Selling prices impact UFP Q1 Results

UFP Industries, Inc. had net sales of $1.64 billion for the first quarter of 2024, a decrease of 10 percent compared to net sales in the first quarter of 2023. The results were due to decreases in selling prices and organic 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. The company had adjusted EBITDA of $181 million for the quarter, a decrease of 10 percent year over year, while adjusted EBITDA margin declined 10 basis points to 11 percent. Net earnings were $121 million, down four percent compared to the year-ago period. Net sales for the retail solutions segment decreased 17 percent year over year; net sales for the packaging segment decreased 13 percent year over year; and net sales for the construction segment were relatively unchanged.