UFP Industries, Inc. announced its third quarter 2024 results on October 28, 2024, reporting net sales of $1.65 billion, net earnings attributable to controlling interest of $100 million, and earnings per diluted share of $1.64. These figures reflect a decrease in sales and profitability compared to the prior year, driven by softer demand and broad-based pricing pressure across its segments.
The company's gross profit decreased by 18% to $298.4 million, and operating profit fell by 31% to $119.9 million year-over-year. Despite these challenges, UFP Industries maintained a strong balance sheet with $1.19 billion in cash and approximately $2.4 billion in liquidity as of September 28, 2024.
In a positive move for shareholders, the Board of Directors approved a quarterly dividend payment of $0.33 per share on October 23, 2024, representing a 10% increase over the previous quarter's dividend. Additionally, the company had authorized up to $200 million in share repurchases through July 31, 2025, demonstrating a commitment to returning value to investors amidst a cautious outlook for continued soft demand and competitive pricing into 2025.
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