Company Quick10K Filing
Universal Forest Products
Price36.30 EPS3
Shares61 P/E13
MCap2,228 P/FCF11
Net Debt98 EBIT227
TEV2,326 TEV/EBIT10
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-09-26 Filed 2020-10-28
10-Q 2020-06-27 Filed 2020-07-30
10-Q 2020-03-28 Filed 2020-05-06
10-K 2019-12-28 Filed 2020-02-26
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10-K 2017-12-30 Filed 2018-02-28
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10-K 2016-12-31 Filed 2017-03-01
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10-Q 2016-03-26 Filed 2016-04-27
10-K 2015-12-26 Filed 2016-02-24
10-Q 2015-09-26 Filed 2015-10-30
10-Q 2015-06-27 Filed 2015-07-29
10-Q 2015-03-28 Filed 2015-05-01
10-K 2014-12-27 Filed 2015-02-25
10-Q 2014-09-27 Filed 2014-10-29
10-Q 2014-06-28 Filed 2014-07-30
10-Q 2014-03-29 Filed 2014-04-30
10-K 2013-12-28 Filed 2014-02-26
10-Q 2013-09-28 Filed 2013-10-30
10-Q 2013-06-29 Filed 2013-08-01
10-Q 2013-03-30 Filed 2013-04-30
10-K 2012-12-29 Filed 2013-02-26
10-Q 2012-09-29 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-24 Filed 2011-10-24
10-Q 2011-06-25 Filed 2011-08-01
10-Q 2011-03-26 Filed 2011-04-19
10-K 2010-12-25 Filed 2011-02-22
10-Q 2010-09-25 Filed 2010-10-20
10-Q 2010-06-26 Filed 2010-07-19
10-Q 2010-03-27 Filed 2010-04-21
10-K 2009-12-26 Filed 2010-02-23
8-K 2020-11-16
8-K 2020-11-12
8-K 2020-11-05
8-K 2020-10-21
8-K 2020-08-12
8-K 2020-08-10
8-K 2020-07-22
8-K 2020-06-09
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-03-26
8-K 2020-02-19
8-K 2020-01-13
8-K 2019-10-23
8-K 2019-08-12
8-K 2019-07-24
8-K 2019-04-25
8-K 2019-04-24
8-K 2019-03-26
8-K 2019-02-20
8-K 2019-01-02
8-K 2018-11-02
8-K 2018-10-16
8-K 2018-07-18
8-K 2018-06-26
8-K 2018-06-18
8-K 2018-05-03
8-K 2018-04-19
8-K 2018-04-18
8-K 2018-04-02
8-K 2018-02-22

UFPI 10Q Quarterly Report

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 5. Other Information.
Part II. Other Information
Item 6. Exhibits.
EX-31.(A) ufpi-20200926xex31da.htm
EX-31.(B) ufpi-20200926xex31db.htm
EX-32.(A) ufpi-20200926xex32da.htm
EX-32.(B) ufpi-20200926xex32db.htm

Universal Forest Products Earnings 2020-09-26

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
1.41.10.80.50.2-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 26, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-22684

UFP INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Michigan

    

38-1465835

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification Number)

organization)

2801 East Beltline NE, Grand Rapids, Michigan

49525

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (616) 364-6161

NONE

(Former name or former address, if changed since last report.)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class

    

Outstanding as of September 26, 2020

Common stock, $1 par value

61,186,636

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange On Which Registered

Common Stock, no par value

UFPI

The Nasdaq Stock Market, LLC

Table of Contents

UFP INDUSTRIES, INC.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION.

Page No.

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets at September 26, 2020, December 28, 2019 and September 28, 2019

3

Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three and Nine Months Ended September 26, 2020 and September 28, 2019

4

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 26, 2020 and September 28, 2019

5

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 26, 2020 and September 28, 2019

7

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

34

Item 4.

Controls and Procedures

35

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings – NONE

Item 1A.

Risk Factors 

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3.

Defaults upon Senior Securities – NONE

Item 4.

Mine Safety Disclosures – NONE

Item 5.

Other Information – NONE

36

Item 6.

Exhibits

37

2

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share data)

September 26,

December 28,

September 28,

    

2020

    

2019

    

2019

ASSETS

  

  

CURRENT ASSETS:

  

  

Cash and cash equivalents

$

346,154

    

$

168,336

  

$

64,498

Restricted cash

 

724

 

330

  

 

729

Investments

 

20,530

 

18,527

  

 

17,028

Accounts receivable, net

 

583,079

 

364,027

  

 

474,648

Inventories:

  

  

Raw materials

 

286,418

 

236,283

  

 

239,585

Finished goods

 

242,316

 

250,591

  

 

239,771

Total inventories

 

528,734

 

486,874

  

 

479,356

Refundable income taxes

 

 

13,272

  

 

1,550

Other current assets

 

32,888

 

41,706

  

 

54,295

TOTAL CURRENT ASSETS

 

1,512,109

 

1,093,072

 

1,092,104

DEFERRED INCOME TAXES

 

2,070

 

2,763

  

 

2,284

RESTRICTED INVESTMENTS

17,327

 

16,214

  

 

16,082

RIGHT OF USE ASSETS

77,412

80,167

75,436

OTHER ASSETS

 

24,216

 

24,884

  

 

23,085

GOODWILL

 

245,925

 

229,536

  

 

232,411

INDEFINITE-LIVED INTANGIBLE ASSETS

 

7,361

 

7,354

  

 

7,339

OTHER INTANGIBLE ASSETS, NET

 

58,205

 

48,313

  

 

46,877

PROPERTY, PLANT AND EQUIPMENT:

  

  

Property, plant and equipment

935,639

884,963

880,274

Less accumulated depreciation and amortization

 

(529,644)

 

(497,789)

  

 

(495,267)

PROPERTY, PLANT AND EQUIPMENT, NET

405,995

387,174

385,007

TOTAL ASSETS

2,350,620

1,889,477

1,880,625

LIABILITIES AND SHAREHOLDERS’ EQUITY

  

  

CURRENT LIABILITIES:

  

  

Accounts payable

$

231,111

$

142,479

  

$

180,767

Accrued liabilities:

  

  

Compensation and benefits

 

171,472

 

141,892

  

 

127,500

Income taxes

3,024

Other

 

69,888

 

51,572

  

 

61,463

Current portion of lease liability

15,349

15,283

15,566

Current portion of long-term debt

 

2,760

 

2,816

  

 

152

TOTAL CURRENT LIABILITIES

 

493,604

 

354,042

  

 

385,448

LONG-TERM DEBT

 

311,267

 

160,867

  

 

162,853

LEASE LIABILITY

62,100

64,884

59,870

DEFERRED INCOME TAXES

 

22,478

 

22,880

  

 

14,897

OTHER LIABILITIES

 

47,367

 

29,071

  

 

28,454

TOTAL LIABILITIES

 

936,816

 

631,744

  

 

651,522

SHAREHOLDERS’ EQUITY:

  

  

Controlling interest shareholders’ equity:

  

  

Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none

$

$

  

$

Common stock, $1 par value; shares authorized 80,000,000; issued and outstanding, 61,186,636, 61,408,589 and 61,390,216

 

61,187

 

61,409

  

 

61,390

Additional paid-in capital

 

216,002

 

192,173

  

 

189,820

Retained earnings

 

1,127,375

 

995,022

  

 

969,564

Accumulated other comprehensive income

 

(6,974)

 

(4,889)

  

 

(5,315)

Total controlling interest shareholders’ equity

 

1,397,590

 

1,243,715

  

 

1,215,459

Noncontrolling interest

 

16,214

 

14,018

  

 

13,644

TOTAL SHAREHOLDERS’ EQUITY

 

1,413,804

 

1,257,733

  

 

1,229,103

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

2,350,620

$

1,889,477

  

$

1,880,625

See notes to consolidated condensed financial statements.

3

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME

(Unaudited)

(in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 26,

September 28,

September 26,

September 28,

    

2020

    

2019

    

2020

    

2019

    

NET SALES

$

1,486,227

    

$

1,163,026

  

$

3,760,290

    

$

3,417,969

    

COST OF GOODS SOLD

 

1,245,153

 

975,756

  

 

3,147,049

 

2,889,706

GROSS PROFIT

 

241,074

 

187,270

  

 

613,241

 

528,263

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

134,649

 

115,958

  

 

357,770

 

334,165

OTHER

(176)

845

(2,120)

948

EARNINGS FROM OPERATIONS

 

106,601

 

70,467

  

 

257,591

 

193,150

INTEREST EXPENSE

 

2,486

 

1,900

  

 

6,291

 

6,767

INTEREST INCOME

 

(1,011)

 

(317)

  

 

(1,541)

 

(1,074)

UNREALIZED GAIN ON INVESTMENTS AND OTHER

(554)

(93)

(82)

(1,611)

 

921

 

1,490

  

 

4,668

 

4,082

EARNINGS BEFORE INCOME TAXES

 

105,680

 

68,977

  

 

252,923

 

189,068

INCOME TAXES

 

26,819

 

16,396

  

 

63,798

 

45,340

NET EARNINGS

 

78,861

 

52,581

  

 

189,125

 

143,728

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(1,657)

 

(722)

  

 

(5,299)

 

(1,814)

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

$

77,204

$

51,859

  

$

183,826

$

141,914

EARNINGS PER SHARE - BASIC

$

1.25

$

0.84

  

$

2.98

$

2.30

EARNINGS PER SHARE - DILUTED

$

1.25

$

0.84

  

$

2.98

$

2.30

OTHER COMPREHENSIVE INCOME:

NET EARNINGS

 

78,861

 

52,581

  

 

189,125

 

143,728

OTHER COMPREHENSIVE GAIN (LOSS)

 

1,687

 

(1,200)

  

 

(4,030)

 

644

COMPREHENSIVE INCOME

 

80,548

 

51,381

  

 

185,095

 

144,372

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

(1,922)

 

(358)

  

 

(3,354)

 

(1,835)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

$

78,626

$

51,023

  

$

181,741

$

142,537

See notes to consolidated condensed financial statements.

4

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Accumulated

Additional

Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

    

Stock

    

Capital

    

Earnings

    

Earnings

    

Interest

    

Total

Balance at December 28, 2019

$

61,409

$

192,173

  

$

995,022

$

(4,889)

  

$

14,018

  

$

1,257,733

Net earnings

  

  

 

40,159

 

  

 

411

  

 

40,570

Foreign currency translation adjustment

  

  

  

 

(5,951)

 

(2,335)

  

 

(8,286)

Unrealized loss on debt securities

  

  

  

 

(270)

 

  

 

(270)

Distributions to noncontrolling interest

  

  

  

  

 

(299)

 

(299)

Additional purchase of noncontrolling interest

130

(225)

(95)

Cash dividends - $0.125 per share - quarterly

  

  

 

(7,730)

 

  

 

  

 

(7,730)

Issuance of 10,549 shares under employee stock plans

 

10

 

309

  

  

  

  

 

319

Net issuance of 350,124 shares under stock grant programs

 

350

 

12,454

  

1

  

  

  

 

12,805

Issuance of 89,616 shares under deferred compensation plans

 

89

 

(89)

  

  

  

  

 

Repurchase of 756,397 shares

 

(756)

 

 

(28,456)

  

  

 

  

 

(29,212)

Expense associated with share-based compensation arrangements

  

 

1,404

 

  

 

  

 

  

 

1,404

Accrued expense under deferred compensation plans

  

 

5,343

  

  

  

  

  

  

  

5,343

Balance at March 28, 2020

$

61,102

$

211,724

  

$

998,996

$

(11,110)

  

$

11,570

  

$

1,272,282

Net earnings

  

  

 

66,463

 

  

 

3,231

  

 

69,694

Foreign currency translation adjustment

  

  

  

 

2,026

 

125

  

 

2,151

Unrealized loss on debt securities

  

  

  

 

688

 

  

 

688

Cash dividends - $0.125 per share - quarterly

  

  

 

(7,644)

 

  

 

  

 

(7,644)

Issuance of 9,714 shares under employee stock plans

 

10

 

367

  

  

  

  

 

377

Net issuance of 42,880 shares under stock grant programs

 

43

 

(174)

  

2

  

  

  

 

(129)

Issuance of 14,106 shares under deferred compensation plans

 

14

 

(14)

  

  

  

  

 

Expense associated with share-based compensation arrangements

  

 

824

 

  

 

  

 

  

 

824

Accrued expense under deferred compensation plans

  

 

1,082

 

  

 

  

 

  

 

1,082

Balance at June 27, 2020

$

61,169

$

213,809

  

$

1,057,817

$

(8,396)

  

$

14,926

  

$

1,339,325

Net earnings

77,204

1,657

78,861

Foreign currency translation adjustment

1,319

265

1,584

Unrealized loss on debt securities

103

103

Distributions to noncontrolling interest

(634)

(634)

Cash dividends - $0.125 per share - quarterly

(7,646)

(7,646)

Issuance of 7,511 shares under employee stock plans

7

338

345

Net forfeiture of 1,382 shares under stock grant programs

(1)

(56)

(57)

Issuance of 11,326 shares under deferred compensation plans

12

(12)

Expense associated with share-based compensation arrangements

826

826

Accrued expense under deferred compensation plans

1,097

1,097

Balance at September 26, 2020

$

61,187

$

216,002

$

1,127,375

$

(6,974)

$

16,214

$

1,413,804

See notes to condensed consolidated financial statements.

5

Table of Contents

UFP INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY, CONTINUED

(Unaudited)

(in thousands, except share and per share data)

Controlling Interest Shareholders’ Equity

Accumulated

Additional

Other

Common

Paid-In

Retained

Comprehensive

Noncontrolling

    

Stock

    

Capital

    

Earnings

    

Earnings

    

Interest

    

Total

Balance at December 29, 2018

$

60,884

$

178,540

  

$

839,917

$

(5,938)

  

$

15,281

  

$

1,088,684

Net earnings

  

  

 

35,540

 

  

 

462

  

 

36,002

Foreign currency translation adjustment

  

  

  

 

982

 

224

  

 

1,206

Unrealized gain (loss) on investment & foreign currency

  

  

  

 

167

 

  

 

167

Distributions to noncontrolling interest

  

  

  

  

 

(500)

 

(500)

Issuance of 10,259 shares under employee stock plans

 

10

 

251

  

  

  

  

 

261

Net issuance of 320,069 shares under stock grant programs

 

320

 

6,101

  

  

  

  

 

6,421

Issuance of 138,295 shares under deferred compensation plans

 

138

 

(138)

  

  

  

  

 

Expense associated with share-based compensation arrangements

  

 

1,226

 

  

 

  

 

  

 

1,226

Accrued expense under deferred compensation plans