UFP Industries, Inc. (NASDAQ:UFPI) Q2 2022 Earnings Conference Call July 21, 2022 4:30 PM ET
Company Participants
Dick Gauthier - VP, Corporate Communications and IR
Matt Missad - CEO
Mike Cole - CFO
Conference Call Participants
Ketan Mamtora - BMO Capital Markets
Stanley Elliot - Stifel
Kurt Yinger - D. A. Davidson
Julio Romero - Sidoti & Company
Jay McCanless - Wedbush Securities
Reuben Garner - Benchmark Company
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the UFP Industries Inc. Q2, 2022 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a Q&A session. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would now like to hand the conference over to your speaker today, Mr. Dick Gauthier, Vice President of Communication and Investor Relations. Please go ahead, sir.
Dick Gauthier
Welcome to the second quarter 2022 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 opened for questions. This conference call is available simultaneously in its entirety to all interested investors and news media through our webcast 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 the filings with the Securities and Exchange Commission.
Now I would like to turn the call over to Matt Missad.
Matt Missad
Thank you, Dick. It’s a beautiful day at UFP and we are keeping the sunny side up. Many pundits are turning the music off, but our team says don’t stop the party. The team has been working day and night to post more incredible results and continues to turn on the record machine with new sales and profit records for the quarter.
Net sales for Q2 were $2.9 billion with units up a modest 3%. Net earnings were $203 million for the quarter and diluted EPS was $3.23 a share. These results were delivered in a rapidly falling lumber market, which in the past would have impacted overall performance much more negatively. Instead, these results demonstrate the resilience of our diversified business model, as well as the skill, experience and dedication of our teammates in the UFP family of companies. I want to thank them all for this spectacular performance and congratulate them on their achievement.