# UFP Industries Inc: Form 10-Q for the period ended Mar 30, 2024

- Company: [UFP Industries Inc](/companies/ufpi.md) (CIK 912767)
- Form: 10-Q
- Filed: 2024-05-08
- Accepted by EDGAR: May 8, 2024, 13:59 ET
- Period: 2024-03-30
- Accession: 0001558370-24-007280
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/912767/000155837024007280/ufpi-20240330x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/912767/000155837024007280/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-03-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2023-12-31 to 2024-03-30 | $1.64bn | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2023-12-31 to 2024-03-30 | $1.31bn | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2023-12-31 to 2024-03-30 | $326.1m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2023-12-31 to 2024-03-30 | $192.1m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2023-12-31 to 2024-03-30 | $133.8m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2023-12-31 to 2024-03-30 | $3.1m | us-gaap:InterestExpense |
| Income tax | 3 months, 2023-12-31 to 2024-03-30 | $25.5m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2023-12-31 to 2024-03-30 | $120.8m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2023-12-31 to 2024-03-30 | $1.96 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2023-12-31 to 2024-03-30 | $1.96 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2023-12-31 to 2024-03-30 | 59,262,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2023-12-31 to 2024-03-30 | −$16.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2023-12-31 to 2024-03-30 | $49.1m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Share repurchases | 3 months, 2023-12-31 to 2024-03-30 | $18.8m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-03-30 | $979.7m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-03-30 | $2.51bn | us-gaap:AssetsCurrent |
| Total assets | at 2024-03-30 | $4.08bn | us-gaap:Assets |
| Current liabilities | at 2024-03-30 | $525.0m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2024-03-30 | $943.2m | us-gaap:Liabilities |
| Long-term debt | at 2024-03-30 | $233.0m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2024-03-30 | $44.1m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2024-03-30 | $3.09bn | us-gaap:StockholdersEquity |
| Shares outstanding | at 2024-03-30 | 61,753,899 shares | dei:EntityCommonStockSharesOutstanding |

## Management's discussion and analysis

As filed, 1,152 characters.

(a) None.

(b) None.

(c) Issuer purchases of equity securities.

| ​ ​ | ​ | ​ | ​ ​ | ​ ​ | ​ ​ |
| --- | ---: | --- | ---: | ---: | ---: |
| **Fiscal Month** | **(1)** |  | **(2)** | **(3)** | **(4)** |
| December 31, 2023 - February 3, 2024 | — | ​ | — | — | $173,335,471 |
| February 4 - March 2, 2024 | 154,196 | ​ | 115.69 | 154,196 | ​ 155,497,017 |
| March 3 - 30, 2024 | 165,099 | ​ | 113.85 | 165,099 | ​ 136,699,725 |

Note: February consists of 154,196 shares tendered by certain employees of the Company (and repurchased by the Company) in order to satisfy their respective tax withholding obligations resulting from the vesting of restricted stock awards.

(1) Total number of shares purchased.

(2) Average price paid per share.

(3) Total number of shares purchased as part of publicly announced plans or programs.

(4) Approximate dollar value of shares that may yet be purchased under the plans or programs.

On and effective as of July 26, 2023, our board authorized the repurchase of up to $200 million worth of shares of our common stock through the period ending July 31, 2024, which supersedes and replaces prior authorizations.

## Market risk

As filed, 2,147 characters.

We are exposed to market risks related to fluctuations in interest rates on our variable rate debt, which consists of a revolving credit facility and industrial development revenue bonds. We do not currently enter into any material interest rate swaps, futures contracts or options on futures, or other types of derivative financial instruments to mitigate this risk.

For fixed rate debt, changes in interest rates generally affect the fair market value, but not earnings or cash flows. Conversely, for variable rate debt, changes in interest rates generally do not influence fair market value, but do affect future earnings and cash flows. We do not have an obligation to prepay fixed rate debt prior to maturity, and as a result, interest rate risk and changes in fair market value should not have a significant impact on such debt until we are required to refinance it.

We are subject to fluctuations in the price of lumber. We experience significant fluctuations in the cost of commodity lumber products from primary producers (the “Lumber Market”). A variety of factors over which we have no control, including government regulations, transportation, environmental regulations, weather conditions, economic conditions, and natural disasters, impact the cost of lumber products and our selling prices. While we attempt to minimize our risk from severe price fluctuations, substantial, prolonged trends in lumber prices can affect our sales volume, our gross margins, and our profitability. We anticipate that these fluctuations will continue in the future. (See “Impact of the Lumber Market on Our Operating Results.”)

Our international operations have exposure to foreign currency rate risks, primarily due to fluctuations in their local currency, which is their functional currency, compared to the U.S. Dollar. Additionally, certain of our operations enter into transactions that will be settled in a currency other than the U.S. Dollar. We may enter into forward foreign exchange rate contracts in the future to mitigate foreign currency exchange risk. Historically, our hedge contracts have been immaterial to the financial statements.

## Controls and procedures

As filed, 684 characters.

(a) Evaluation of Disclosure Controls and Procedures. With the participation of management, our chief executive officer and chief financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a – 15e and 15d – 15e) as of the quarter ended March 30, 2024, have concluded that, as of such date, our disclosure controls and procedures were effective.

(b) Changes in Internal Controls. During the quarter ended March 30, 2024, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Filed May 8, 2024.
Source: SEC EDGAR, the filing index for accession 0001558370-24-007280. Last ingested by Listed: Nov 4, 2026, 12:03 ET. No prices; not investment advice.