logo
  

UFP Net Income Doubles In Q2, EPS Beats Street Estimates

Michigan-based industrial and construction company, UFP Industries, Inc. (UFPI), reported a strong second quarter on Wednesday, primarily due to a 117% increase in revenue. The earnings for the company topped Street view.

The net income of the company was $175 million or $2.78 per share, up from $69.6 million or $1.08 per share in the same quarter last year. Six analysts polled by Thomson Reuters forecasted earnings of $1.8 per share for this quarter.

The revenue of the company also increased 117% to $2.7 billion from $1.24 billion in the same quarter last year. This increase was chiefly boosted by the 70% increase in selling prices. Six analysts predicted revenue of $2.2 billion.

Matthew J. Missad, the CEO of the company, believes that the new strategy has been a major force behind the rise. He also added," Another key contributor to our success is our improved pricing model and managed inventory programs, which allow us to mitigate the impact of lumber market fluctuations like those we experienced during the second quarter."

While the company did not provide any guidance for the following quarters, Missad added, "We expect market conditions to normalize during the second half of 2021. While falling lumber prices and more normalized demand create challenging year-over-year profitability comparisons for our retail segment, the stabilized lumber market should benefit our industrial and construction segments. Furthermore, we expect all of our segments to benefit from more stable pricing in 2022"

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Twitter has rolled out the tipping feature called "Tips" for everyone around the globe using the microblogging site with more payment options to choose from, including cryptocurrencies such as Bitcoin. This is a new way for people to receive and show support on Twitter with money. The feature is currently available on iOS and will be available on Android over the coming weeks. Amazon.com has launched weekly Max-Your-Vax Sweepstakes to encourage their employees to get vaccinated against COVID-19. The sweepstakes began on August 6, 2021 and ends on October 21, 2021, with six draws during the sweepstakes period for 18 prizes worth nearly $2 million, including cash prizes, new vehicle or cash and vacation plus 40 hours of Paid Time Off. Target Corp. announced its plans to hire 100,000 seasonal team members at its stores across the country for this holiday shopping season, though fewer than previous years. With this, the company aims to invest in more flexible scheduling, training, pay and benefits for its existing team members. In a statement, the company said it is also offering around 5 million more hours to its existing staff.
RELATED NEWS
Follow RTT