Universal Forest Products, Inc.

Page 1

 

 

Exhibit 99(a)

 

Image - Image1.jpeg

News release

 

---------------AT THE COMPANY---------------

 

Dick Gauthier

VP,  Business Outreach

(616) 365-1555

 

FOR IMMEDIATE RELEASE

Wednesday, February 19, 2020

 

UFP Industries Reports Record Profits for Fourth Quarter and Year
-  2019 diluted EPS up 21 percent; unit sales up 6 percent -

GRAND RAPIDS, Mich., Wednesday, Feb. 19, 2020 – Universal Forest Products, Inc. (n/k/a UFP Industries)   (Nasdaq: UFPI), today announced record net sales and profits for the fourth quarter of 2019, as well as record EPS of $2.91 per diluted share for fiscal 2019 compared to $2.40 for fiscal 2018, a 21 percent increase.

“The hard-working employees of UFP Industries marked our 65th year in business by producing the best fourth quarter and year in our history,” stated CEO Matthew J. Missad.  “Our record profitability is the result of increased unit sales, our ability to leverage fixed costs, and increased sales of our higher-margin, value-added products, which continue to comprise a greater portion of our product mix. We also generated record operating cash flow, allowing us to fund our strategic growth initiatives, further strengthen our balance sheet and return even more capital to our shareholders.”

Fourth Quarter 2019 Highlights (comparisons on a year-over-year basis):

-

Earnings from operations of $51.8 million were up 14 percent and net earnings attributable to controlling interest of $37.7 million were up 24 percent

-

EBITDA of $70.9 million increased by 12 percent

-

Net sales of $998 million represent a 1 percent increase; lower lumber prices reduced gross sales by 5 percent

Fiscal 2019 Highlights (comparisons on a year-over-year basis):

-

Earnings from operations of $244.9 million were up 18 percent, and net earnings attributable to controlling interest of $179.7 million were up 21 percent

-

EBITDA of $317.3 million was up 19 percent, exceeding the company’s unit sales increase of 6 percent

-

New product sales were $540 million, up 13 percent. For 2020, the company has removed $126 million of 2019 sales from its new products classification, although it will continue to sell those products.

-

Net sales of $4.42 billion were down 2 percent; lower lumber prices reduced gross sales by 8 percent

-

Net cash flow from operating activities of $349.3 million was up 199%

-more-

 

Universal Forest Products, Inc.

Page 2

 

By market, the Company reported the following 2019 results:

Retail

·

Fourth Quarter: $323.3 million in gross sales, up 7 percent over the fourth quarter of 2018. Retail unit sales increased 10 percent due to new product growth and market share gains. Lower selling prices reduced gross sales by 3 percent.

·

Full Year: $1.64 billion in gross sales, down 1 percent from 2018, due to a 7 percent increase in unit sales and an 8 percent decrease in selling prices.

Industrial

·

Fourth Quarter: $309.7 million in gross sales, down 4 percent from the fourth quarter of 2018; unit sales increased 2 percent, while lower lumber prices reduced gross sales by 6 percent.  Acquisitions accounted for all the unit sales growth.

·

Full Year: $1.33 billion in gross sales, up 2 percent over the previous year. Unit sales increased 7 percent; 5 percent came from acquisitions and 2 percent from organic growth.

Construction

·

Fourth Quarter: $379.0 million in gross sales, up 1 percent over the fourth quarter of 2018, due to a 5 percent increase in unit sales and a 4 percent decrease in selling prices. Unit sales to commercial, manufactured housing and residential customers rose 9, 4, and 3 percent, respectively.

·

Full Year: $1.52 billion in gross sales, down 5 percent from the previous year due to a 10 percent decrease in lumber prices and a 5 percent increase in unit sales. Unit sales to commercial and residential customers rose 11 and 5 percent, respectively. Manufactured housing sales were flat for the year.

On January 1, 2020, the company began doing business as UFP Industries to better reflect its growing diversity of products and markets. (The company will seek shareholder approval for the change to its corporate name at its annual meeting of shareholders in April.) The company also realigned its organizational structure, creating three market-focused segments: UFP Construction, UFP Industrial and UFP Retail.

“Although our results indicate we are performing well, we believe we can continue to improve and have made changes to do so,” added Missad. “Our new structure is intended to bring even greater alignment with our customers and allow for quicker introduction of new, value-added products. It also will help us more effectively allocate capital to grow and improve our business. We are truly excited about the future of UFP Industries.”

On February 3, 2020, UFP Industries announced it changed the frequency of its dividend payments from semi-annual to quarterly. The company also announced a 25 percent pro-rated increase in its dividend payment.

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, February 20, 2020. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 866-518-4547 and internationally at 213-660-0879. Use conference pass code 8194375. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through March 21, 2020, at 855-859-2056, 404-537-3406 or 800-585-5367.

-more-

Universal Forest Products, Inc.

Page 3

 

UNIVERSAL FOREST PRODUCTS, INC.  (d/b/a UFP INDUSTRIES)

UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.  Founded in 1955, the Company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

 

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies.  Management considers EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

 

 

# # #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Universal Forest Products, Inc.

Page 4

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

    

2019

2018

2019

2018

NET SALES

 

$

998,041

  

100

$

988,181

  

100

$

4,416,009

  

100

$

4,489,180

  

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD 

 

 

840,786

 

84.2

 

 

850,538

 

86.1

 

 

3,730,491

 

84.5

 

 

3,896,286

 

86.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

157,255

 

15.8

 

 

137,643

 

13.9

 

 

685,518

 

15.5

 

 

592,894

 

13.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING,   GENERAL  AND ADMINISTRATIVE  EXPENSES

 

 

104,154

 

10.4

 

 

92,387

 

9.3

 

 

438,320

 

9.9

 

 

392,679

 

8.7

 

FOREIGN CURRENCY EXCHANGE (GAIN) LOSS

 

 

610

 

0.1

 

 

(657)

 

(0.1)

 

 

727

 

 —

 

 

(444)

 

 —

 

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

 

 

735

 

0.1

 

 

475

 

 —

 

 

1,565

 

 —

 

 

(6,604)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

51,756

 

5.2

 

 

45,438

 

4.6

 

 

244,906

 

5.5

 

 

207,263

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE, NET

 

 

150

 

 —

 

 

4,548

 

0.5

 

 

4,232

 

0.1

 

 

9,410

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

51,606

 

5.2

 

 

40,890

 

4.1

 

 

240,674

 

5.5

 

 

197,853

 

4.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

12,930

 

1.3

 

 

9,258

 

0.9

 

 

58,270

 

1.3

 

 

45,441

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

38,676

 

3.9

 

 

31,632

 

3.2

 

 

182,404

 

4.1

 

 

152,412

 

3.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(940)

 

(0.1)

 

 

(1,130)

 

(0.1)

 

 

(2,754)

 

(0.1)

 

 

(3,814)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

37,736

 

3.8

 

$

30,502

 

3.1

 

$

179,650

 

4.1

 

$

148,598

 

3.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.61

 

 

 

$

0.50

 

 

 

$

2.91

 

 

 

$

2.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

0.61

 

 

 

$

0.50

 

 

 

$

2.91

 

 

 

$

2.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

 

39,545

 

 

 

 

29,726

 

 

 

 

183,917

 

 

 

 

147,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(1,383)

 

 

 

 

(577)

 

 

 

 

(3,218)

 

 

 

 

(3,873)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

18,162

 

 

 

$

29,149

 

 

 

$

180,699

 

 

 

$

143,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

Year to Date

Market Classification

    

 

2019

 

 

 

 

 

2018

 

%

    

 

2019

    

 

 

 

 

2018

 

%

Retail

 

 

$

323,342

 

 

 

 

 

$

302,414

 

7%

 

 

$

1,638,885

 

 

 

 

 

$

1,659,503

 

-1%

Industrial

 

 

 

309,709

 

 

 

 

 

 

321,101

 

-4%

 

 

 

1,329,245

 

 

 

 

 

 

1,307,350

 

2%

Construction

 

 

 

378,990

 

 

 

 

 

 

376,508

 

1%

 

 

 

1,524,053

 

 

 

 

 

 

1,598,896

 

-5%

Total Gross Sales

 

 

 

1,012,041

 

 

 

 

 

 

1,000,023

 

1%

 

 

 

4,492,183

 

 

 

 

 

 

4,565,749

 

-2%

Sales Allowances

 

 

 

(14,000)

 

 

 

 

 

 

(11,842)

 

-18%

 

 

 

(76,174)

 

 

 

 

 

 

(76,569)

 

1%

Total Net Sales

 

 

$

998,041

 

 

 

 

 

$

988,181

 

1%

 

 

$

4,416,009

 

 

 

 

 

$

4,489,180

 

-2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

% of Sales

 

2018

 

% of Sales

 

 

2019

 

% of Sales

 

2018

 

% of Sales

SG&A, Excluding Bonus Expense

 

 

$

88,592

 

8.9%

 

$

82,495

 

8.3%

 

 

$

369,491

 

8.4%

 

$

344,877

 

7.7%

Bonus Expense

 

 

 

15,562

 

1.6%

 

 

9,892

 

1.0%

 

 

 

68,829

 

1.6%

 

 

47,802

 

1.1%

Total SG&A

 

 

$

104,154

 

10.4%

 

$

92,387

 

9.3%

 

 

$

438,320

 

9.9%

 

$

392,679

 

8.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A, Excluding Bonus Expense as a Percentage of Gross Profit

 

 

 

56.3%

 

 

 

 

 

 

59.9%

 

 

 

 

 

53.9%

 

 

 

 

 

 

58.2%

 

 

Universal Forest Products, Inc.

Page 5

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

    

 

2019

    

 

2018

    

LIABILITIES AND EQUITY

    

 

2019

    

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

168,336

 

$

27,316

 

Cash overdraft

 

$

 —

 

$

27,367

 

Restricted cash

 

 

330

 

 

882

 

Accounts payable

 

 

142,479

 

 

136,901

 

Investments

 

 

18,527

 

 

14,755

 

Accrued liabilities

 

 

208,747

 

 

145,754

 

Accounts receivable

 

 

364,027

 

 

343,450

 

Current portion of debt

 

 

2,816

 

 

148

 

Inventories

 

 

486,874

 

 

556,220

 

 

 

 

 

 

 

 

 

Other current assets

 

 

54,978

 

 

52,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

1,093,072

 

 

995,278

 

TOTAL CURRENT LIABILITIES

 

 

354,042

 

 

310,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

124,028

 

 

24,597

 

 

 

 

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

 

285,203

 

 

272,963

 

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

 

 

160,867

 

 

202,130

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

116,835

 

 

46,564

 

PROPERTY, PLANT AND EQUIPMENT,  NET

 

 

387,174

 

 

354,710

 

EQUITY

 

 

1,257,733

 

 

1,088,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

1,889,477

 

$

1,647,548

 

TOTAL LIABILITIES AND EQUITY

 

$

1,889,477

 

$

1,647,548

 

 

 

Universal Forest Products, Inc.

Page 6

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2020/2019

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

2019

 

    

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

182,404

 

 

$

152,412

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

60,494

 

 

 

54,949

 

Amortization of intangibles

 

 

6,325

 

 

 

6,393

 

Expense associated with share-based and grant compensation arrangements

 

 

4,007

 

 

 

3,574

 

Deferred income taxes credit

 

 

7,176

 

 

 

857

 

Unrealized loss (gain) on investment and other

 

 

(2,523)

 

 

 

1,888

 

Net loss (gain) on disposition and impairment of assets

 

 

1,565

 

 

 

(6,604)

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(16,872)

 

 

 

(8,512)

 

Inventories

 

 

73,120

 

 

 

(84,304)

 

Accounts payable and cash overdraft

 

 

(24,132)

 

 

 

(5,213)

 

Accrued liabilities and other

 

 

57,727

 

 

 

1,245

 

NET CASH FROM OPERATING ACTIVITIES

 

 

349,291

 

 

 

116,685

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(84,933)

 

 

 

(95,862)

 

Proceeds from sale of property, plant and equipment

 

 

1,777

 

 

 

38,373

 

Acquisitions and purchase of noncontrolling interest, net of cash received

 

 

(39,122)

 

 

 

(54,017)

 

Investment in life insurance contracts

 

 

(15,253)

 

 

 

 —

 

Purchases of investments

 

 

(13,352)

 

 

 

(13,338)

 

Proceeds from sale of investments

 

 

9,828

 

 

 

3,678

 

Other

 

 

(982)

 

 

 

(66)

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(142,037)

 

 

 

(121,232)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

422,057

 

 

 

732,370

 

Repayments under revolving credit facilities

 

 

(460,537)

 

 

 

(748,496)

 

Borrowings of debt

 

 

 —

 

 

 

927

 

Repayments of debt

 

 

(3,136)

 

 

 

(5,540)

 

Issuance of long-term debt

 

 

 —

 

 

 

75,000

 

Proceeds from issuance of common stock

 

 

1,093

 

 

 

1,026

 

Distributions to noncontrolling interest

 

 

(2,216)

 

 

 

(3,139)

 

Dividends paid to shareholders

 

 

(24,549)

 

 

 

(22,072)

 

Repurchase of common stock

 

 

 —

 

 

 

(24,629)

 

Other

 

 

20

 

 

 

(1,054)

 

NET CASH FROM (USED IN) FINANCING ACTIVITIES

 

 

(67,268)

 

 

 

4,393

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

482

 

 

 

(464)

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

140,468

 

 

 

(618)

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

28,198

 

 

 

28,816

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

168,666

 

 

$

28,198

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

27,316

 

 

$

28,339

 

Restricted cash, beginning of period

 

 

882

 

 

 

477

 

All cash and cash equivalents, beginning of period

 

$

28,198

 

 

$

28,816

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

168,336

 

 

$

27,316

 

Restricted cash, end of period

 

 

330

 

 

 

882

 

All cash and cash equivalents, end of period

 

$

168,666

 

 

$

28,198

 

 

 

 

 

 

 

 

 

 

 

 

Universal Forest Products, Inc.

Page 7

 

EBITDA RECONCILIATION (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands)

 

2019

 

2018

2019

2018

Net earnings

 

$

38,676

 

$

31,632

$

182,404

 

$

152,412

Interest expense

 

 

1,933

 

 

2,921

 

8,700

 

 

8,893

Interest and investment income

 

 

(871)

 

 

(262)

 

(1,945)

 

 

(1,371)

Income taxes

 

 

12,930

 

 

9,258

 

58,270

 

 

45,441

Expenses associated with share-based compensation arrangements

 

 

902

 

 

813

 

4,007

 

 

3,574

Net loss (gain) on disposition and impairment of assets

 

 

735

 

 

475

 

1,565

 

 

(6,604)

Unrealized loss (gain) on investments

 

 

(912)

 

 

1,888

 

(2,523)

 

 

1,888

Depreciation expense

 

 

15,842

 

 

14,459

 

60,494

 

 

54,949

Amortization of intangibles

 

 

1,635

 

 

2,119

 

6,325

 

 

6,393

EBITDA

 

$

70,870

 

$

63,303

$

317,297

 

$

265,575

 

Universal Forest Products, Inc.

Page 8

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AS A PERCENTAGE OF SALES

CURRENT YEAR’S SALES STATED AT LAST YEAR’S SELLING PRICES (UNAUDITED)

FOR THE THREE MONTHS ENDED - DECEMBER 2020/2019

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

Actual

Sales Adjusted to Last Year's Selling Price

Actual

 

 

2019

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

100.0

%

 

100.0

%

 

100.0

%

COST OF GOODS SOLD 

 

84.2

 

 

85.0

 

 

86.1

 

GROSS PROFIT

 

15.8

 

 

15.0

 

 

13.9

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

10.5

 

 

9.9

 

 

9.3

 

NET LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS

 

0.1

 

 

0.1

 

 

 -

 

EARNINGS FROM OPERATIONS

 

5.2

 

 

4.9

 

 

4.6

 

OTHER EXPENSE, NET

 

 -

 

 

 -

 

 

0.5

 

EARNINGS BEFORE INCOME TAXES

 

5.2

 

 

4.9

 

 

4.1

 

INCOME TAXES

 

1.3

 

 

1.2

 

 

0.9

 

NET EARNINGS

 

3.9

 

 

3.7

 

 

3.2

 

LESS NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    NONCONTROLLING INTEREST

 

(0.1)

 

 

(0.1)

 

 

(0.1)

 

NET EARNINGS ATTRIBUTABLE TO

 

 

 

 

 

 

 

 

 

    CONTROLLING INTEREST

 

3.8

%

 

3.6

%

 

3.1

%

 

 

 

 

 

 

 

 

 

 

Note: Actual percentages are calculated and may not sum to total due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 NET SALES

$

988,181

 

 

 

 

 

 

 

2019 SELL PRICE DECLINE

 

5.00

%

 

 

 

 

 

 

DECREASE IN 2019 NET SALES DUE TO SELL PRICE DECLINE

$

49,409

 

 

 

 

 

 

 

ACTUAL 2019 NET SALES

 

998,041

 

 

 

 

 

 

 

ADJUSTED 2019 NET SALES

$

1,047,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACTUAL 2019 COST OF GOODS SOLD

$

840,786

 

 

 

 

 

 

 

PLUS DIFFERENCE IN NET SALES (ABOVE)

 

49,409

 

 

 

 

 

 

 

ADJUSTED 2019 COST OF GOODS SOLD

$

890,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The following information was filed by Universal Forest Products Inc (UFPI) on Wednesday, February 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Universal Forest Products Inc's financial trajectory

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