
|
|
|
(6,475 |
) |
|
|
(12,401 |
) |
|
|
Proceeds from sale of investments |
|
|
|
4,159 |
|
|
|
3,298 |
|
|
|
Other |
|
|
|
|
|
199 |
|
|
|
(620 |
) |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(105,985 |
) |
|
|
(85,615 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Borrowings under revolving credit facilities |
|
|
|
421,464 |
|
|
|
636,798 |
|
|
|
Repayments under revolving credit facilities |
|
|
|
(460,537 |
) |
|
|
(668,941 |
) |
|
|
Borrowings of debt |
|
|
|
|
- |
|
|
|
927 |
|
|
|
Repayments of debt |
|
|
|
|
(3,099 |
) |
|
|
(5,511 |
) |
|
|
Issuance of long-term debt |
|
|
|
- |
|
|
|
75,000 |
|
|
|
Proceeds from issuance of common stock |
|
|
|
812 |
|
|
|
756 |
|
|
|
Distributions to noncontrolling interest |
|
|
|
(1,634 |
) |
|
|
(2,239 |
) |
|
|
Dividends paid to shareholders |
|
|
|
(12,270 |
) |
|
|
(11,090 |
) |
|
|
Repurchase of common stock |
|
|
|
- |
|
|
|
(1,843 |
) |
|
|
Other |
|
|
|
|
|
41 |
|
|
|
(55 |
) |
|
|
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES |
|
|
(55,223 |
) |
|
|
23,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
|
157 |
|
|
|
247 |
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
37,029 |
|
|
|
(1,465 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD |
|
|
28,198 |
|
|
|
28,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
65,227 |
|
|
$ |
27,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash and cash equivalents and restricted
cash: |
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
$ |
27,316 |
|
|
$ |
28,339 |
|
|
|
Restricted cash, beginning of period |
|
|
|
882 |
|
|
|
477 |
|
|
|
All cash and cash equivalents, beginning of period |
|
|
$ |
28,198 |
|
|
$ |
28,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
|
$ |
64,498 |
|
|
$ |
26,327 |
|
|
|
Restricted cash, end of period |
|
|
|
729 |
|
|
|
1,024 |
|
|
|
All cash and cash equivalents, end of period |
|
|
$ |
65,227 |
|
|
$ |
27,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA RECONCILIATION (UNAUDITED) |
|
FOR THE THREE AND NINE MONTHS ENDED |
|
SEPTEMBER 2019/2018 |
|
|
|
Quarter Period |
Year to Date |
|
(In thousands) |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net earnings |
|
$ |
52,581 |
|
|
$ |
42,068 |
|
|
$ |
143,728 |
|
|
$ |
120,780 |
|
|
|
Interest expense |
|
|
1,900 |
|
|
|
1,945 |
|
|
|
6,767 |
|
|
|
5,971 |
|
|
|
Interest and investment income |
|
|
(317 |
) |
|
|
(211 |
) |
|
|
(1,074 |
) |
|
|
(1,109 |
) |
|
|
Unrealized gain on investments |
|
|
(93 |
) |
|
|
- |
|
|
|
(1,611 |
) |
|
|
- |
|
|
|
Net (gain) loss on disposition of assets |
|
|
1,151 |
|
|
|
(1,022 |
) |
|
|
830 |
|
|
|
(7,079 |
) |
|
|
Income taxes |
|
|
16,396 |
|
|
|
13,189 |
|
|
|
45,340 |
|
|
|
36,183 |
|
|
|
Expense associated with share-based compensation arrangements |
|
|
896 |
|
|
|
838 |
|
|
|
3,105 |
|
|
|
2,762 |
|
|
|
Depreciation expense |
|
|
15,452 |
|
|
|
14,346 |
|
|
|
44,652 |
|
|
|
40,490 |
|
|
|
Amortization of intangibles |
|
|
1,744 |
|
|
|
1,571 |
|
|
|
4,690 |
|
|
|
4,274 |
|
|
|
EBITDA |
|
$ |
89,710 |
|
|
$ |
72,724 |
|
|
$ |
246,427 |
|
|
$ |
202,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A
PERCENTAGE OF SALES |
|
|
CURRENT YEAR'S SALES STATED AT LAST YEAR'S SELLING PRICES
(UNAUDITED) |
|
|
FOR THE THREE MONTHS ENDED - SEPTEMBER
2019/2018 |
|
|
|
Quarter Period |
|
|
|
Actual |
Sales Adjusted to Last Year's Selling Price |
Actual |
|
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES |
|
100.0 |
|
% |
|
100.0 |
|
% |
|
100.0 |
|
% |
|
|
COST OF GOODS SOLD |
|
83.9 |
|
|
|
85.6 |
|
|
|
86.9 |
|
|
|
|
GROSS PROFIT |
|
16.1 |
|
|
|
14.4 |
|
|
|
13.1 |
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
9.9 |
|
|
|
8.9 |
|
|
|
8.5 |
|
|
|
|
NET GAIN ON DISPOSITION AND IMPAIRMENT OF
ASSETS |
|
0.1 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
|
EARNINGS FROM OPERATIONS |
|
6.1 |
|
|
|
5.4 |
|
|
|
4.7 |
|
|
|
|
OTHER EXPENSE, NET |
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
|
EARNINGS BEFORE INCOME TAXES |
|
5.9 |
|
|
|
5.3 |
|
|
|
4.6 |
|
|
|
|
INCOME TAXES |
|
1.4 |
|
|
|
1.3 |
|
|
|
1.1 |
|
|
|
|
NET EARNINGS |
|
4.5 |
|
|
|
4.1 |
|
|
|
3.5 |
|
|
|
|
LESS NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTEREST |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
|
NET EARNINGS ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
CONTROLLING INTEREST |
|
4.5 |
|
% |
|
4.0 |
|
% |
|
3.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Actual percentages are calculated and may not sum to
total due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 NET SALES |
$ |
1,212,702 |
|
|
|
|
|
|
|
|
|
|
2019 SELL PRICE DECLINE |
|
11.00 |
|
% |
|
|
|
|
|
|
|
|
DECREASE IN 2019 NET SALES DUE TO SELL PRICE
DECLINE |
$ |
133,397 |
|
|
|
|
|
|
|
|
|
|
ACTUAL 2019 NET SALES |
|
1,163,026 |
|
|
|
|
|
|
|
|
|
|
ADJUSTED 2019 NET SALES |
$ |
1,296,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACTUAL 2019 COST OF GOODS SOLD |
$ |
975,756 |
|
|
|
|
|
|
|
|
|
|
PLUS DIFFERENCE IN NET SALES (ABOVE) |
|
133,397 |
|
|
|
|
|
|
|
|
|
|
ADJUSTED 2019 COST OF GOODS SOLD |
$ |
1,109,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UFP Industries (NASDAQ:UFPI)
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