UFP INDUSTRIES INC

For the period ended Mar 29, 2025. Filed May 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 29, 2025 · Filed May 7, 2025

UFPI$82.66+3.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

PART I.		FINANCIAL INFORMATION.	Page No.

	Item 1.	Financial Statements	3

		Condensed Consolidated Balance Sheets at March 29, 2025, December 28, 2024 and March 30, 2024	3

		Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three Months Ended March 29, 2025 and March 30, 2024	4

		Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 29, 2025 and March 30, 2024	5

		Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 29, 2025 and March 30, 2024	6

		Notes to Unaudited Condensed Consolidated Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33

	Item 4.	Controls and Procedures	34

PART II.		OTHER INFORMATION

	Item 1.	Legal Proceedings – NONE

	Item 1A.	Risk Factors	34

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

	Item 3.	Defaults upon Senior Securities – NONE

	Item 4.	Mine Safety Disclosures – NONE

	Item 5.	Other Information	34

	Item 6.	Exhibits	35

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands of United States dollars, except share data) · · March 29, · · December 28, · · March 30, ·
· 2025 · 2024 · 2024 ·
ASSETS · · · · · · · ·
CURRENT ASSETS: · · · · · · · ·
Cash and cash equivalents	$903,562	$1,171,828	$979,746
Restricted cash	1,061	7,766	761
Investments	30,725	31,087	36,978
Accounts receivable, net	712,990	500,920	713,414
Inventories:
Raw materials	388,413	388,435	410,959
Finished goods	366,500	332,389	334,336
Total inventories	754,913	720,824	745,295
Refundable income taxes	1,819	20,588	2,185
Other current assets	59,321	50,012	36,036
TOTAL CURRENT ASSETS	2,464,391	2,503,025	2,514,415
DEFERRED INCOME TAXES	4,796	5,263	3,595
RESTRICTED INVESTMENTS	42,038	39,140	29,119
RIGHT OF USE ASSETS	116,457	114,721	128,846
OTHER ASSETS	103,658	98,409	96,977
GOODWILL	340,255	339,839	335,596
INDEFINITE-LIVED INTANGIBLE ASSETS	7,307	7,300	7,322
OTHER INTANGIBLE ASSETS, NET	148,359	152,498	168,209
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	1,810,735	1,750,211	1,596,622
Less accumulated depreciation and amortization	(887,710)	(859,468)	(802,062)
PROPERTY, PLANT AND EQUIPMENT, NET	923,025	890,743	794,560
TOTAL ASSETS	4,150,286	4,150,938	4,078,639
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$277,690	$224,659	$254,902
Accrued liabilities:
Compensation and benefits	123,587	193,438	133,513
Other	63,113	62,356	66,032
Current portion of lease liability	28,051	27,870	26,520
Current portion of long-term debt	4,085	4,125	44,051
TOTAL CURRENT LIABILITIES	496,526	512,448	525,018
LONG-TERM DEBT	229,936	229,830	233,046
LEASE LIABILITY	96,218	95,095	106,231
DEFERRED INCOME TAXES	30,682	31,244	44,726
OTHER LIABILITIES	32,588	32,330	34,140
TOTAL LIABILITIES	885,950	900,947	943,161
TEMPORARY EQUITY:
Redeemable noncontrolling interest	$5,280	$5,366	$19,383
SHAREHOLDERS’ EQUITY:
Controlling interest shareholders’ equity:
Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none	$—	$—	$—
Common stock, $1 par value; shares authorized 160,000,000; issued and outstanding, 60,394,887, 60,724,308 and 61,753,899	60,395	60,724	61,754
Additional paid-in capital	416,562	403,379	362,231
Retained earnings	2,772,821	2,775,280	2,664,081
Accumulated other comprehensive (loss) income	(12,097)	(15,311)	(307)
Total controlling interest shareholders’ equity	3,237,681	3,224,072	3,087,759
Noncontrolling interest	21,375	20,553	28,336
TOTAL SHAREHOLDERS’ EQUITY	3,259,056	3,244,625	3,116,095
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY	$4,150,286	$4,150,938	$4,078,639

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME


(in thousands of United States dollars, except per share data) · · Three Months Ended · ·
· · March 29, · · March 30, · ·
· 2025 · 2024
NET SALES	$1,595,519	$1,638,966
COST OF GOODS SOLD	1,327,323	1,312,888
GROSS PROFIT	268,196	326,078
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	176,254	192,059
NET GAIN ON DISPOSITION AND IMPAIRMENT OF ASSETS	(76)	(231)
OTHER (GAINS) LOSSES, NET	(234)	427
EARNINGS FROM OPERATIONS	92,252	133,823
INTEREST EXPENSE	2,669	3,136
INTEREST AND INVESTMENT INCOME	(11,117)	(16,493)
EQUITY IN LOSS OF INVESTEE	19	594
INTEREST AND OTHER	(8,429)	(12,763)
EARNINGS BEFORE INCOME TAXES	100,681	146,586
INCOME TAXES	21,258	25,487
NET EARNINGS	79,423	121,099
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST	(670)	(308)
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$78,753	$120,791

EARNINGS PER SHARE – BASIC	$1.30	$1.96
EARNINGS PER SHARE – DILUTED	$1.30	$1.96

OTHER COMPREHENSIVE INCOME:
NET EARNINGS	79,423	121,099
OTHER COMPREHENSIVE INCOME (LOSS)	3,181	(1,130)
COMPREHENSIVE INCOME	82,604	119,969
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	(637)	(591)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$81,967	$119,378

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