UFP Industries Files 10-Q Detailing Stock Plans
Ticker: UFPI · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 912767
Sentiment: neutral
Topics: 10-Q, executive-compensation, stock-plans
Related Tickers: UFPI
TL;DR
UFP Industries 10-Q out: Stock plans active, exec comp details inside.
AI Summary
UFP Industries, Inc. filed its 10-Q for the period ending September 28, 2024. The filing details various stock compensation plans, including the Stock Purchase Plan, Stock Gift Program, LTSIP, and Executive Stock Match Grants, with activity reported for periods ending December 31, 2023, and September 30, 2023. The company, formerly known as Universal Forest Products Inc., is based in Grand Rapids, Michigan.
Why It Matters
This filing provides insight into UFP Industries' executive compensation and equity incentive programs, which can impact shareholder value and employee motivation.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate financial distress or significant new risks.
Key Players & Entities
- UFP INDUSTRIES INC (company) — Filer
- UNIVERSAL FOREST PRODUCTS INC (company) — Former Company Name
- 20240928 (date) — Reporting Period End Date
- 20241106 (date) — Filing Date
- Grand Rapids, Michigan (location) — Company Headquarters
FAQ
What are the key stock compensation plans UFP Industries utilizes?
UFP Industries utilizes several stock compensation plans including the Stock Purchase Plan, Stock Gift Program, LTSIP, and Executive Stock Match Grants, as detailed in the filing.
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 28, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on November 6, 2024.
Has UFP Industries' name changed previously?
Yes, UFP Industries, Inc. was formerly known as Universal Forest Products Inc., with a name change date of September 29, 1993.
What is the primary industry classification for UFP Industries?
UFP Industries is classified under Sawmills, Planning Mills, General [2421].
Filing Stats: 4,454 words · 18 min read · ~15 pages · Grade level 18.6 · Accepted 2024-11-06 13:47:01
Key Financial Figures
- $1 — ange On Which Registered Common Stock, $1 par value UFPI The Nasdaq Stock Mar
Filing Documents
- ufpi-20240928x10q.htm (10-Q) — 2997KB
- ufpi-20240928xex31da.htm (EX-31.A) — 12KB
- ufpi-20240928xex31db.htm (EX-31.B) — 12KB
- ufpi-20240928xex32da.htm (EX-32.A) — 7KB
- ufpi-20240928xex32db.htm (EX-32.B) — 7KB
- 0001558370-24-014587.txt ( ) — 9072KB
- ufpi-20240928.xsd (EX-101.SCH) — 36KB
- ufpi-20240928_cal.xml (EX-101.CAL) — 59KB
- ufpi-20240928_def.xml (EX-101.DEF) — 136KB
- ufpi-20240928_lab.xml (EX-101.LAB) — 373KB
- ufpi-20240928_pre.xml (EX-101.PRE) — 259KB
- ufpi-20240928x10q_htm.xml (XML) — 1827KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets at September 28, 2024, December 30, 2023 and September 30, 2023 3 Condensed Consolidated Statements of Earnings and Comprehensive Income for the Three and Nine Months Ended September 28, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 28, 2024 and September 30, 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 28, 2024 and September 30, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 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 17 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 35 PART II. OTHER INFORMATION Item 1. Legal Proceedings – NONE Item 1A. Risk Factors - NONE 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults upon Senior Securities – NONE Item 4. Mine Safety Disclosures – NONE Item 5. Other Information 35 Item 6. Exhibits 36 2 Table of Contents UFP INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) September 28, December 30, September 30, 2024 2023 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,190,807 $ 1,118,329 $ 957,092 Restricted cash 761 3,927 3,761 Investments 38,935 34,745 37,062 Accounts receivable, net 650,869 549,499 697,555 Inventories: Raw materials 337,180 352,785 316,628 Finished goods 308,249 375,003 428,119 Total inventories 645,429 727,788 744,747 Refundable income taxes 40,883 29,327 26,484 Other current assets 45,841 38,474 38,421 TOTAL CURRENT ASSETS 2,613,525 2,502,089 2,505,122 DEFERRED INCOME TAXES 4,118 4,228 3,489 RESTRICTED INVESTMENTS 32,695 24,838 23,653 RIGHT OF USE ASSETS 124,065 103,774 106,506 OTHER ASSETS 98,759 87,438 150,351 GOODWILL 336,092 336,313 328,221 INDEFINITE-LIVED INTANGIBLE ASSETS 7,350 7,345 7,316 OTHER INTANGIBLE ASSETS, NET 158,199 175,195 140,734 PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment 1,684,177 1,559,304 1,487,801 Less accumulated depreciation and amortization ( 841,095 ) ( 782,727 ) ( 749,109 ) PROPERTY, PLANT AND EQUIPMENT, NET 843,082 776,577 738,692 TOTAL ASSETS 4,217,885 4,017,797 4,004,084 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 239,897 $ 203,055 $ 253,065 Accrued liabilities: Compensation and benefits 216,798 232,331 244,214 Other 76,791 66,713 78,691 Current p