UFP Industries reports Q1, 2024 net earnings of $121 million

By UFP Industries
Business Wire
April 30, 2024
Category: Finance & Economics
Region: United States, US East

GRAND RAPIDS, Michigan — UFP Industries announced first quarter 2024 results including net sales of $1.64 billion, net earnings attributable to controlling interests of $121 million. First Quarter 2024 Highlights include: Net sales of $1.64 billion decreased 10 percent due to a 9 percent decrease in selling prices and a 1% decrease in organic unit sales; New product sales of $124 million were 7.6% of total sales compared to 7.4% in the first quarter of 2023; Adjusted EBITDA1 of $181 million represents a decrease of 10 percent while adjusted EBITDA margin1 declined 10 basis points to 11%; and Net earnings attributable to controlling interests of $121 million represents a 4% decrease from last year and includes the favorable impact of a $9.7 million increase in an anticipated tax deduction.

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