The following is a summary of the UFP Industries, Inc. (UFPI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• UFP Industries reported a 10% decline in sales to $1.65 billion, influenced by a 7% reduction in selling prices and 3% lower unit sales.

• Adjusted EBITDA decreased 21% to $165 million. However, adjusted EBITDA margins remain strong at 10%.

• The company's Return on Invested Capital (ROIC) remains historically high at almost 20%.

Business Progress:

• Completing and expanding facility consolidations to reduce operating costs.

• Exploring strategic alternatives for business units that do not fit long-term strategy.

• Implementing $70 million in annualized cost reductions.

• Introduced a new product, light lid, for cargo trailers and RVs creating more natural light.

Opportunities:

• Taking a more aggressive approach in three key areas: facility consolidations, strategic alternatives for certain business units, and cost reductions,

• Greenfield growth and acquisitions remain a focus, with $200 million authorized for share repurchases.

Risks:

• Recent data indicates a slowing economy likely to persist through mid-2025 affecting demand across business units.

• Persistent high-interest rates affecting housing market, with mortgage rates staying above 6%.

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