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UFP Industries, Inc. has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing reports a decrease in net sales by 10% compared to the third quarter of 2023, attributed to a 7% decrease in selling prices and a 3% decrease in unit sales.
Gross profits decreased by $66 million, or 18.1%, compared to the same period of the prior year, with declines noted across Construction, Packaging, and Retail segments.
Operating profits decreased by $47 million, or 28.3%, primarily due to a decline in gross profits, partially offset by reduced selling, general, and administrative expenses.
Cash flows from operations were $498 million for the first nine months of 2024, a decline from $712 million during the same period in 2023, impacted by lower net earnings and changes in working capital.
Cash and cash equivalents at the end of September 2024 were $1.2 billion, compared to $957 million at the end of September 2023.
The company reported a decrease in its cash cycle to 59 days from 62 days during the third quarter of 2024.
UFP Industries experienced a 13% decrease in net sales in its Retail segment for the third quarter, driven by a decline in selling prices and unit sales.
The Packaging segment saw an 11% decrease in net sales due to lower selling prices and unit sales, with competitive pricing pressures noted.
In the Construction segment, net sales decreased by 8%, with unit declines in commercial construction and concrete forming.
The company's effective tax rate increased to 24.2% in the third quarter of 2024 from 22.7% in the same period of 2023.
UFP Industries continues to focus on expanding its sales of value-added products, which comprised 69.3% of total sales in the third quarter of 2024.
The company maintains a strong liquidity position with approximately $2.4 billion in total liquidity, including cash and available credit facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UFP Industries Inc. quarterly 10-Q report dated November 6, 2024. To report an error, please email earnings@qz.com.