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UFP Industries Q1 Profit Rise

UFP Industries Inc. (UFPI) reported that its first-quarter earnings from operations were $58.6 million up 21 percent from last year. Net earnings attributable to controlling interest were $40.2 million up 13 percent from the prior year.

Earnings per share were $0.65 per share, a 12 percent increase over the same period of 2019.

Net sales were $1.03 billion, a 2 percent increase from last year.

Effective April 22, 2020, the company's shareholders approved the change in the company's name from Universal Forest Products, Inc. to UFP Industries, Inc.

The company's board approved a quarterly dividend payment of 12.5 cents a share, a prorated 25 percent increase over the dividends paid in 2019. The dividend is payable on June 15, 2020, to shareholders of record on June 1, 2020.

UFP Industries said it will provide further detail on the impact of the COVID-19 virus on its operations during its first quarter earnings call, which has been rescheduled from April 23, 2020, to May 7, 2020.

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