UFP Industries reports Q1 EPS 89c, consensus $1.10

Reports Q1 revenue $1.46B, consensus $1.51B. CEO Will Schwartz commented, “After seeing stabilization earlier in the quarter, geopolitical tensions, unfavorable weather, and rising input costs added volatility to our operations in March, which accounted for more than half of the year-over-year decline in profits in the quarter. While we believe these headwinds will be temporary, we are actively working to offset these higher costs, particularly transportation… We are on track to deliver the remaining $25M or more from our initial $60M cost out program by year end. At the same time, we have continued to invest through the cycle. By combining greenfield expansion with disciplined M&A, we are strengthening our core businesses, introducing innovative products, and structurally lowering our cost base. I’m incredibly proud of our team for their continued hard work. Our scale, diversified portfolio, and deep customer relationships have consistently positioned us well during periods like these and we continue to strengthen our position to drive above market growth and returns when markets recover…Following $56M in a recent acquisition, $30M in share repurchases, and a 3% dividend increase, we continue to maintain ample liquidity and financial flexibility. We are confident in our diversified business model and balanced capital allocation approach, which we believe puts us in a strong position to continue to drive shareholder value.”