UFP Industries (UFPI) Q3 FY2023 earnings: revenue $1.8 billion, down 21.3% on the year

UFP Industries Inc. (UFPI) reported revenue of $1.8 billion for Q3 FY2023, the quarter ended 30 September 2023, down 21.3% on the same quarter a year earlier. Net income was $134 million, down 19.9% on the year, and diluted earnings per share $2.10. The figures are the company's own, from the 10-Q it filed with the SEC on 8 November 2023.

Revenue$1.8 billiondown 21.3%

Net income$134 milliondown 19.9%

Diluted EPS$2.10

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,828	n/a	n/a	n/a
Cost of revenue	1,463	n/a	n/a	n/a
Gross profit	364	n/a	n/a	n/a
Gross margin	19.9%	n/a	n/a
Selling, general and administrative	196	n/a	n/a	n/a
Operating income	167	n/a	n/a	n/a
Operating margin	9.2%	n/a	n/a
Interest expense	3.2	n/a	n/a	n/a
Pre-tax income	174	n/a	n/a	n/a
Income tax	39.3	n/a	n/a	n/a
Effective tax rate	22.7%	n/a	n/a
Net income	134	n/a	n/a	n/a
Net margin	7.3%	n/a	n/a
Diluted EPS	$2.10	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	391	n/a	n/a	n/a
Capital expenditure	46.0	n/a	n/a	n/a
Free cash flow	345	n/a	n/a	n/a
Free cash flow margin	18.9%	n/a	n/a
Cash from investing	-102	n/a	n/a	n/a
Cash from financing	-29.2	n/a	n/a	n/a
Depreciation and amortisation	32.6	n/a	n/a	n/a
Buybacks	6.6	n/a	n/a	n/a
Dividends paid	18.6	n/a	n/a	n/a
Dividend per share	$0.30	n/a	n/a	n/a
Diluted shares, weighted	61m	n/a	n/a	n/a
Shares outstanding at period end	62m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,919	n/a	n/a	n/a
Non-controlling interest	29.4	n/a	n/a	n/a
Redeemable equity	6.8	n/a	n/a	n/a
Debt	273	n/a	n/a	n/a
Operating lease liabilities	86.6	n/a	n/a	n/a
Other liabilities	689	n/a	n/a	n/a
Total liabilities and equity	4,004	n/a	n/a	n/a
Fixed assets	739	n/a	n/a	n/a
Goodwill	328	n/a	n/a	n/a
Intangible assets	141	n/a	n/a	n/a
Investments	37.1	n/a	n/a	n/a
Cash and equivalents	957	n/a	n/a	n/a
Receivables	698	n/a	n/a	n/a
Inventory	745	n/a	n/a	n/a
Other assets	360	n/a	n/a	n/a
Total assets	4,004	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	1,828	1,524	1,639	1,902	1,649	1,462	1,596	1,835	1,560	1,330	1,461	1,883
Cost of revenue	1,463	1,228	1,313	1,539	1,351	1,222	1,327	1,523	1,297	1,113	1,225	1,593
Gross profit	364	296	326	363	298	240	268	313	263	217	236	290
Gross margin	20%	19%	20%	19%	18%	16%	17%	17%	17%	16%	16%	15%
SG&A	196	172	192	203	183	156	176	185	170	160	173	186
Operating income	167	124	134	159	120	79.5	92.3	123	89.5	59.1	64.1	103
Operating margin	9%	8%	8%	8%	7%	5%	6%	7%	6%	4%	4%	5%
Interest expense	3.2	3.2	3.1	3.2	3.0	3.5	2.7	2.7	2.8	2.8	2.6	2.0
Pre-tax income	174	136	147	168	134	91.0	101	132	99.1	60.5	66.9	113
Tax rate	23%	23%	17%	25%	24%	23%	21%	24%	24%	34%	24%	26%
Net income	134	103	121	126	99.8	68.0	78.8	101	75.3	40.0	50.8	82.9
Net margin	7%	7%	7%	7%	6%	5%	5%	5%	5%	3%	3%	4%
Diluted EPS	$2.10	$1.62	$1.96	$2.05	$1.64	$1.12	$1.30	$1.70	$1.29	$0.70	$0.89	$1.48
Operating cash flow	391	248	-16.8	256	259	145	-109	222	286	147	-104	164
Capital expenditure	46.0	49.4	49.1	57.4	58.9	66.8	67.3	62.5	75.8	63.9	48.3	38.3
Free cash flow	345	199	-65.9	198	200	78.1	-176	159	210	82.7	-152	126
Buybacks	6.6	20.1	18.8	101	21.8	-0.0	60.6	191	29.1	152	24.0	116
Dividends paid	18.6	18.5	20.4	20.2	20.1	20.1	21.3	20.7	20.5	19.9	20.5	19.9
Shares outstanding	62m	62m	62m	61m	61m	61m	60m	59m	58m	57m	56m	55m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 8 November 2023, accession 0001558370-23-018304: the filing on EDGAR. All of UFP Industries Inc.'s filings: EDGAR company page.

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