UFP Industries, Inc. (NASDAQ:UFPI) Q3 2024 Results Conference Call October 29, 2024 8:30 AM ET
Company Participants
Dick Gauthier - Vice President of Communications and Investor Relations
Matt Missad - Chief Executive Officer and Chairman
Mike Cole - Chief Financial Officer and Treasurer
Conference Call Participants
Reuben Garner - Benchmark
Ketan Mamtora - BMO Capital Markets
Kurt Yinger - D.A. Davidson
Stephan Guillaume - Sidoti
Operator
Good day and welcome to the Q3 2024 UFP Industries Inc. Earnings conference call and webcast. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer 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, Mr. Dick Gauthier, Vice President of Investor Relations. Please go ahead.
Dick Gauthier
Welcome to the third quarter 2024 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 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 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 morning, everyone. I want to thank you for joining us on our third quarter 2024 earnings call. You have seen the financial results and while they would be great by 2019 standards, they aren't today. While the Osmonds say that one bad apple don't spoil the whole bunch this quarter tasted like apple cider vinegar. We were disappointed with the results, but not with the efforts of our team or the outlook for our future.
As we discussed at the beginning of the year, we expected interest rate drops in the first six months of 2024, followed by a rebound in the economy in the second half. We indicated in July of ‘24 that the second half would not be as good as we originally hoped, and any interest rate reductions in the last five months of the year would not impact our results in 2024. It now appears the Fed and the government started celebrating Halloween a little early, putting on a costume to mask the slowing economy by lowering the Fed funds rate in September, ramping up government hiring and overstating job creation for US citizens.