UFP Industries ( NASDAQ: UFPI ) reported a Q3 results beat Thursday after hours due to strong pricing margins and higher unit sales during the quarter.
UFPI stock was down 0.3% at $69.47 in mid-day trade.
Q3 revenue breakdown: retail $845.3M (+21.4% Y/Y), industrial $584.8M (+2% Y/Y), construction $777.1M (+7.5% Y/Y) and all other $115.6M (+13.9% Y/Y).
UFPI's retail segment saw the biggest revenue growth during the quarter, with the company expecting more normalized demand in the near term.
UFPI's new product sales amounted to $178M (+38% Y/Y). New product sales were boosted by Deckorators mineral-based composite decking and Strip Pak mixed-material packaging solutions.
SG&A expenses totaled $214.3M, making up about 9.2% of total sales reported in Q3.
Gross profit margin was 19.4% in the quarter vs 15.6% a year ago.
UFPI in its earnings release said it continues to seek opportunities to acquire companies to drive growth, improve margins, and increase customer and shareholder value.
The company continues to monitor business activity and economic indicators for its Industrial segment, which currently remain "mixed". Pricing remains healthy amid inflationary pressure.
For its Construction unit - expects continued activity in commercial and infrastructure end markets. Expects projected housing market softening to be "somewhat offset".
For further details see:
UFP Industries posts earnings beat stemming from strong retail growth