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UFP INDUSTRIES UFP Industries Reports All - time Quarterly Records April 21 , 2021 - Unit sales increase 33 percent , net earnings increase 157 percent GRAND RAPIDS , Mich . , April 21 , 2021 ( GLOBE NEWSWIRE ) -- UFP Industries , Inc. ( Nasdaq : UFPI ) today announced record net sales of $ 1.83 billion for the first quarter of 2021 , a 77 percent increase over the first quarter of 2020 , and record net earnings attributable to controlling interest of $ 103 million , a 157 percent increase over the same period of 2020. The company also reported record EPS of $ 1.67 per diluted share compared to $ 0.65 in the first quarter last year . While first quarter performance is typically limited by seasonality , net sales and earnings for the first quarter of 2021 were the highest of any quarter in company history . " UFP Industries is enjoying unprecedented growth as we benefit from strong market conditions and the successful execution of our strategic plans . We are using our new market - focused structure to target and quickly assimilate acquisitions , better leverage our fixed costs , and reallocate resources to increase capacity efficiently , " said CEO Matthew J. Missad . " As a result , we are experiencing strong organic growth in our retail and industrial segments as well as in our site - built and factory - built housing business units . Our improvement in gross profit resulted from these changes , as well as a better pricing model that quickly adjusts to lumber market fluctuations and our growing line - up of new and value - added products . I want to thank our employees for their outstanding efforts and especially recognize our general managers for the improvements they've made at our facilities . I remain very encouraged about the growth prospects for our business as we look forward . " The elevated level of softwood lumber prices contributed to a significant increase in the company's cost of materials and was responsible for 44 percent of the 77 percent increase in net sales . The remaining 33 percent came from increased unit sales - 23 percent from acquisitions and 10 percent from organic growth . New product sales of $ 159.4 million increased 58 percent over the first quarter of 2020 , led by Deckorators Vault decking and deck accessories , UFP - Edge shiplap and trim , Handprint project panels and ProWood Fire Retardant treated lumber . First Quarter 2021 Highlights ( comparisons on a year - over - year basis ) : • Net sales of $ 1.83 billion increased 77 percent due to a 33 percent increase in unit sales and 44 percent increase in selling prices • An increase in SG & A of nearly $ 41 million , or 37 percent , is largely attributable to recent acquisitions ( $ 11.5 million , including amortization expense of $ 1.7 million ) , accrued bonus expenses ( $ 22.5 million ) resulting from increased profitability , and increased compensation costs of $ 10 million , offset by net decreases of $ 3 million in travel costs and bad debt expense Earnings from operations of $ 137.5 million increased 134 percent • • Adjusted EBITDA of $ 162.7 million increased 111 percent UFP Industries maintains a strong balance sheet with liquidity of approximately $ 421 million at the end of the first quarter . The company's operating cash flow decreased by approximately $ 150 million as a result of a greater seasonal investment in net working capital of $ 216 million associated with higher accounts receivable and to build inventory to satisfy strong customer demand , particularly in the retail business . Net debt increased to $ 429 million from $ 131 million at the end of the first quarter of 2020 due to these factors and the acquisition of PalletOne and its wholly owned subsidiary , Sunbelt Forest Products . On April 12 , 2021 , Sunbelt ( an affiliate of UFP Retails Solutions ) completed its acquisition of Spartanburg Forest Products and its affiliates , expanding its pressure - treating capacity throughout the eastern U.S. In addition , on April 19 , 2021 , UFP closed on the purchase of Walnut Hollow Farm , which produces a variety of finely finished wood surfaces used in hobby , craft and woodworking projects , as well as in taxidermy . Both transactions broaden UFP Retail Solutions ' customer base and product offerings . " The recent acquisitions of Sunbelt and Spartanburg not only allow us to leverage costs and improve efficiencies in wood treating , they allow us to bring our value - added products to a broader and more diverse customer base . UFP will continue to pursue acquisitions that expand our capacity , enhance our capabilities , improve efficiencies and increase our sales of value - added products , " said Missad . " Growth is baked into our DNA , and I'd encourage those looking for attractive career opportunities to consider UFP during this dynamic time . We are hiring at nearly every location in many roles and currently have about 500 jobs available for hard working , highly motivated future team members . " By business segment , the company reported the following first quarter 2021 results : UFP Retail Solutions • $ 759 million in net sales , up 116 percent over the first quarter of 2020 due to a 56 percent increase in selling prices , a 19 percent increase in organic unit sales , and a 41 percent unit increase resulting from acquisitions , primarily Sunbelt Forest