UFP Industries, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>UFP Industries, Inc. filed its Q1 2024 10-Q report detailing financial statements and executive compensation plans.</b>

AI Summary

UFP INDUSTRIES INC (UFPI) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. UFP Industries, Inc. filed a 10-Q report on May 8, 2024, for the period ending March 30, 2024. The filing covers the company's financial performance and position as of Q1 2024. Key financial statement components like retained earnings, noncontrolling interest, common stock, additional paid-in capital, and accumulated other comprehensive income are detailed for March 30, 2024, and comparative periods. Information regarding various stock compensation plans, including the Stock Purchase Plan, Stock Gift Program, LTSIP, Executive Stock Match Grants, Director Compensation Plan, and Deferred Compensation Plans, is provided for the periods ending March 30, 2024, and December 31, 2023. The company was formerly known as Universal Forest Products Inc. and changed its name on September 29, 1993.

Why It Matters

For investors and stakeholders tracking UFP INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of UFP Industries' financial health and operational status for the first quarter of 2024, enabling informed investment decisions. The detailed breakdown of stock compensation plans offers transparency into executive and director remuneration, which can impact shareholder value and corporate governance.

Risk Assessment

Risk Level: low — UFP INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in debt levels to assess the company's ongoing financial performance.

Key Numbers

• 2024-03-30 — Reporting Period End Date (10-Q filing)
• 2024-05-08 — Filing Date (10-Q filing)
• 1993-09-29 — Name Change Date (Former company name)

Key Players & Entities

• UFP INDUSTRIES INC (company) — Filer name
• UNIVERSAL FOREST PRODUCTS INC (company) — Former company name
• MI (location) — State of incorporation
• GRAND RAPIDS (location) — Business and mailing address city

FAQ

Industry Context

UFP Industries operates in the wood products manufacturing sector, specifically in sawmills and planning mills.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the specific details of the stock compensation plans mentioned.
3. Compare the reported financial data with previous quarters and the same quarter in the prior year.

Key Dates

• 2024-03-30: Quarterly Period End — Financial data reported in the 10-Q pertains to this date.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

Stock Compensation Plan

A plan that allows a company to grant stock or stock options to employees, executives, or directors. (Indicates how the company incentivizes and compensates its key personnel, which can affect shareholder equity.)

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year-end report (10-K).

Key Financial Figures

• $1 — ing as of March 30, 2024 Common stock, $1 par value 61,753,899 Securities regi

Filing Documents

• ufpi-20240330x10q.htm (10-Q) — 2015KB
• ufpi-20240330xex3da.htm (EX-3.A) — 72KB
• ufpi-20240330xex31da.htm (EX-31.A) — 12KB
• ufpi-20240330xex31db.htm (EX-31.B) — 12KB
• ufpi-20240330xex32da.htm (EX-32.A) — 7KB
• ufpi-20240330xex32db.htm (EX-32.B) — 7KB
• ufpi-20240330xex3da001.jpg (GRAPHIC) — 1KB
• ufpi-20240330xex3da002.jpg (GRAPHIC) — 1KB
• ufpi-20240330xex3da003.jpg (GRAPHIC) — 1KB
• ufpi-20240330xex3da004.jpg (GRAPHIC) — 1KB
• ufpi-20240330xex3da005.jpg (GRAPHIC) — 1KB
• ufpi-20240330xex3da006.jpg (GRAPHIC) — 1KB
• 0001558370-24-007280.txt (&nbsp;) — 7467KB
• ufpi-20240330.xsd (EX-101.SCH) — 38KB
• ufpi-20240330_cal.xml (EX-101.CAL) — 58KB
• ufpi-20240330_def.xml (EX-101.DEF) — 147KB
• ufpi-20240330_lab.xml (EX-101.LAB) — 377KB
• ufpi-20240330_pre.xml (EX-101.PRE) — 271KB
• ufpi-20240330x10q_htm.xml (XML) — 1399KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets at March 30, 2024, December 30, 2023 and April 1, 2023 3 Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three Months Ended March 30, 2024 and April 1, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 30, 2024 and April 1, 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 30, 2024 and April 1, 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION Item 1. Legal Proceedings – NONE Item 1A. Risk Factors - NONE 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults upon Senior Securities – NONE Item 4. Mine Safety Disclosures – NONE Item 5. Other Information 33 Item 6. Exhibits 34 2 Table of Contents UFP INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) March 30, December 30, April 1, 2024 2023 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 979,746 $ 1,118,329 $ 423,299 Restricted cash 761 3,927 761 Investments 36,978 34,745 37,534 Accounts receivable, net 713,414 549,499 809,389 Inventories: Raw materials 410,959 352,785 425,835 Finished goods 334,336 375,003 534,503 Total inventories 745,295 727,788 960,338 Refundable income taxes 2,185 29,327 — Other current assets 36,036 38,474 35,692 TOTAL CURRENT ASSETS 2,514,415 2,502,089 2,267,013 DEFERRED INCOME TAXES 3,595 4,228 4,194 RESTRICTED INVESTMENTS 29,119 24,838 22,267 RIGHT OF USE ASSETS 128,846 103,774 116,564 OTHER ASSETS 96,977 87,438 99,516 GOODWILL 335,596 336,313 337,467 INDEFINITE-LIVED INTANGIBLE ASSETS 7,322 7,345 7,336 OTHER INTANGIBLE ASSETS, NET 168,209 175,195 142,277 PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment 1,596,622 1,559,304 1,408,360 Less accumulated depreciation and amortization ( 802,062 ) ( 782,727 ) ( 708,205 ) PROPERTY, PLANT AND EQUIPMENT, NET 794,560 776,577 700,155 TOTAL ASSETS 4,078,639 4,017,797 3,696,789 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 254,902 $ 203,055 $ 277,989 Accrued liabilities: Compensation and benefits 133,513 232,331 142,603 Income taxes — — 1,855 Other 66,032 66,713 77,054 Cu

View Full Filing

View this 10-Q filing on SEC EDGAR