UFP Industries Has Record Quarter

UFP Industries, Inc. had net sales of $1.39 billion for the fourth quarter of 2020, a 40 per cent increase over net sales of $998 million the fourth quarter of 2019. New product sales for the quarter increased 46 per cent year-over-year, led by the company’s new Deckorators Voyage decking line and Dimensions project panels business. These improvements in sales mix contributed to an increase in the company’s gross profit per unit, as gross profit increased by 19 per cent. Increased lumber prices also contributed to the growth. Earnings from operations was $88.2 million for the quarter, a 70 per cent increase over $51.8 million last year. The retail solutions segment sales were up 76 per cent year-over-year; the industrial segment sales were up 25 per cent; and the construction segment sales were up 24 per cent.