UFP Industries, Inc.: Initiation Of Coverage – Are Its Digital Transformation Efforts Yielding The Necessary Results? 

UFP Industries Inc. posted robust financial results for its Q4 2023, despite falling slightly short of its annual target. The company’s sales and profit ranked as the third best in its nearly seven decades of operation. CEO Matt Missad and CFO Mike Cole laid out UFP’s achievements, plans for 2024, and long-term objectives in their earnings call. UFP Industries achieved impressive growth from 2019 to 2023, with sales rising by 164%, EBITDA improving by 255%, and EBITDA margins increasing by 156%. These results were delivered in a context of abnormal lumber markets, supply constraints, and heightened demand.