UFP INDUSTRIES Reports Second Quarter FY2023 Earnings Results for Period Ending June 30 2023
August 18, 2023
🌥️Earnings Overview
UFP INDUSTRIES ($NASDAQ:UFPI) reported no change in total revenue for the second quarter of FY2023, ending June 30 2023. The reported net income was USD 150.8 million, which was equal to the same quarter from the previous year at USD 2043.9 million.
Share Price
On Wednesday, UFP INDUSTRIES reported their second quarter FY2023 earnings. The stock opened at $102.0 and closed at $101.4, a decrease of 0.6% from the prior closing price of $102.0. UFP INDUSTRIES CEO Bob Smith commented on the results stating, “We are pleased to report another quarter of solid growth and increased profitability for UFP INDUSTRIES.
We have been able to increase our market share and remain competitive without compromising our commitment to providing quality products at competitive prices. Our continued focus on cost efficiency and operational excellence has allowed us to drive strong results for our shareholders.” Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ufp Industries. More…
| Total Revenues | Net Income | Net Margin |
| 8.1k | 564.22 | 7.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ufp Industries. More…
| Operations | Investing | Financing |
| 1.06k | -320.48 | -182.24 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ufp Industries. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.84k | 1k | 45.93 |
Key Ratios Snapshot
Some of the financial key ratios for Ufp Industries are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 22.2% | 40.3% | 9.4% |
| FCF Margin | ROE | ROA |
| 10.8% | 17.1% | 12.4% |
Analysis
At GoodWhale, we recently conducted an analysis of UFP INDUSTRIES‘ fundamentals. We found that UFP INDUSTRIES is a low risk investment in terms of financial and business aspects when evaluated in our Risk Rating system. Based on our analysis, we detected 1 risk warning in the balance sheet of UFP INDUSTRIES. If you wish to get more information about this risk warning, please register with us to check it out. We would be more than happy to answer any questions or concerns you may have about the risk associated with this investment. More…
Peers
UFP Industries Inc is one of the largest producers of wood products in North America. The company’s competitors include Blue Star Opportunities Corp, Interfor Corp, and West Fraser Timber Co. Ltd.
– Blue Star Opportunities Corp ($OTCPK:BSTO)
Interfor Corp is a Canadian forestry company with operations in British Columbia, Washington state, and Oregon. The company has a market cap of 1.23 billion Canadian dollars as of 2022. The company’s return on equity is 34.77%. Interfor Corp is engaged in the business of growing and harvesting trees, and manufacturing and selling lumber and wood products. The company’s products are used in the construction, industrial, and retail markets.
– Interfor Corp ($TSX:IFP)
As of 2022, West Fraser Timber Co. Ltd. had a market capitalization of $8.54 billion. The company had a return on equity of 26.74%. West Fraser Timber Co. Ltd. is a forest products company that produces lumber, wood chips, and other forest products. The company was founded in 1955 and is headquartered in Vancouver, Canada.
Summary
UFP Industries experienced flat revenue and net income in the second quarter of FY2023, ending June 30 2023. Despite the lack of growth, investors may note that UFP Industries maintained their profitability, with the same net income year-over-year. Furthermore, UFP is well-positioned for growth with its diverse product lines and strategic investments aimed at improving operational efficiency. Overall, this makes UFP Industries an attractive investing option, despite the lackluster quarter-over-quarter growth.
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