UFPI Reports Construction Sales Up 106% in Q2 2021
UFP Industries, Inc. (UFP) reported record net sales of $2.7 billion for the second quarter of 2021, a 117% increase over second quarter 2020 net sales of $1.24 billion.
Retail sales at UFP soared 107% to $1.26 billion due to a 59% increase in selling prices and a 48% unit increase due to the acquisitions of Sunbelt Forest Products and Spartanburg Forest Products. Organic unit sales fell 4 percent due to a 17% decline in the ProWood business unit.
Organic growth was achieved by UFP-Edge (up 27%), Deckorators (up 11%), and Outdoor Essentials (up 6%) due in part to expanded operational capacity. Additional capacity for each of these product lines is expected to come online in 2022, UFP said.
New product sales grew 32%, driven by UFP-Edge shiplap and trim, ProWood Fire Retardant treated lumber, and Outdoor Essentials fencing and picnic tables.
Construction sales jumped 106% to $739 million in the quarter from the second quarter of 2020 due to a 29% increase in unit sales and a 77% increase in selling prices. Unit sales to factory-built and site-built housing customers rose 56% and 32%, respectively. Unit sales to commercial customers improved, rising 11%. New product sales increased 184% from the prior period.
Net earnings for the quarter shot up 151.6% to $175.3 million.