Home:  Global Wood p01.gif (127 bytes) Industry News & Markets

Falling prices sting UFP Industries
[Feb 22, 2024]

UFP Industries, the building products manufacturer and distributor, reported fourth quarter 2023 sales declined 20% to $1.52 billion from sales of $1.9 billion in the fourth quarter of 2022.

The Grand Rapids, Michigan-based company said fourth quarter sales were impacted by 10% decline in prices along with a 10% decrease in organic sales growth.

Retail sales fell 27% to $505.6 million from the fourth quarter of 2022 due to a 9% decline in selling prices and an 18 percent decline in organic unit sales, the company said.

Construction sales were down 16% for the quarter and reached $511 million.

Earnings from operations sank 26% to $124 in the fourth quarter from nearly $169 million for the same period last year.

Sales for the full year decreased 25% to $7.2 billion following a record 2022 with sales of $9.2 billion.

Full-year retail sales sank 21% to $2.87 billion as construction sales dropped 31% to $2.16 billion.

Earnings from continuing operations saw a 32% slide to $647 million as compared to earnings of $950 million in 2022.

Looking ahead, UFP Industries said that it anticipates lumber prices, which returned to more normalized levels in 2023 after pandemic-inflated highs, will remain at lower levels ¨Cbased on current supply¨Cand demand and follow more typical seasonal trends.

Some of the key products in UFP Industries portfolio include ProWood treated lumber; Deckorators composite decking; UFP Edge siding, shiplap, and trim; and Outdoor Essentials outdoor living products.

Source: UFP Industries - ufpi.com