# UFP Industries Inc: Form 10-Q for the period ended Sep 28, 2024

- Company: [UFP Industries Inc](/companies/ufpi.md) (CIK 912767)
- Form: 10-Q
- Filed: 2024-11-06
- Accepted by EDGAR: Nov 6, 2024, 13:47 ET
- Period: 2024-09-28
- Accession: 0001558370-24-014587
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/912767/000155837024014587/ufpi-20240928x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/912767/000155837024014587/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-09-28.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-06-30 to 2024-09-28 | $1.65bn | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Revenue | 9 months, 2023-12-31 to 2024-09-28 | $5.19bn | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2024-06-30 to 2024-09-28 | $1.35bn | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months, 2023-12-31 to 2024-09-28 | $4.20bn | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2024-06-30 to 2024-09-28 | $298.4m | us-gaap:GrossProfit |
| Gross profit | 9 months, 2023-12-31 to 2024-09-28 | $987.2m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2024-06-30 to 2024-09-28 | $183.3m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2023-12-31 to 2024-09-28 | $578.6m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2024-06-30 to 2024-09-28 | $119.9m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2023-12-31 to 2024-09-28 | $412.8m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2024-06-30 to 2024-09-28 | $3.0m | us-gaap:InterestExpenseNonoperating |
| Interest expense | 9 months, 2023-12-31 to 2024-09-28 | $9.3m | us-gaap:InterestExpenseNonoperating |
| Income tax | 3 months, 2024-06-30 to 2024-09-28 | $32.5m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2023-12-31 to 2024-09-28 | $100.2m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-06-30 to 2024-09-28 | $99.8m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2023-12-31 to 2024-09-28 | $346.5m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-06-30 to 2024-09-28 | $1.64 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2023-12-31 to 2024-09-28 | $5.65 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-06-30 to 2024-09-28 | $1.64 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2023-12-31 to 2024-09-28 | $5.66 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-06-30 to 2024-09-28 | 58,547,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2023-12-31 to 2024-09-28 | 58,980,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2023-12-31 to 2024-09-28 | $497.7m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2023-12-31 to 2024-09-28 | $165.5m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 9 months, 2023-12-31 to 2024-09-28 | $60.7m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months, 2023-12-31 to 2024-09-28 | $141.1m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-09-28 | $1.19bn | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-09-28 | $2.61bn | us-gaap:AssetsCurrent |
| Total assets | at 2024-09-28 | $4.22bn | us-gaap:Assets |
| Current liabilities | at 2024-09-28 | $606.0m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2024-09-28 | $1.02bn | us-gaap:Liabilities |
| Long-term debt | at 2024-09-28 | $232.0m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2024-09-28 | $44.1m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2024-09-28 | $3.17bn | us-gaap:StockholdersEquity |
| Shares outstanding | at 2024-09-28 | 60,724,664 shares | dei:EntityCommonStockSharesOutstanding |

## Management's discussion and analysis

As filed, 1,223 characters.

(a) None.

(b) None.

(c) Issuer purchases of equity securities.

| ​ ​ | ​ | ​ | ​ ​ | ​ ​ ​ | ​ ​ |
| --- | ---: | --- | ---: | ---: | ---: |
| **Fiscal Month** | **(1)** |  | **(2)** | **(3)** | **(4)** |
| June 30 - August 3, 2024 | 197,417 | ​ | $110.22 | 197,417 | $200,000,000 |
| August 4 - 31, 2024 | — | ​ | ​ — | — | ​ 200,000,000 |
| September 1 - 28, 2024 | — | ​ | ​ — | — | ​ 200,000,000 |

(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.

The shares reported as repurchased between June 30, 2024 and August 3, 2024 in the table above were repurchased pursuant to the publicly-announced share repurchase authorization that was replaced with a new repurchase authorization. On and effective as of July 24, 2024, our board authorized the repurchase of up to $200 million worth of shares of our common stock through the period ending July 31, 2025, which supersedes and replaces prior authorizations. As of August 3, 2024, the maximum dollar amount of the share repurchase authorization was $200,000,000.

## 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, 692 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 September 28, 2024, have concluded that, as of such date, our disclosure controls and procedures were effective.

(b) Changes in Internal Controls. During the quarter ended September 28, 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 Nov 6, 2024.
Source: SEC EDGAR, the filing index for accession 0001558370-24-014587. Last ingested by Listed: Nov 3, 2026, 14:15 ET. No prices; not investment advice.