Universal Forest Products reports Q4, 2023 results

UFP Industries Inc.
February 20, 2024
Category: Finance & Economics
Region: United States, US East

GRAND RAPIDS, Michigan — UFP Industries, the building products manufacturer and distributor, reported fourth quarter 2023 sales declined 20% to $1.52 billion from sales of $1.19 million in the fourth quarter of 2022. The Grand Rapids, Michigan-based company said fourth quarter sales were impacted by 10% decline in prices along with a 10% decrease in organic sales growth. Retail sales fell 27% to $505.6 million from the fourth quarter of 2022 due to a 9% decline in selling prices and an 18 percent decline in organic unit sales, the company said. Earnings from operations sank 26% to $124 in the fourth quarter from nearly $169 million for the same period last year. Sales for the full year decreased 25% to $7.2 billion following a record 2022 with sales of $9.2 billion.

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