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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-22684

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Michigan

    

38-1465835

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification Number)

organization)

2801 East Beltline NE, Grand Rapids, Michigan

49525

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (616) 364-6161

NONE

(Former name or former address, if changed since last report.)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class

    

Outstanding as of September 30, 2023

Common stock, $1 par value

61,812,538

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange On Which Registered

Common Stock, no par value

UFPI

The Nasdaq Stock Market, LLC

Table of Contents

UFP INDUSTRIES, INC.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION.

Page No.

Item 1.

Financial Statements

3

Condensed Consolidated Balance Sheets at September 30, 2023, December 31, 2022 and September 24, 2022

3

Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and September 24, 2022

4

Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months Ended September 30, 2023 and September 24, 2022

5

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and September 24, 2022

7

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

34

Item 4.

Controls and Procedures

35

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings – NONE

Item 1A.

Risk Factors - NONE

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

Item 3.

Defaults upon Senior Securities – NONE

Item 4.

Mine Safety Disclosures – NONE

Item 5.

Other Information

35

Item 6.

Exhibits

36

2

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share data)

September 30,

December 31,

September 24,

    

2023

    

2022

    

2022

ASSETS

  

  

CURRENT ASSETS:

  

  

Cash and cash equivalents

$

957,092

    

$

559,397

  

$

449,135

Restricted cash

 

3,761

 

226

  

 

729

Investments

 

37,062

 

36,013

  

 

33,113

Accounts receivable, net

 

697,555

 

617,604

  

 

877,776

Inventories:

  

  

Raw materials

 

316,628

 

398,798

  

 

425,765

Finished goods

 

428,119

 

574,429

  

 

581,118

Total inventories

 

744,747

 

973,227

  

 

1,006,883

Refundable income taxes

 

26,484

 

33,126

  

 

28,771

Other current assets

 

38,421

 

42,520

  

 

39,956

TOTAL CURRENT ASSETS

 

2,505,122

 

2,262,113

 

2,436,363

DEFERRED INCOME TAXES

 

3,489

 

3,750

  

 

3,139

RESTRICTED INVESTMENTS

23,653

 

19,898

  

 

19,552

RIGHT OF USE ASSETS

106,506

107,517

101,001

OTHER ASSETS

 

150,351

 

101,262

  

 

94,090

GOODWILL

 

328,221

 

337,320

  

 

319,183

INDEFINITE-LIVED INTANGIBLE ASSETS

 

7,316

 

7,339

  

 

7,332

OTHER INTANGIBLE ASSETS, NET

 

140,734

 

143,892

  

 

113,880

PROPERTY, PLANT AND EQUIPMENT:

  

  

Property, plant and equipment

1,487,801

1,379,968

1,323,896

Less accumulated depreciation and amortization

 

(749,109)

 

(690,986)

  

 

(679,889)

PROPERTY, PLANT AND EQUIPMENT, NET

738,692

688,982

644,007

TOTAL ASSETS

4,004,084

3,672,073

3,738,547

LIABILITIES AND SHAREHOLDERS’ EQUITY

  

  

CURRENT LIABILITIES:

  

  

Cash overdraft

$

$

  

$

4,174

Accounts payable

253,065

206,941

  

323,404

Accrued liabilities:

  

  

Compensation and benefits

 

244,214

 

296,120

  

 

298,384

Other

 

78,691

 

80,255

  

 

111,596

Current portion of lease liability

24,326

25,577

23,767

Current portion of long-term debt

 

1,539

 

2,942

  

 

41,536

TOTAL CURRENT LIABILITIES

 

601,835

 

611,835

  

 

802,861

LONG-TERM DEBT

 

273,308

 

275,154

  

 

275,417

LEASE LIABILITY

86,571

85,419

80,903

DEFERRED INCOME TAXES

 

50,779

 

51,265

  

 

62,436

OTHER LIABILITIES

 

36,040

 

44,697

  

 

40,628

TOTAL LIABILITIES

 

1,048,533

 

1,068,370

  

 

1,262,245

TEMPORARY EQUITY:

Redeemable noncontrolling interest

$

6,788

$

6,880

$

7,563

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, 61,812,538 , 61,618,193 and 61,637,514

 

61,813

 

61,618

  

 

61,638

Additional paid-in capital

 

345,399

 

294,029

  

 

284,025

Retained earnings

 

2,517,252

 

2,217,410

  

 

2,102,764

Accumulated other comprehensive loss

 

(5,083)

 

(9,075)

  

 

(11,348)

Total controlling interest shareholders’ equity

 

2,919,381

 

2,563,982

  

 

2,437,079

Noncontrolling interest

 

29,382

 

32,841

  

 

31,660

TOTAL SHAREHOLDERS’ EQUITY

 

2,948,763

 

2,596,823

  

 

2,468,739

TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY

$

4,004,084

$

3,672,073

  

$

3,738,547

See notes to consolidated condensed financial statements.

3

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME

(Unaudited)

(in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

September 24,

September 30,

September 24,

    

2023

    

2022

    

2023

    

2022

    

NET SALES

$

1,827,637

    

$

2,322,855

  

$

5,694,031

    

$

7,713,042

    

COST OF GOODS SOLD

 

1,463,237

 

1,872,679

  

 

4,571,235

 

6,281,051

GROSS PROFIT

 

364,400

 

450,176

  

 

1,122,796

 

1,431,991

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

195,649

 

214,327

  

 

595,035

 

649,015

OTHER LOSSES (GAINS), NET

1,419

(1,195)

5,224

1,341

EARNINGS FROM OPERATIONS

 

167,332

 

237,044

  

 

522,537

 

781,635

INTEREST EXPENSE

 

3,205

 

3,516

  

 

9,598

 

10,213

INTEREST AND INVESTMENT (INCOME) LOSS

 

(9,390)

 

1,658

  

 

(23,654)

 

6,905

EQUITY IN LOSS OF INVESTEE

8

1,208

1,013

2,740

INTEREST AND OTHER

 

(6,177)

 

6,382

  

 

(13,043)

 

19,858

EARNINGS BEFORE INCOME TAXES

 

173,509

 

230,662

  

 

535,580

 

761,777

INCOME TAXES

 

39,326

 

58,561

  

 

125,031

 

188,692

NET EARNINGS

 

134,183

 

172,101

  

 

410,549

 

573,085

NET (EARNINGS) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(148)

 

(4,860)

  

 

316

 

(13,023)

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

$

134,035

$

167,241

  

$

410,865

$

560,062

EARNINGS PER SHARE – BASIC

$

2.14

$

2.68

  

$

6.55

$

8.93

EARNINGS PER SHARE – DILUTED

$

2.10

$

2.66

  

$

6.45

$

8.89

OTHER COMPREHENSIVE INCOME:

NET EARNINGS

 

134,183

 

172,101

  

 

410,549

 

573,085

OTHER COMPREHENSIVE INCOME (LOSS)

 

(3,761)

 

(4,477)

  

 

6,969

 

(5,676)

COMPREHENSIVE INCOME

 

130,422

 

167,624

  

 

417,518

 

567,409

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

820

 

(4,273)

  

 

(2,661)

 

(13,290)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

$

131,242

$

163,351

  

$

414,857

$

554,119

See notes to consolidated condensed financial statements.

4

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Additional

Accumulated Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

Temporary

 

Stock

  

Capital

  

Earnings

  

Earnings

  

Interest (NCI)

  

Total

 

Equity

Balance on December 31, 2022

$

61,618

$

294,029

$

2,217,410

$

(9,075)

$

32,841

  

$

2,596,823

$

6,880

Net earnings (loss)

126,069

(313)

125,756

 

(178)

Foreign currency translation adjustment

3,850

2,195

6,045

 

56

Unrealized gain on debt securities

151

151

 

Distributions to NCI

(4,859)

(4,859)

 

Other

43

Cash dividends - $0.25 per share - quarterly

(15,642)

(15,642)

 

Issuance of 10,140 shares under employee stock purchase plan

 

10

675

685

 

Issuance of 824,669 shares under stock grant programs

 

825

14,356

6

15,187

 

Issuance of 93,165 shares under deferred compensation plans

 

93

(93)

 

Repurchase of 450,597 shares

 

(450)

(34,818)

(35,268)

 

Expense associated with share-based compensation arrangements

9,598

9,598

 

Accrued expense under deferred compensation plans

7,165

7,165

  

Balance on April 1, 2023

$

62,096

$

325,730

  

$

2,293,025

$

(5,074)

  

$

29,864

  

$

2,705,641

$

6,801

Net earnings (loss)

150,761

56

 

150,817

 

(29)

Foreign currency translation adjustment

2,983

1,694

 

4,677

 

Unrealized gain on debt securities

(199)

 

(199)

 

Other

(427)

(427)

Cash dividends - $0.25 per share - quarterly

(15,507)

 

(15,507)

 

Issuance of 9,253 shares under employee stock purchase plan

 

9

754

 

763

 

Net forfeitures of 1,503 shares under stock grant programs

 

(1)

35

 

34

 

Issuance of 11,686 shares under deferred compensation plans

 

12

(12)

 

 

Repurchase of 250,000 shares

(251)

(19,965)

(20,216)

Expense associated with share-based compensation arrangements

8,201

 

8,201

 

Accrued expense under deferred compensation plans

1,213

 

1,213

 

Balance on July 1, 2023

$

61,865

$

335,494

  

$

2,408,314

$

(2,290)

  

$

31,614

  

$

2,834,997

$

6,772

Net earnings

134,035

19

134,054

129

Foreign currency translation adjustment

(2,619)

(685)

(3,304)

(283)

Unrealized loss on debt securities

(174)

(174)

Other

(150)

930

780

170

Distributions to NCI

(2,496)

(2,496)

Redeemable NCI

Cash dividends - $0.30 per share - quarterly

(18,574)

(18,574)

Issuance of 7,341 shares under employee stock purchase plans

7

632

639

Net forfeitures of 3,368 shares under stock grant programs

(3)

36

3

36

Issuance of 9,774 shares under deferred compensation plans

10

(10)

Repurchase of 66,215 shares

(66)

(6,526)

(6,592)

Expense associated with share-based compensation arrangements

8,156

8,156

Accrued expense under deferred compensation plans

1,241

1,241

Balance on September 30, 2023

$

61,813

$

345,399

$

2,517,252

$

(5,083)

$

29,382

$

2,948,763

$

6,788

See notes to consolidated condensed financial statements.

5

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY, CONTINUED

(Unaudited)

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Additional

Accumulated Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

Temporary

  

Stock

  

Capital

  

Earnings

  

Earnings

  

Interest (NCI)

  

Total

  

Equity

Balance on December 25, 2021

$

61,902

$

243,995

$

1,678,121

$

(5,405)

$

37,956

  

$

2,016,569

$

Net earnings

  

  

 

189,703

 

  

 

3,428

  

 

193,131

Foreign currency translation adjustment

  

  

  

 

2,930

 

949

  

 

3,879

Unrealized loss on debt securities

  

  

  

 

(695)

 

  

 

(695)

Distributions to NCI

  

  

  

  

 

(2,053)

 

(2,053)

Cash dividends - $0.20 per share - quarterly

(12,541)

 

  

 

  

  

 

(12,541)

Issuance of 9,734 shares under employee stock purchase plan

 

10

653

  

  

  

 

663

Issuance of 787,045 shares under stock grant programs

 

787

8,959

  

  

  

 

9,746

Issuance of 79,973 shares under deferred compensation plans

 

80

(80)

  

  

Repurchase of 44,442 shares

 

(45)

(3,499)

  

  

 

  

 

(3,544)

Expense associated with share-based compensation arrangements

6,883

 

  

 

  

6,883

Accrued expense under deferred compensation plans

6,134

  

  

  

  

 

6,134

Balance on March 26, 2022

$

62,734

$

266,544

  

$

1,851,784

$

(3,170)

  

$

40,280

  

$

2,218,172

$

Net earnings

203,118

4,735

  

 

207,853

Foreign currency translation adjustment

(3,660)

(95)

  

 

(3,755)

Unrealized loss on debt securities

(628)

 

(628)

Cash dividends - $0.25 per share - quarterly

(15,474)

(15,474)

Issuance of 13,875 shares under employee stock purchase plan

 

14

781

795

Issuance of 28,154 shares under stock grant programs

 

28

1,092