UFP Industries Q1 Profit Rises

UFP Industries Inc. (UFPI) reported first-quarter profit of $121.0 million or $1.93 per share, up from $77.2 million or $1.25 per share last year.

Net sales for the quarter were $2.09 billion, up from $1.49 billion last year. Revenue increase of 41 percent was driven by a 28 percent increase in selling prices and 16 percent unit increase from acquisitions, offset by a 3 percent decrease in organic unit sales.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.55 per share and revenues of $1.82 billion for the quarter. Analysts' estimates typically exclude special items.

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