UFP IndustriesInc. reported record net sales of $2.9 billion and net income of $203 million for 2Q 2022. The company also reported record earnings per diluted share of $3.23, an increase of 16% compared to 2Q 2021.
Net sales of $2.9 billion increased 7% due to a 4% increase in lumber prices, a 2% increase in organic unit sales and an increase of 1 % of unit sales from acquisitions.
Adjusted EBITDA of $318.5 million increased 22% and Adjusted EBITDA margin improved 130 basis points to 11%. 2022 acquisitions contributed $3.5 million to adjusted EBITDA.
“I want to thank our hard-working teammates for delivering another outstanding and record-breaking quarter. Our construction and industrials business segments performed very well, and our retail segment, which is the hardest hit by rapidly falling lumber prices, has managed this challenge and is well positioned for the remainder of 2022 with the expected stabilization of lumber prices,” said CEO Matthew J. Missad. “Our teammates produced record results, quarter after quarter and year after year, despite numerous external challenges, have generated a powerful culture of optimism and resilience that positions our business for even greater success in the future.
UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other applications industries around the world.