UFP Industries Announces First Quarter Results
“We would like to credit our hard-working team and our balanced business model for allowing us to achieve first-quarter results that were in line with expectations,” said Chairman and CEO
First Quarter 2024 Highlights (comparisons on a year-over-year basis):
-
Net sales of
$1.64 billion decreased 10 percent due to a 9 percent decrease in selling prices and a 1 percent decrease in organic unit sales. -
New product sales of
$124 million were 7.6 percent of total sales compared to 7.4 percent in the first quarter of 2023. -
Adjusted EBITDA1 of
$181 million represents a decrease of 10 percent while adjusted EBITDA margin1 declined 10 basis points to 11 percent. -
Net earnings attributable to controlling interests of
$121 million represents a 4 percent decrease from last year and includes the favorable impact of a$9.7 million increase in an anticipated tax deduction associated with the company’s share-based compensation plan.
________________________ | |||
1 |
Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below. |
Capital Allocation
- Acquisitions and Organic Growth. The company continues to pursue strategic acquisitions that drive long-term growth and margin improvements and offer strong returns. When acquisition targets are not available at valuations that allow it to meet or exceed its hurdle rates, the company will invest in organic growth. The company is targeting capital investments of up to
- Dividend payments. On
- Share repurchases. The Company is authorized to purchase up to
By business segment, the company reported the following first quarter 2024 results:
UFP Retail Solutions
Net sales of
Net sales of
Net sales of
Short-Term Outlook
End Market Demand: We continue to follow key indicators and forecasts in the markets we serve and have modified our earlier published outlook based on more recent macroeconomic data and reduced expectations for federal interest rate cuts in the latter half of 2024. We anticipate demand for our packaging and retail segments will be down mid-single digits and demand for our construction segment to be slightly up to slightly down in 2024 as compared to 2023. We expect the soft demand and competitive price environment will continue for most of the year, with year-over-year improvements in the back half of the year because of more favorable year-over-year comparisons.
CONFERENCE CALL
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the
Non-GAAP Financial Information
This release includes certain financial information not prepared in accordance with
Net earnings
Net earnings refers to net earnings attributable to controlling interest unless specifically noted.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2024/2022 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Quarter Period and Year to Date |
|||||||||||||
(In thousands, except per share data) |
|
2024 |
2023 |
||||||||||||
|
|
$ |
1,638,966 |
|
|
100.0 |
|
% |
$ |
1,822,476 |
|
|
100.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
COST OF GOODS SOLD |
|
|
1,312,888 |
|
|
80.1 |
|
|
|
1,464,147 |
|
|
80.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GROSS PROFIT |
|
|
326,078 |
|
|
19.9 |
|
|
|
358,329 |
|
|
19.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
192,059 |
|
|
11.7 |
|
|
|
194,683 |
|
|
10.7 |
|
|
OTHER LOSSES (GAINS), NET |
|
|
196 |
|
|
— |
|
|
|
1,938 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EARNINGS FROM OPERATIONS |
|
|
133,823 |
|
|
8.2 |
|
|
|
161,708 |
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
INTEREST AND OTHER |
|
|
(12,763 |
) |
|
(0.8 |
) |
|
|
(2,841 |
) |
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EARNINGS BEFORE INCOME TAXES |
|
|
146,586 |
|
|
8.9 |
|
|
|
164,549 |
|
|
9.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
INCOME TAXES |
|
|
25,487 |
|
|
1.6 |
|
|
|
38,971 |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET EARNINGS |
|
|
121,099 |
|
|
7.4 |
|
|
|
125,578 |
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
LESS NET LOSS (EARNINGS) ATTRIBUTABLE TO NONCONTROLLING INTEREST |
|
|
(308 |
) |
|
— |
|
|
|
491 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST |
|
$ |
120,791 |
|
|
7.4 |
|
|
$ |
126,069 |
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EARNINGS PER SHARE - BASIC |
|
$ |
1.96 |
|
|
|
|
$ |
2.01 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
EARNINGS PER SHARE - DILUTED |
|
$ |
1.96 |
|
|
|
|
$ |
1.98 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
COMPREHENSIVE INCOME |
|
$ |
119,969 |
|
|
|
|
$ |
131,830 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST |
|
|
(591 |
) |
|
|
|
|
(1,760 |
) |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST |
|
$ |
119,378 |
|
|
|
|
$ |
130,070 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS BY SEGMENT (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2024/2023 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Quarter Period and Year to Date |
|||||||||||||||||||
|
|
2024 |
|||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
|||||||||
|
|
$ |
628,765 |
|
|
$ |
424,418 |
|
$ |
517,896 |
|
|
$ |
66,947 |
|
$ |
940 |
|
|
$ |
1,638,966 |
COST OF GOODS SOLD |
|
|
527,641 |
|
|
|
338,978 |
|
|
403,561 |
|
|
|
49,002 |
|
|
(6,294 |
) |
|
|
1,312,888 |
GROSS PROFIT |
|
|
101,124 |
|
|
|
85,440 |
|
|
114,335 |
|
|
|
17,945 |
|
|
7,234 |
|
|
|
326,078 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
55,610 |
|
|
|
53,941 |
|
|
69,150 |
|
|
|
13,391 |
|
|
(33 |
) |
|
|
192,059 |
OTHER |
|
|
(466 |
) |
|
|
253 |
|
|
(157 |
) |
|
|
681 |
|
|
(115 |
) |
|
|
196 |
EARNINGS FROM OPERATIONS |
|
$ |
45,980 |
|
|
$ |
31,246 |
|
$ |
45,342 |
|
|
$ |
3,873 |
|
$ |
7,382 |
|
|
$ |
133,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Quarter Period and Year to Date |
||||||||||||||||||
|
|
2023 |
||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||
|
|
$ |
761,294 |
|
$ |
486,561 |
|
|
$ |
515,593 |
|
$ |
55,795 |
|
$ |
3,233 |
|
|
$ |
1,822,476 |
COST OF GOODS SOLD |
|
|
665,990 |
|
|
365,663 |
|
|
|
393,934 |
|
|
37,025 |
|
|
1,535 |
|
|
|
1,464,147 |
GROSS PROFIT |
|
|
95,304 |
|
|
120,898 |
|
|
|
121,659 |
|
|
18,770 |
|
|
1,698 |
|
|
|
358,329 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
53,913 |
|
|
66,252 |
|
|
|
67,338 |
|
|
12,964 |
|
|
(5,784 |
) |
|
|
194,683 |
OTHER |
|
|
1,133 |
|
|
(86 |
) |
|
|
73 |
|
|
974 |
|
|
(156 |
) |
|
|
1,938 |
EARNINGS FROM OPERATIONS |
|
$ |
40,258 |
|
$ |
54,732 |
|
|
$ |
54,248 |
|
$ |
4,832 |
|
$ |
7,638 |
|
|
$ |
161,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2024/2023 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Quarter Period and Year to Date |
||||||||||||||||||||||
|
|
2024 |
||||||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||||||
Net earnings |
|
$ |
38,063 |
|
|
$ |
25,328 |
|
|
$ |
37,468 |
|
|
$ |
6,166 |
|
|
$ |
14,074 |
|
|
$ |
121,099 |
|
Interest and other |
|
|
(94 |
) |
|
|
588 |
|
|
|
(11 |
) |
|
|
(3,591 |
) |
|
|
(9,655 |
) |
|
|
(12,763 |
) |
Income taxes |
|
|
8,011 |
|
|
|
5,330 |
|
|
|
7,885 |
|
|
|
1,298 |
|
|
|
2,963 |
|
|
|
25,487 |
|
Expenses associated with share-based compensation arrangements |
|
|
1,688 |
|
|
|
2,189 |
|
|
|
2,465 |
|
|
|
299 |
|
|
|
4,636 |
|
|
|
11,277 |
|
Net (gain) loss on disposition and impairment of assets |
|
|
(272 |
) |
|
|
253 |
|
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(202 |
) |
|
|
(231 |
) |
Depreciation expense |
|
|
6,965 |
|
|
|
8,469 |
|
|
|
5,384 |
|
|
|
789 |
|
|
|
8,412 |
|
|
|
30,019 |
|
Amortization of intangibles |
|
|
998 |
|
|
|
2,192 |
|
|
|
702 |
|
|
|
1,534 |
|
|
|
456 |
|
|
|
5,882 |
|
Adjusted EBITDA |
|
$ |
55,359 |
|
|
$ |
44,349 |
|
|
$ |
53,892 |
|
|
$ |
6,486 |
|
|
$ |
20,684 |
|
|
$ |
180,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA as a Percentage of |
|
|
8.8 |
% |
|
|
10.4 |
% |
|
|
10.4 |
% |
|
|
9.7 |
% |
|
|
2200.4 |
% |
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Quarter Period and Year to Date |
||||||||||||||||||||||
|
|
2023 |
||||||||||||||||||||||
(In thousands) |
|
Retail |
|
Packaging |
|
Construction |
|
All Other |
|
Corporate |
|
Total |
||||||||||||
Net earnings |
|
$ |
30,740 |
|
|
$ |
41,325 |
|
|
$ |
41,404 |
|
|
$ |
5,264 |
|
|
$ |
6,845 |
|
|
$ |
125,578 |
|
Interest and other |
|
|
21 |
|
|
|
583 |
|
|
|
(5 |
) |
|
|
(2,109 |
) |
|
|
(1,331 |
) |
|
|
(2,841 |
) |
Income taxes |
|
|
9,497 |
|
|
|
12,824 |
|
|
|
12,849 |
|
|
|
1,677 |
|
|
|
2,124 |
|
|
|
38,971 |
|
Expenses associated with share-based compensation arrangements |
|
|
1,615 |
|
|
|
2,096 |
|
|
|
2,121 |
|
|
|
278 |
|
|
|
3,527 |
|
|
|
9,637 |
|
Net loss (gain) on disposition and impairment of assets |
|
|
36 |
|
|
|
(86 |
) |
|
|
(47 |
) |
|
|
(10 |
) |
|
|
(57 |
) |
|
|
(164 |
) |
Depreciation expense |
|
|
5,834 |
|
|
|
7,682 |
|
|
|
4,628 |
|
|
|
399 |
|
|
|
7,231 |
|
|
|
25,774 |
|
Amortization of intangibles |
|
|
1,055 |
|
|
|
2,246 |
|
|
|
797 |
|
|
|
532 |
|
|
|
379 |
|
|
|
5,009 |
|
Adjusted EBITDA |
|
$ |
48,798 |
|
|
$ |
66,670 |
|
|
$ |
61,747 |
|
|
$ |
6,031 |
|
|
$ |
18,718 |
|
|
$ |
201,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA as a Percentage of |
|
|
6.4 |
% |
|
|
13.7 |
% |
|
|
12.0 |
% |
|
|
10.8 |
% |
|
|
579.0 |
% |
|
|
11.1 |
% |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) MARCH 2024/2023 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
2024 |
|
|
2023 |
|
LIABILITIES AND EQUITY |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
979,746 |
|
$ |
423,299 |
|
Accounts payable |
|
$ |
254,902 |
|
$ |
277,989 |
|
Restricted cash |
|
|
761 |
|
|
761 |
|
Accrued liabilities and other |
|
|
226,065 |
|
|
249,350 |
|
Investments |
|
|
36,978 |
|
|
37,534 |
|
Current portion of debt |
|
|
44,051 |
|
|
3,020 |
|
Accounts receivable |
|
|
713,414 |
|
|
809,389 |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
745,295 |
|
|
960,338 |
|
|
|
|
|
|
|
|
|
Other current assets |
|
|
38,221 |
|
|
35,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
2,514,415 |
|
|
2,267,013 |
|
TOTAL CURRENT LIABILITIES |
|
|
525,018 |
|
|
530,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
258,537 |
|
|
242,541 |
|
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS |
|
|
233,046 |
|
|
275,002 |
|
INTANGIBLE ASSETS, NET |
|
|
511,127 |
|
|
487,080 |
|
OTHER LIABILITIES |
|
|
185,097 |
|
|
178,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEMPORARY EQUITY |
|
|
19,383 |
|
|
6,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET |
|
|
794,560 |
|
|
700,155 |
|
SHAREHOLDERS' EQUITY |
|
|
3,116,095 |
|
|
2,705,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
4,078,639 |
|
$ |
3,696,789 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
4,078,639 |
|
$ |
3,696,789 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 2024/2023 |
||||||||||
|
|
|
|
|
|
|
|
|
||
(In thousands) |
|
|
2024 |
|
|
|
|
2023 |
|
|
CASH FLOWS USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
||
Net earnings |
|
$ |
121,099 |
|
|
|
$ |
125,578 |
|
|
Adjustments to reconcile net earnings to net cash used in operating activities: |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Depreciation |
|
|
30,019 |
|
|
|
|
25,774 |
|
|
Amortization of intangibles |
|
|
5,882 |
|
|
|
|
5,009 |
|
|
Expense associated with share-based and grant compensation arrangements |
|
|
11,277 |
|
|
|
|
9,637 |
|
|
Deferred income taxes |
|
|
119 |
|
|
|
|
(242 |
) |
|
Unrealized gain on investment and other |
|
|
(2,130 |
) |
|
|
|
(149 |
) |
|
Equity in loss of investee |
|
|
594 |
|
|
|
|
588 |
|
|
Net gain on sale and disposition of assets |
|
|
(231 |
) |
|
|
|
(164 |
) |
|
Changes in: |
|
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
(164,613 |
) |
|
|
|
(191,064 |
) |
|
Inventories |
|
|
(17,788 |
) |
|
|
|
14,674 |
|
|
Accounts payable and cash overdraft |
|
|
52,264 |
|
|
|
|
68,388 |
|
|
Accrued liabilities and other |
|
|
(53,290 |
) |
|
|
|
(95,105 |
) |
|
|
|
|
(16,798 |
) |
|
|
|
(37,076 |
) |
|
|
|
|
|
|
|
|
|
|
||
CASH FLOWS USED IN INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
||
Purchases of property, plant, and equipment |
|
|
(49,148 |
) |
|
|
|
(38,166 |
) |
|
Proceeds from sale of property, plant and equipment |
|
|
1,344 |
|
|
|
|
319 |
|
|
Purchases of investments |
|
|
(9,352 |
) |
|
|
|
(11,709 |
) |
|
Proceeds from sale of investments |
|
|
4,300 |
|
|
|
|
8,849 |
|
|
Other |
|
|
(3,206 |
) |
|
|
|
(1,151 |
) |
|
|
|
|
(56,062 |
) |
|
|
|
(41,858 |
) |
|
|
|
|
|
|
|
|
|
|
||
CASH FLOWS USED IN FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
||
Borrowings under revolving credit facilities |
|
|
5,100 |
|
|
|
|
4,437 |
|
|
Repayments under revolving credit facilities |
|
|
(4,278 |
) |
|
|
|
(4,518 |
) |
|
Repayments of debt |
|
|
— |
|
|
|
|
(29 |
) |
|
Repayment of debt on behalf of investee |
|
|
(6,303 |
) |
|
|
|
— |
|
|
Contingent consideration payments and other |
|
|
(3,779 |
) |
|
|
|
(6,179 |
) |
|
Proceeds from issuance of common stock |
|
|
654 |
|
|
|
|
685 |
|
|
Dividends paid to shareholders |
|
|
(20,411 |
) |
|
|
|
(15,642 |
) |
|
Distributions to noncontrolling interest |
|
|
(3,331 |
) |
|
|
|
(4,859 |
) |
|
Payments to taxing authorities in connection with shares directly withheld from employees |
|
|
(17,838 |
) |
|
|
|
— |
|
|
Repurchase of common stock |
|
|
(18,797 |
) |
|
|
|
(33,288 |
) |
|
Other |
|
|
15 |
|
|
|
|
25 |
|
|
|
|
|
(68,968 |
) |
|
|
|
(59,368 |
) |
|
|
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash |
|
|
79 |
|
|
|
|
2,739 |
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
(141,749 |
) |
|
|
|
(135,563 |
) |
|
|
|
|
|
|
|
|
|
|
||
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
1,122,256 |
|
|
|
|
559,623 |
|
|
|
|
|
|
|
|
|
|
|
||
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
980,507 |
|
|
|
$ |
424,060 |
|
|
|
|
|
|
|
|
|
|
|
||
Reconciliation of cash and cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents, beginning of period |
|
$ |
1,118,329 |
|
|
|
$ |
559,397 |
|
|
Restricted cash, beginning of period |
|
|
3,927 |
|
|
|
|
226 |
|
|
All cash and cash equivalents, beginning of period |
|
$ |
1,122,256 |
|
|
|
$ |
559,623 |
|
|
|
|
|
|
|
|
|
|
|
||
Cash and cash equivalents, end of period |
|
$ |
979,746 |
|
|
|
$ |
423,299 |
|
|
Restricted cash, end of period |
|
|
761 |
|
|
|
|
761 |
|
|
All cash and cash equivalents, end of period |
|
$ |
980,507 |
|
|
|
$ |
424,060 |
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430277967/en/
VP of Investor Relations
(616) 365-1555
Source: