UFP Industries, Inc. (NASDAQ:UFPI) Q2 2023 Earnings Conference Call August 2, 2023 4:30 PM ET
Company Participants
Dick Gauthier - VP, Communications & IR
Matt Missad - CEO & Chairman
Michael Cole - CFO & Treasurer
Conference Call Participants
Kurt Yinger - D.A. Davidson & Co.
Stanley Elliott - Stifel, Nicolaus & Company
Ketan Mamtora - BMO Capital Markets
Operator
Good day, and welcome to the Q2 2023 UFP Industries Inc. Earnings Conference Call and Webcast. [Operator Instructions].
I would now like to hand the conference over to your speaker, Mr. Dick Gauthier, Vice President of Investor Relations. Sir, the floor is yours.
Dick Gauthier
Welcome to the second quarter 2023 conference call for UFP Industries. Hosting the call today are CEO, Matt Missad; and CFO, Mike Cole. Matt and Mike will offer prepared remarks, and then the call will be open for questions.
This conference call is available simultaneously in its entirety to all interested investors and news media through our website at ufpi.com. A replay will also be available at that website.
Before I turn the call over to Matt Missad, let me remind you that today's press release and presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the company's expectations and projections. These risks and uncertainties include, but are not limited to, those factors identified in the press release and in the filings with the Securities and Exchange Commission.
I will now turn the call over to Matt Missad.
Matt Missad
Thank you, Dick, and good afternoon, everyone. We appreciate you joining our second quarter 2023 earnings call. Q2 was like a steeplechase run with plenty of hurdles and other obstacles and some competitive pressures thrown in for good measure. Our team definitely gave it their all, and like Kenneth Rooks, they persevered and came out ahead at the end of the quarter. Our earnings of $2.36 per share exceeded estimates and EBITDA margins remained strong in spite of lower sales volumes. In addition to the financial metrics, this quarter helped demonstrate the strength of the strategies, business models and ability to react quickly to market changes. We set a high bar for ourselves and pour our energies into exceeding it.
The value of the balanced business model proved itself in the results. Some business units face tough economic environments while others did not and performed better. But our diverse mix of end markets and customers helps fuel long-term success while providing strong returns. We continue to see the positive financial effects of our 2020 restructuring and increases in value-added product mix, which have driven more focus and better returns than in similar periods in the past.