Deckorators Sales Increase
Sales of decking board portfolio featuring SureStone technology increased 45% year over year. The company has secured 1,500 new retail locations for its products and plans to expand capacity to serve these stores by 2026.
Progress on Cost Reduction Initiatives
UFP Industries is on track to achieve $60 million in cost-out savings by 2026. The company has completed the divestiture of a small industrial components business and sold certain real estate assets, potentially providing $15 million in one-time gains.
Strong Cash Position and Shareholder Returns
The company has $842 million in cash and total liquidity of $2.1 billion. It has returned almost $42 million in dividends and $261 million in share repurchases to shareholders.
Introduction of New Products
New product sales totaled $129 million or 7% of sales, with a pathway to increase to 10% of sales over time. The company continues to focus on innovation and expanding value-add product offerings.