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UFP Industries Announces Fourth Quarter and Fiscal 2022 Results

Full year net sales increase 11 percent and earnings per share increase 28 percent

UFP Industries, Inc. (Nasdaq: UFPI) today announced net sales of $1.9 billion, net earnings attributable to controlling interest of $133 million, and earnings per diluted share of $2.10 for the fourth quarter of 2022. The company also announced a record $9.6 billion in net sales for fiscal 2022, an 11 percent increase over 2021, and record 2022 earnings per diluted share of $10.97, a 28 percent increase over the previous year.

“As we celebrate record results for 2022, we also turn toward a cooling housing market and softening economy with determination and conviction,” said Chairman and CEO Matthew J. Missad. “Importantly, our strong balance sheet enables us to remain on offense during periods of economic uncertainty and invest in new product innovation and in markets with significant long-term value potential. Our balanced business model continues to prove its advantage by giving us the flexibility to adjust to market fluctuations and allocate resources where we see the greatest return across our diverse and complementary markets. We see opportunities in challenging times, and, as in the past, we plan to take advantage of them in 2023.

“To recognize the hard work of our teammates in 2022, we provided significant wage increases and will pay our production and hourly employees more than $60 million in bonuses and other extra compensation.”

Fourth Quarter 2022 Highlights (comparisons on a year-over-year basis):

  • Net sales of $1.91 billion decreased 5 percent due to a 10 percent decrease in organic unit sales, a 4 percent increase in prices, and a 1 percent increase from acquisitions.
  • New product sales of $164 million increased 36 percent.
  • Earnings from operations of $169 million decreased 14 percent.
  • Adjusted EBITDA of $213 million decreased 5 percent from the record performance during the same period of 2021, while adjusted EBITDA margin remained unchanged at 11.1 percent.

Fiscal 2022 Highlights (comparisons on a year-over-year basis):

  • Net sales of $9.63 billion increased 11 percent due a 3 percent increase from acquisitions, a 9 percent increase in prices, and a 1 percent decline in organic unit sales.
  • New product sales were $736 million, up 53 percent.
  • Earnings from operations of $950 million increased 29 percent. Acquisitions contributed $16.5 million to earnings.
  • Adjusted EBITDA of $1.1 billion increased 32 percent. Acquisitions contributed $25.5 million to adjusted EBITDA.

Capital Allocation

UFP Industries maintains a strong balance sheet with $281.3 million in net surplus cash (surplus cash less interest-bearing debt and cash overdraft) at year-end 2022, compared to $50.6 million in net debt at year-end 2021, and had more than $1.8 billion of liquidity at year-end 2022. The company’s return-focused approach to capital allocation included:

- Investments of approximately $174 million for capital expenditures during 2022. The company is targeting $200-225 million in 2023, including value-added growth investments as well as significant investments in automation, robotics and technology.

- Repurchases of approximately 1,247,000 shares of common stock for $95.8 million during 2022 (an average price of $76.83 per share). The company is authorized to purchase an additional 2 million shares through February 3, 2024, and will continue to repurchase UFPI shares when the price is advantageous to offset dilution resulting from long-term, share-based incentive compensation programs. In 2022, the company issued 919,000 shares for share-based compensation programs at an average issue price of $82.61 per share.

- Paid dividends of $58.9 million or $0.95 per share in 2022, a 46 percent increase per share over 2021. On February 3, 2023, the Board approved a quarterly dividend payment of $0.25 per share, payable on March 15, 2023, to shareholders of record on March 1, 2023.

The company continues to seek strategic acquisitions that allow it to drive long-term growth and margin improvements, enhance its capabilities, and create incremental value for its customers and shareholders. During the fourth quarter of 2022, UFP Packaging acquired Titan Corrugated and its affiliate, All Boxed Up. For the full year 2022, UFP Industries made four acquisitions, including Cedar Poly, Ultra Aluminum Manufacturing, and a 50 percent stake in Dempsey Wood Products.

By business segment, the company reported the following 2022 results:

UFP Retail Solutions

Fourth Quarter: $690.7 million in net sales, down 2 percent from the fourth quarter of 2021 due to a 9 percent decline in organic unit sales and a 2 percent decline due to the transfer of certain building products to the construction segment, which was offset by a 7 percent increase in selling prices and a 2 percent increase from acquisitions.

Full Year: $3.65 billion in net sales, up 7 percent from 2021 due to a 5 percent increase in unit sales from acquisitions and a 7 percent increase in selling prices, which was offset by a 3 percent decline in organic unit sales and a 2 percent decrease due to the transfer of certain products to the construction segment.

Segment Outlook: After experiencing a significant increase in demand during the pandemic, we continue to expect more normalized demand in our retail solutions segment in 2023. We anticipate lumber prices will normalize and follow more seasonal historical trends in 2023, and the retail segment will experience flat unit sales.

UFP Packaging (formerly UFP Industrial)

Fourth Quarter: $522.2 million in net sales, up 1 percent compared to the fourth quarter of 2021, due to a 1 percent increase in selling prices and flat organic unit sales growth.

Full Year: $2.39 billion in net sales, up 11 percent from the previous year due to a 12 percent increase in selling prices, a 1 percent increase in unit sales from acquisitions, and a 2 percent decrease in organic unit sales.

Segment Outlook: We continue to monitor business activity and the key economic indicators that drive this segment with many of those metrics indicating unit sales will be flat to slightly down in 2023.

UFP Construction

Fourth Quarter: $604.9 million in net sales, down 11 percent over the fourth quarter of 2021, due to a 16 percent decline in organic unit sales, a 3 percent increase in selling prices, and a 2 percent increase from the transfer of certain products from the retail solutions segment.

Full Year: $3.14 billion in net sales, up 17 percent from the previous year due to an 11 percent increase in selling prices, a 4 percent increase in organic unit sales, and a 2 percent increase due to the transfer of certain products from the retail solutions segment.

Segment Outlook: The portion of the construction business which focuses on housing includes site-built residential (14 percent of total company sales in 2022) and factory built (12 percent). There are many estimates on housing starts, with the consensus estimating a 15-20 percent decline in 2023.

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss information included in this news release and related matters at 4:30 p.m. ET on Tuesday, February 21, 2023. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through the website.

UFP Industries, Inc.

UFP Industries is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. UFP Industries is ranked #401 on the Fortune 500 and #149 on Industry Week’s list of America’s Largest Manufacturers. For more about UFP Industries, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management considers Adjusted EBITDA, a non-GAAP measure, an alternative performance measure which may provide useful information to investors.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2022/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

Year to Date

(In thousands, except per share data)

 

2022

2021

2022

2021

NET SALES

 

$

1,913,697

 

100.0

%

$

2,016,805

 

100.0

%

$

9,626,739

 

100.0

%

$

8,636,134

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD

 

 

1,556,227

 

81.3

 

 

1,645,241

 

81.6

 

 

7,837,278

 

81.4

 

 

7,229,167

 

83.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

357,470

 

18.7

 

 

371,564

 

18.4

 

 

1,789,461

 

18.6

 

 

1,406,967

 

16.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

183,064

 

9.6

 

 

178,149

 

8.8

 

 

832,079

 

8.6

 

 

682,253

 

7.9

 

OTHER (GAINS) LOSSES, NET

 

 

5,857

 

0.3

 

 

(1,592)

 

(0.1)

 

 

7,198

 

0.1

 

 

(12,840)

 

(0.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS FROM OPERATIONS

 

 

168,549

 

8.8

 

 

195,007

 

9.7

 

 

950,184

 

9.9

 

 

737,554

 

8.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST AND OTHER

 

 

(4,490)

 

(0.2)

 

 

1,938

 

0.1

 

 

15,368

 

0.2

 

 

11,218

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

173,039

 

9.0

 

 

193,069

 

9.6

 

 

934,816

 

9.7

 

 

726,336

 

8.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES

 

 

41,160

 

2.2

 

 

46,063

 

2.3

 

 

229,852

 

2.4

 

 

173,972

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

131,879

 

6.9

 

 

147,006

 

7.3

 

 

704,964

 

7.3

 

 

552,364

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS NET LOSS (EARNINGS) ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

710

 

 

 

(9,100)

 

(0.5)

 

 

(12,313)

 

(0.1)

 

 

(16,724)

 

(0.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

132,589

 

6.9

 

$

137,906

 

6.8

 

$

692,651

 

7.2

 

$

535,640

 

6.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

2.12

 

 

 

$

2.21

 

 

 

$

11.05

 

 

 

$

8.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - DILUTED

 

$

2.10

 

 

 

$

2.21

 

 

 

$

10.97

 

 

 

$

8.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

$

135,057

 

 

 

$

143,210

 

 

 

$

702,466

 

 

 

$

547,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(195)

 

 

 

 

(7,431)

 

 

 

 

(13,485)

 

 

 

 

(15,039)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

134,862

 

 

 

$

135,779

 

 

 

$

688,981

 

 

 

$

532,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2022/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

2022

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

NET SALES

 

$

690,663

 

$

522,171

 

$

604,895

 

$

99,425

 

$

(3,457)

 

$

1,913,697

COST OF GOODS SOLD

 

 

631,116

 

 

391,443

 

 

466,541

 

 

70,207

 

 

(3,080)

 

 

1,556,227

GROSS PROFIT

 

 

59,547

 

 

130,728

 

 

138,354

 

 

29,218

 

 

(377)

 

 

357,470

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

33,893

 

 

49,871

 

 

61,695

 

 

17,012

 

 

20,593

 

 

183,064

OTHER

 

 

183

 

 

(489)

 

 

1,259

 

 

4,844

 

 

60

 

 

5,857

EARNINGS FROM OPERATIONS

 

$

25,471

 

$

81,346

 

$

75,400

 

$

7,362

 

$

(21,030)

 

$

168,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

2021

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

NET SALES

 

$

703,897

 

$

514,854

 

$

677,326

 

$

118,738

 

$

1,990

 

$

2,016,805

COST OF GOODS SOLD

 

 

639,827

 

 

391,365

 

 

523,334

 

 

76,846

 

 

13,869

 

 

1,645,241

GROSS PROFIT

 

 

64,070

 

 

123,489

 

 

153,992

 

 

41,892

 

 

(11,879)

 

 

371,564

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

24,658

 

 

49,455

 

 

74,148

 

 

12,182

 

 

17,706

 

 

178,149

OTHER

 

 

88

 

 

(560)

 

 

(56)

 

 

(533)

 

 

(531)

 

 

(1,592)

EARNINGS FROM OPERATIONS

 

$

39,324

 

$

74,594

 

$

79,900

 

$

30,243

 

$

(29,054)

 

$

195,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

2022

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

NET SALES

 

$

3,650,639

 

$

2,394,681

 

$

3,143,868

 

$

431,611

 

$

5,940

 

$

9,626,739

COST OF GOODS SOLD

 

 

3,306,112

 

 

1,808,449

 

 

2,417,212

 

 

300,307

 

 

5,198

 

 

7,837,278

GROSS PROFIT

 

 

344,527

 

 

586,232

 

 

726,656

 

 

131,304

 

 

742

 

 

1,789,461

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

193,383

 

 

250,858

 

 

328,125

 

 

66,745

 

 

(7,032)

 

 

832,079

OTHER

 

 

817

 

 

129

 

 

1,097

 

 

5,929

 

 

(774)

 

 

7,198

EARNINGS FROM OPERATIONS

 

$

150,327

 

$

335,245

 

$

397,434

 

$

58,630

 

$

8,548

 

$

950,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

2021

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

NET SALES

 

$

3,418,337

 

$

2,148,142

 

$

2,698,434

 

$

362,473

 

$

8,748

 

$

8,636,134

COST OF GOODS SOLD

 

 

3,120,634

 

 

1,683,466

 

 

2,167,405

 

 

237,696

 

 

19,966

 

 

7,229,167

GROSS PROFIT

 

 

297,703

 

 

464,676

 

 

531,029

 

 

124,777

 

 

(11,218)

 

 

1,406,967

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

169,033

 

 

200,194

 

 

267,292

 

 

52,204

 

 

(6,470)

 

 

682,253

OTHER

 

 

(94)

 

 

(456)

 

 

(493)

 

 

(2,237)

 

 

(9,560)

 

 

(12,840)

EARNINGS FROM OPERATIONS

 

$

128,764

 

$

264,938

 

$

264,230

 

$

74,810

 

$

4,812

 

$

737,554

 

 

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED

DECEMBER 2022/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

2022

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

Net earnings

 

$

19,357

 

$

62,233

 

$

57,451

 

$

8,708

 

$

(15,870)

 

$

131,879

Interest and other

 

 

106

 

 

(572)

 

 

(8)

 

 

(4,038)

 

 

22

 

 

(4,490)

Income taxes

 

 

6,008

 

 

19,685

 

 

17,957

 

 

2,692

 

 

(5,182)

 

 

41,160

Expenses associated with share-based compensation arrangements

 

 

1,153

 

 

1,283

 

 

1,185

 

 

148

 

 

4,408

 

 

8,177

Net loss (gain) on disposition and impairment of assets

 

 

168

 

 

(489)

 

 

1,287

 

 

342

 

 

(375)

 

 

933

Impairment of goodwill and other intangibles

 

 

 

 

 

 

 

 

4,261

 

 

 

 

4,261

Depreciation expense

 

 

6,085

 

 

5,694

 

 

5,263

 

 

964

 

 

7,176

 

 

25,182

Amortization of intangibles

 

 

1,389

 

 

1,152

 

 

877

 

 

2,504

 

 

129

 

 

6,051

Adjusted EBITDA

 

$

34,266

 

$

88,986

 

$

84,012

 

$

15,581

 

$

(9,692)

 

$

213,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA as a Percentage of Net Sales

 

 

5.0%

 

 

17.0%

 

 

13.9%

 

 

15.7%

 

 

280.4%

 

 

11.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Period

 

 

2021

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

Net earnings

 

$

31,418

 

$

53,967

 

$

60,273

 

$

26,346

 

$

(24,998)

 

$

147,006

Interest and other

 

 

75

 

 

1,688

 

 

727

 

 

(3,765)

 

 

3,214

 

 

1,939

Income taxes

 

 

7,831

 

 

18,939

 

 

18,901

 

 

7,662

 

 

(7,270)

 

 

46,063

Expenses associated with share-based compensation arrangements

 

 

665

 

 

614

 

 

567

 

 

156

 

 

778

 

 

2,780

Net loss (gain) on disposition and impairment of assets

 

 

49

 

 

(104)

 

 

624

 

 

 

 

(2,079)

 

 

(1,510)

Depreciation expense

 

 

4,670

 

 

6,794

 

 

3,499

 

 

717

 

 

6,763

 

 

22,443

Amortization of intangibles

 

 

1,235

 

 

2,172

 

 

802

 

 

311

 

 

59

 

 

4,579

Adjusted EBITDA

 

$

45,943

 

$

84,070

 

$

85,393

 

$

31,427

 

$

(23,533)

 

$

223,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA as a Percentage of Net Sales

 

 

6.5%

 

 

16.3%

 

 

12.6%

 

 

26.5%

 

 

(1182.6)%

 

 

11.1%

 

ADJUSTED EBITDA RECONCILIATION BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2022/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

2022

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

Net earnings

 

$

113,245

 

$

251,187

 

$

299,721

 

$

42,844

 

$

(2,033)

 

$

704,964

Interest and other

 

 

162

 

 

2,158

 

 

(12)

 

 

1,817

 

 

11,243

 

 

15,368

Income taxes

 

 

36,920

 

 

81,900

 

 

97,725

 

 

13,969

 

 

(662)

 

 

229,852

Expenses associated with share-based compensation arrangements

 

 

4,476

 

 

5,125

 

 

4,882

 

 

614

 

 

13,059

 

 

28,156

Net loss (gain) on disposition and impairment of assets

 

 

785

 

 

131

 

 

1,349

 

 

347

 

 

(1,327)

 

 

1,285

Impairment of goodwill and other intangibles

 

 

 

 

 

 

 

 

4,261

 

 

 

 

4,261

Depreciation expense

 

 

19,898

 

 

28,191

 

 

15,364

 

 

2,992

 

 

27,618

 

 

94,063

Amortization of intangibles

 

 

4,131

 

 

6,925

 

 

3,358

 

 

4,571

 

 

514

 

 

19,499

Adjusted EBITDA

 

$

179,617

 

$

375,617

 

$

422,387

 

$

71,415

 

$

48,412

 

$

1,097,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA as a Percentage of Net Sales

 

 

4.9%

 

 

15.7%

 

 

13.4%

 

 

16.5%

 

 

815.0%

 

 

11.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

2021

(In thousands)

 

Retail

 

Packaging

 

Construction

 

All Other

 

Corporate

 

Total

Net earnings

 

$

98,802

 

$

197,593

 

$

200,948

 

$

61,527

 

$

(6,506)

 

$

552,364

Interest and other

 

 

72

 

 

3,882

 

 

(8)

 

 

(6,095)

 

 

13,367

 

 

11,218

Income taxes

 

 

29,890

 

 

63,463

 

 

63,290

 

 

19,378

 

 

(2,049)

 

 

173,972

Expenses associated with share-based compensation arrangements

 

 

2,747

 

 

2,520

 

 

2,452

 

 

585

 

 

2,920

 

 

11,224

Net loss (gain) on disposition and impairment of assets

 

 

2

 

 

 

 

 

 

 

 

(11,994)

 

 

(11,992)

Depreciation expense

 

 

16,955

 

 

26,219

 

 

13,151

 

 

2,094

 

 

25,765

 

 

84,184

Amortization of intangibles

 

 

2,780

 

 

6,093

 

 

3,525

 

 

1,336

 

 

214

 

 

13,948

Adjusted EBITDA

 

$

151,248

 

$

299,770

 

$

283,358

 

$

78,825

 

$

21,717

 

$

834,918

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA as a Percentage of Net Sales

4.4%

14.0%

10.5%

21.7%

248.3%

 9.7%

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 2022/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

2022

 

 

2021

 

LIABILITIES AND EQUITY

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

559,397

 

$

286,662

 

Cash Overdraft

 

$

 

$

17,030

 

Restricted cash

 

 

226

 

 

4,561

 

Accounts payable

 

 

206,941

 

 

319,125

 

Investments

 

 

36,013

 

 

36,495

 

Accrued liabilities and other

 

 

401,952

 

 

397,204

 

Accounts receivable

 

 

617,604

 

 

737,805

 

Current portion of debt

 

 

2,942

 

 

42,683

 

Inventories

 

 

973,227

 

 

963,320

 

 

 

 

 

 

 

 

 

Other current assets

 

 

75,646

 

 

44,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT ASSETS

 

 

2,262,113

 

 

2,073,476

 

TOTAL CURRENT LIABILITIES

 

 

611,835

 

 

776,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

 

232,427

 

 

151,351

 

LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS

 

 

275,154

 

 

277,567

 

INTANGIBLE ASSETS, NET

 

 

488,551

 

 

431,424

 

OTHER LIABILITIES

 

 

181,381

 

 

175,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEMPORARY EQUITY

 

 

6,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT, NET

 

 

688,982

 

 

589,020

 

SHAREHOLDERS' EQUITY

 

 

2,596,823

 

 

2,016,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

3,672,073

 

$

3,245,271

 

TOTAL LIABILITIES AND EQUITY

 

$

3,672,073

 

$

3,245,271

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2022/2021

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

2022

 

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net earnings

 

$

704,964

 

 

$

552,364

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

94,063

 

 

 

84,184

 

Amortization of intangibles

 

 

19,499

 

 

 

13,948

 

Expense associated with share-based and grant compensation arrangements

 

 

28,156

 

 

 

11,224

 

Deferred income taxes (credit)

 

 

(16,289)

 

 

 

5,653

 

Unrealized loss (gain) on investment and other

 

 

5,768

 

 

 

(4,118)

 

Equity in loss of investee

 

 

2,183

 

 

 

3,902

 

Net loss (gain) on sale and disposition of assets

 

 

1,285

 

 

 

(11,992)

 

Impairment of goodwill and other intangibles

 

 

4,261

 

 

 

 

Changes in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

130,704

 

 

 

(85,439)

 

Inventories

 

 

718

 

 

 

(260,301)

 

Accounts payable and cash overdraft

 

 

(137,907)

 

 

 

78,060

 

Accrued liabilities and other

 

 

(5,838)

 

 

 

124,992

 

NET CASH FROM OPERATING ACTIVITIES

 

 

831,567

 

 

 

512,477

 

 

 

 

 

 

 

 

 

 

CASH FLOWS USED IN INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(174,124)

 

 

 

(151,166)

 

Proceeds from sale of property, plant and equipment

 

 

3,805

 

 

 

29,973

 

Acquisitions, net of cash received and purchase of equity method investment

 

 

(180,151)

 

 

 

(475,960)

 

Purchases of investments

 

 

(19,875)

 

 

 

(23,797)

 

Proceeds from sale of investments

 

 

12,874

 

 

 

14,882

 

Other

 

 

3,535

 

 

 

(5,119)

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(353,936)

 

 

 

(611,187)

 

 

 

 

 

 

 

 

 

 

CASH FLOWS USED IN FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Borrowings under revolving credit facilities

 

 

605,101

 

 

 

892,072

 

Repayments under revolving credit facilities

 

 

(607,549)

 

 

 

(888,695)

 

Repayments of debt

 

 

(38,719)

 

 

 

 

Contingent consideration payments and other

 

 

(2,856)

 

 

 

(3,176)

 

Proceeds from issuance of common stock

 

 

2,769

 

 

 

2,116

 

Dividends paid to shareholders

 

 

(58,860)

 

 

 

(40,209)

 

Distributions to noncontrolling interest

 

 

(12,024)

 

 

 

(6,750)

 

Repurchase of common stock

 

 

(95,774)

 

 

 

 

Other

 

 

(2,298)

 

 

 

(364)

 

NET CASH USED IN FINANCING ACTIVITIES

 

 

(210,210)

 

 

 

(45,006)

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

979

 

 

 

(1,669)

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

268,400

 

 

 

(145,385)

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

291,223

 

 

 

436,608

 

 

 

 

 

 

 

 

 

 

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

559,623

 

 

$

291,223

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

286,662

 

 

$

436,507

 

Restricted cash, beginning of period

 

 

4,561

 

 

 

101

 

All cash and cash equivalents, beginning of period

 

$

291,223

 

 

$

436,608

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

559,397

 

 

$

286,662

 

Restricted cash, end of period

 

 

226

 

 

 

4,561

 

All cash and cash equivalents, end of period

 

$

559,623

 

 

$

291,223

 

 

 

 

 

 

 

 

 

 

 

Contacts

Dick Gauthier

VP of Investor Relations

(616) 365-1555

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