UFP Industries Announces Third Quarter 2025 Results

UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the third quarter 2025.

• Net Sales of $1.56 billion decreased by 5 percent due to a 1 percent decrease in price and a 4 percent decline in organic units.
• Diluted earnings per share of $1.29 compared to $1.64 a year ago.
• Net earnings attributable to controlling interest of $76 million compared to $100 million a year ago.
• Adjusted EBITDA¹ was $140.0 million in the quarter, or 9.0 percent of net sales compared to 10.0 percent a year ago.
• New product sales were 7.6 percent of total sales.
• Repurchased approximately $350 million in company shares year to date in 2025.
• Reaffirming volume outlook across each business segment for the remainder of 2025.

Will Schwartz, President and CEO of UFP Industries commented, “Our third quarter played out largely as anticipated and reflective of the competitive environment we are seeing across our end markets. Visibility remains limited, particularly in markets tied to residential construction; however, trends across the majority of our business units have shown signs of stabilizing, demonstrating the benefits of our balanced portfolio and the team we have in place. I’m proud of how our team has navigated these challenging market conditions with our adjusted EBITDA margin approximately 200 basis points higher than 2019 levels despite competitive pricing and weaker demand, startup costs associated with growth investments and substantial investments to build our Surestone brand. We plan to gain market share, strengthen return on capital, and achieve margin improvements. As part of this plan, we will have reduced structural costs by $60 million from 2024 levels by the end of 2026.”

Schwartz continued, “Looking ahead, we are driving innovation across the product portfolio and making strategic investments to create shareholder value. Our long-term capital plans remain aggressive, with a bias toward driving growth through investment in our most attractive opportunities. M&A remains a key component to our capital allocation strategy, and we have identified targets across each of our business units that complement our core strengths. Our robust financial position remains a competitive advantage enabling us to repurchase approximately $350 million of our shares through the end of October, while increasing our cash dividend year over year. Grounded in the strength of our team and business model, we remain focused on the strategies to grow our core, higher margin businesses, develop innovative new products and drive operational efficiencies across our network of plants. We are confident in our ability to continue executing as we move into next year.”

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1	Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

Third Quarter 2025 Highlights

UFP Consolidated

(In thousands)		Quarter Period										Year to Date
		2025				2024			% Change			2025				2024			% Change
NET SALES		$	1,559,627			$	1,649,383		(5.4	)	%	$	4,990,520			$	5,190,308		(3.8	)	%
GROSS PROFIT			262,681				298,412		(12.0	)			843,611				987,233		(14.5	)
GROSS MARGIN			16.8		%		18.1	%					16.9		%		19.0	%
NET EARNINGS			75,542				101,619		(25.7	)			255,836				348,950		(26.7	)
ADJUSTED EBITDA			140,019				164,915		(15.1	)			456,317				549,562		(17.0	)
ADJUSTED EBITDA MARGIN			9.0		%		10.0	%					9.1		%		10.6	%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS			(4	)	%								(3	)	%
ACQUISITIONS			—										—
SELLING PRICES			(1	)									(1	)

UFP Retail

(In thousands)		Quarter Period										Year to Date
		2025				2024			% Change			2025				2024			% Change
NET SALES		$	593,985			$	635,571		(6.5	)	%	$	1,989,592			$	2,073,403		(4.0	)	%
GROSS PROFIT			80,222				93,055		(13.8	)			275,257				320,939		(14.2	)
GROSS MARGIN			13.5		%		14.6	%					13.8		%		15.5	%
NET EARNINGS			15,741				31,769		(50.5	)			77,532				114,768		(32.4	)
ADJUSTED EBITDA			39,985				51,155		(21.8	)			139,812				176,701		(20.9	)
ADJUSTED EBITDA MARGIN			6.7		%		8.0	%					7.0		%		8.5	%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS			(6	)	%								(5	)	%
ACQUISITIONS			—										—
SELLING PRICES			(1	)									1

• ProWood organic unit sales declined 5 percent in the quarter from year ago levels.
• Deckorators organic unit sales grew 5 percent in the quarter from year ago levels.
• Retail gross profit and adjusted EBITDA fell 14 percent and 22 percent, respectively, from year ago levels. Falling lumber prices, temporary startup costs associated with the expansion of our Surestone product launch, inefficiencies from our Edge restructuring efforts, and higher marketing spend drove declines in the quarter. These were partially offset by a decrease in SG&A expenses despite higher advertising investments to build the Surestone brand.

UFP Packaging

(In thousands)		Quarter Period										Year to Date
		2025				2024			% Change			2025				2024			% Change
NET SALES		$	394,949			$	401,626		(1.7	)	%	$	1,233,626			$	1,261,248		(2.2	)	%
GROSS PROFIT			67,421				71,245		(5.4	)			207,577				240,371		(13.6	)
GROSS MARGIN			17.1		%		17.7	%					16.8		%		19.1	%
NET EARNINGS			21,358				16,507		29.4				58,908				63,472		(7.2	)
ADJUSTED EBITDA			34,284				34,348		(0.2	)			108,125				121,620		(11.1	)
ADJUSTED EBITDA MARGIN			8.7		%		8.6	%					8.8		%		9.6	%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS			(3	)	%								(1	)	%
ACQUISITIONS			1										1
SELLING PRICES			-										(2	)

• Structural Packaging organic unit sales declined 5 percent in the quarter from year ago levels.
• PalletOne organic unit sales declined 4 percent in the quarter from year ago levels.
• Protective Packaging unit sales grew 15 percent in the quarter from a year ago.
• Packaging gross profit and adjusted EBITDA fell 5 percent and held flat, respectively, from year ago levels. Gross profit declines were primarily due to PalletOne because of price competition as we are executing our strategy to increase market share. Adjusted EBITDA was flat as the decline in gross profit was offset by a decrease in SG&A.

UFP Construction

(In thousands)		Quarter Period										Year to Date
		2025				2024			% Change			2025				2024			% Change
NET SALES		$	496,465			$	534,625		(7.1	)	%	$	1,563,995			$	1,627,068		(3.9	)	%
GROSS PROFIT			91,203				111,658		(18.3	)			282,192				351,548		(19.7	)
GROSS MARGIN			18.4		%		20.9	%					18.0		%		21.6	%
NET EARNINGS			24,682				32,127		(23.2	)			74,189				108,584		(31.7	)
ADJUSTED EBITDA			41,878				50,888		(17.7	)			124,668				163,395		(23.7	)
ADJUSTED EBITDA MARGIN			8.4		%		9.5	%					8.0		%		10.0	%
PERCENTAGE CHANGE IN SALES:
ORGANIC UNITS			(2	)	%								1		%
ACQUISITIONS			—										—
SELLING PRICES			(5	)									(5	)

• Site Built organic unit sales declined 15 percent in the quarter from year ago levels.
• Factory Built organic unit sales grew 4 percent in the quarter from year ago levels.
• Concrete Forming Solutions organic unit sales grew 12 percent in the quarter from year ago levels.
• Commercial organic sales grew 13 percent in the quarter from year ago levels.
• Construction gross profit and adjusted EBITDA each fell 18 percent, respectively from year ago levels. Weaker volumes and competitive pricing in our Site Built business led the declines in the quarter as our other businesses reported profit growth in the quarter.

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of September 27, 2025, had liquidity of approximately $2.3 billion consisting of $1.0 billion of cash and $1.3 billion of remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company’s return-focused approach to capital allocation includes the following:

• Acquisitions and Organic Growth. The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. In 2024, the company announced up to $1 billion in capital investments through 2028 for automation, technology upgrades, geographic expansion, and increased capacity at existing facilities. The company expects to invest approximately $275 million to $300 million on capital projects in 2025.
• Dividend payments. On October 23, 2025, the UFP Industries Board of Directors approved a quarterly cash dividend payment of $0.35 per share, which represents a 6 percent year over year increase. This dividend is payable on December 15, 2025, to shareholders of record on December 1, 2025. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our earnings growth.
• Share repurchases. As of September 27, 2025, we have repurchased 2.8 million shares for $291 million, at an average share price of $103.04 for the year. In October, we have repurchased an additional 615k shares for $56 million, at an average price of $91.03.

2025 Full Year and Long-Term Outlook

Our 2025 outlook remains largely unchanged. We continue to anticipate the softer demand and competitive pricing environment will remain through the balance of 2025 and are planning for low single-digit unit declines in each of our segments. We anticipate a more significant decline in markets tied to new residential construction, but we continue to expect to see some level of stabilization in most of our other businesses units as an offset. We expect initial stocking orders and expanded manufacturing and distribution capabilities will support momentum in our Deckorators’s and Surestone business through the remainder of the year and into 2026.

The company’s long-term goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure

Conference Call

UFP Industries will host a conference call on Thursday, October 30, 2025, to discuss these results and outlook. The conference call will begin at 10:00 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link (here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – 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. 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 currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. 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 uses Adjusted EBITDA, a non-GAAP financial measure, in order to evaluate historical and ongoing operations. Management believes that this non-GAAP financial measure is useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA is intended to supplement and should be read together with the financial results. Adjusted EBITDA should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measure. See the table below for a reconciliation of Adjusted EBITDA to net earnings.

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 NINE MONTHS ENDED
SEPTEMBER 2025/2024
		Quarter Period														Year to Date
(In thousands, except per share data)		2025							2024							2025							2024
NET SALES		$	1,559,627			100.0		%	$	1,649,383			100.0		%	$	4,990,520			100.0		%	$	5,190,308			100.0		%
COST OF GOODS SOLD			1,296,946			83.2				1,350,971			81.9				4,146,909			83.1				4,203,075			81.0
GROSS PROFIT			262,681			16.8				298,412			18.1				843,611			16.9				987,233			19.0
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			170,030			10.9				183,341			11.1				531,279			10.6				578,555			11.1
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			2,458			0.2				(453	)		—				6,212			0.1				1,538			—
OTHER LOSSES (GAINS), NET			722			—				(4,402	)		(0.3	)			1,306			—				(5,643	)		(0.1	)
EARNINGS FROM OPERATIONS			89,471			5.7				119,926			7.3				304,814			6.1				412,783			8.0
INTEREST AND OTHER			(9,663	)		(0.6	)			(14,184	)		(0.9	)			(26,946	)		(0.5	)			(36,353	)		(0.7	)
EARNINGS BEFORE INCOME TAXES			99,134			6.4				134,110			8.1				331,760			6.6				449,136			8.7
INCOME TAXES			23,592			1.5				32,491			2.0				75,924			1.5				100,186			1.9
NET EARNINGS			75,542			4.8				101,619			6.2				255,836			5.1				348,950			6.7
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST			(196	)		—				(1,819	)		(0.1	)			(1,003	)		—				(2,429	)		—
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST		$	75,346			4.8			$	99,800			6.1			$	254,833			5.1			$	346,521			6.7
EARNINGS PER SHARE - BASIC		$	1.29						$	1.64						$	4.29						$	5.66
EARNINGS PER SHARE - DILUTED		$	1.29						$	1.64						$	4.28						$	5.65
COMPREHENSIVE INCOME		$	76,049						$	102,411						$	271,262						$	340,632
LESS COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST			(487	)						(1,032	)						(2,878	)						397
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST		$	75,562						$	101,379						$	268,384						$	341,029

CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024
		Quarter Period 2025
(In thousands)		Retail				Packaging				Construction				All Other				Corporate				Total
NET SALES		$	593,985			$	394,949			$	496,465			$	72,482			$	1,746			$	1,559,627
COST OF GOODS SOLD			513,763				327,528				405,262				59,251				(8,858	)			1,296,946
GROSS PROFIT			80,222				67,421				91,203				13,231				10,604				262,681
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			49,032				45,831				58,943				9,226				6,998				170,030
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			9,983				(5,970	)			(59	)			63				(1,559	)			2,458
OTHER LOSSES (GAINS), NET			462				—				(3	)			203				60				722
EARNINGS FROM OPERATIONS			20,745				27,560				32,322				3,739				5,105				89,471
INTEREST AND OTHER			(70	)			(381	)			(7	)			(2,845	)			(6,360	)			(9,663	)
EARNINGS BEFORE INCOME TAXES			20,815				27,941				32,329				6,584				11,465				99,134
INCOME TAXES			5,074				6,583				7,647				1,691				2,597				23,592
NET EARNINGS		$	15,741			$	21,358			$	24,682			$	4,893			$	8,868			$	75,542

		Quarter Period 2024
(In thousands)		Retail				Packaging			Construction				All Other				Corporate				Total
NET SALES		$	635,571			$	401,626		$	534,625			$	75,802			$	1,759			$	1,649,383
COST OF GOODS SOLD			542,516				330,381			422,967				61,350				(6,243	)			1,350,971
GROSS PROFIT			93,055				71,245			111,658				14,452				8,002				298,412
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			54,113				49,352			69,046				13,696				(2,866	)			183,341
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS			(9	)			28			(64	)			(4	)			(404	)			(453	)
OTHER (GAINS) LOSSES, NET			(2,861	)			—			276				(1,787	)			(30	)			(4,402	)
EARNINGS FROM OPERATIONS			41,812				21,865			42,400				2,547				11,302				119,926
INTEREST AND OTHER			(114	)			81			—				(4,033	)			(10,118	)			(14,184	)
EARNINGS BEFORE INCOME TAXES			41,926				21,784			42,400				6,580				21,420				134,110
INCOME TAXES			10,157				5,277			10,273				1,594				5,190				32,491
NET EARNINGS		$	31,769			$	16,507		$	32,127			$	4,986			$	16,230			$	101,619

CONDENSED CONSOLIDATED STATEMENTS
OF EARNINGS BY SEGMENT (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024
		Year to Date 2025
(In thousands)		Retail				Packaging				Construction				All Other				Corporate				Total
NET SALES		$	1,989,592			$	1,233,626			$	1,563,995			$	197,806			$	5,501			$	4,990,520
COST OF GOODS SOLD			1,714,335				1,026,049				1,281,803				160,706				(35,984	)			4,146,909
GROSS PROFIT			275,257				207,577				282,192		—		37,100		—		41,485				843,611
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			163,029				136,748				185,454		—		28,086		—		17,962				531,279
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			11,090				(4,713	)			272		—		2,679		—		(3,116	)			6,212
OTHER LOSSES (GAINS), NET			780				—				268		—		451		—		(193	)			1,306
EARNINGS FROM OPERATIONS			100,358				75,542				96,198				5,884				26,832				304,814
INTEREST AND OTHER			(184	)			(848	)			(8	)	—		(6,304	)	—		(19,602	)			(26,946	)
EARNINGS BEFORE INCOME TAXES			100,542				76,390				96,206				12,188				46,434				331,760
INCOME TAXES			23,010				17,482				22,017		—		2,779		—		10,636				75,924
NET EARNINGS		$	77,532			$	58,908			$	74,189			$	9,409			$	35,798			$	255,836

		Year to Date 2024
(In thousands)		Retail				Packaging			Construction				All Other				Corporate				Total
NET SALES		$	2,073,403			$	1,261,248		$	1,627,068			$	224,219			$	4,370			$	5,190,308
COST OF GOODS SOLD			1,752,464				1,020,877			1,275,520				171,916				(17,702	)			4,203,075
GROSS PROFIT			320,939				240,371			351,548				52,303				22,072				987,233
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			175,014				156,289			211,503				41,663				(5,914	)			578,555
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			877				1,455			222				10				(1,026	)			1,538
OTHER (GAINS) LOSSES, NET			(2,527	)			—			70				(3,286	)			100				(5,643	)
EARNINGS FROM OPERATIONS			147,575				82,627			139,753				13,916				28,912				412,783
INTEREST AND OTHER			(386	)			1,314			(25	)			(8,826	)			(28,430	)			(36,353	)
EARNINGS BEFORE INCOME TAXES			147,961				81,313			139,778				22,742				57,342				449,136
INCOME TAXES			33,193				17,841			31,194				5,072				12,886				100,186
NET EARNINGS		$	114,768			$	63,472		$	108,584			$	17,670			$	44,456			$	348,950

RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 2025/2024
		Quarter Period 2025
(In thousands)		Retail				Packaging				Construction				All Other				Corporate				Total
NET EARNINGS		$	15,741			$	21,358			$	24,682			$	4,893			$	8,868			$	75,542
INTEREST AND OTHER			(70	)			(381	)			(7	)			(2,845	)			(6,360	)			(9,663	)
INCOME TAXES			5,074				6,583				7,647				1,691				2,597				23,592
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS			855				1,609				2,173				171				2,728				7,536
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			7,583				(5,970	)			(59	)			63				(1,559	)			58
IMPAIRMENT OF INTANGIBLES			2,400				—				—				—				—				2,400
DEPRECIATION EXPENSE			7,523				8,946				6,667				1,027				10,470				34,633
AMORTIZATION OF INTANGIBLES			879				2,139				775				1,701				427				5,921
ADJUSTED EBITDA		$	39,985			$	34,284			$	41,878			$	6,701			$	17,171			$	140,019
NET EARNINGS AS A PERCENTAGE OF NET SALES			2.7	%			5.4	%			5.0	%			6.8	%			*				4.8	%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES			6.7	%			8.7	%			8.4	%			9.2	%			*				9.0	%
* Not meaningful

		Quarter Period 2024
(In thousands)		Retail				Packaging				Construction				All Other				Corporate				Total
NET EARNINGS		$	31,769			$	16,507			$	32,127			$	4,986			$	16,230			$	101,619
INTEREST AND OTHER			(114	)			81				—				(4,033	)			(10,118	)			(14,184	)
INCOME TAXES			10,157				5,277				10,273				1,594				5,190				32,491
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS			1,116				1,575				1,822				140				3,416				8,069
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS			(9	)			28				(64	)			(4	)			(404	)			(453	)
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY			—				—				—				—				—				—
DEPRECIATION EXPENSE			7,238				8,664				6,027				832				8,726				31,487
AMORTIZATION OF INTANGIBLES			998				2,216				703				1,536				433				5,886
ADJUSTED EBITDA		$	51,155			$	34,348			$	50,888			$	5,051			$	23,473			$	164,915
NET EARNINGS AS A PERCENTAGE OF NET SALES			5.0	%			4.1	%			6.0	%			6.6	%			*				6.2	%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES			8.0	%			8.6	%			9.5	%			6.7	%			*				10.0	%
* Not meaningful

RECONCILIATION OF NET EARNINGS TO
ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 2025/2024
		Year to Date 2025
(In thousands)		Retail				Packaging				Construction				All Other				Corporate				Total
NET EARNINGS		$	77,532			$	58,908			$	74,189			$	9,409			$	35,798			$	255,836
INTEREST AND OTHER			(184	)			(848	)			(8	)			(6,304	)			(19,602	)			(26,946	)
INCOME TAXES			23,010				17,482				22,017				2,779				10,636				75,924
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS			3,146				5,390				7,173				609				11,588				27,906
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			8,690				(4,713	)			272				2,679				(3,116	)			3,812
IMPAIRMENT OF INTANGIBLES			2,400				—				—				—				—				2,400
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY			—				(1,511	)			(344	)			—				—				(1,855	)
DEPRECIATION EXPENSE			22,425				26,933				19,188				3,080				29,948				101,574
AMORTIZATION OF INTANGIBLES			2,793				6,484				2,181				4,973				1,235				17,666
ADJUSTED EBITDA		$	139,812			$	108,125			$	124,668			$	17,225			$	66,487			$	456,317
NET EARNINGS AS A PERCENTAGE OF NET SALES			3.9	%			4.8	%			4.7	%			4.8	%			*				5.1	%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES			7.0	%			8.8	%			8.0	%			8.7	%			*				9.1	%
* Not meaningful

		Year to Date 2024
(In thousands)		Retail				Packaging				Construction				All Other				Corporate				Total
NET EARNINGS		$	114,768			$	63,472			$	108,584			$	17,670			$	44,456			$	348,950
INTEREST AND OTHER			(386	)			1,314				(25	)			(8,826	)			(28,430	)			(36,353	)
INCOME TAXES			33,193				17,841				31,194				5,072				12,886				100,186
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS			3,928				5,351				6,098				609				11,359				27,345
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS			877				1,455				222				10				(1,026	)			1,538
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY			—				(37	)			(1,818	)			—				—				(1,855	)
DEPRECIATION EXPENSE			21,327				25,600				17,032				2,449				25,722				92,130
AMORTIZATION OF INTANGIBLES			2,994				6,624				2,108				4,573				1,322				17,621
ADJUSTED EBITDA		$	176,701			$	121,620			$	163,395			$	21,557			$	66,289			$	549,562
NET EARNINGS AS A PERCENTAGE OF NET SALES			5.5	%			5.0	%			6.7	%			7.9	%			*				6.7	%
ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES			8.5	%			9.6	%			10.0	%			9.6	%			*				10.6	%
* Not meaningful

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
SEPTEMBER 2025/2024
(In thousands)
ASSETS			2025			2024		LIABILITIES AND EQUITY			2025			2024
CURRENT ASSETS								CURRENT LIABILITIES
Cash and cash equivalents		$	1,008,632			1,190,807		Accounts payable		$	231,905			239,897
Restricted cash			3,062			761		Accrued liabilities and other			294,923			322,031
Investments			33,926			38,935		Current portion of debt			5,386			44,103
Accounts receivable			607,537			650,869
Inventories			667,418			645,429
Other current assets			66,509			86,724
TOTAL CURRENT ASSETS			2,387,084			2,613,525		TOTAL CURRENT LIABILITIES			532,214			606,031
OTHER ASSETS			283,796			259,637		LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS			229,007			232,043
INTANGIBLE ASSETS, NET			488,774			501,641		OTHER LIABILITIES			166,057			180,465
								TEMPORARY EQUITY			5,018			5,527
PROPERTY, PLANT AND EQUIPMENT, NET			975,897			843,082		SHAREHOLDERS' EQUITY			3,203,255			3,193,819
TOTAL ASSETS		$	4,135,551		$	4,217,885		TOTAL LIABILITIES AND EQUITY		$	4,135,551		$	4,217,885

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED
SEPTEMBER 2025/2024
(In thousands)			2025					2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings		$	255,836				$	348,950
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation			101,574					92,130
Amortization of intangibles			17,666					17,621
Expense associated with share-based and grant compensation arrangements			27,906					27,345
Deferred income taxes			(393	)				(674	)
Unrealized gain on investment and other			(2,195	)				(3,201	)
Equity in (earnings) loss of investee			(1,072	)				1,313
Net loss on sale, disposition and impairment of assets			3,812					1,538
Impairment of intangibles			2,400					—
Gain from reduction of estimated earnout liability			(1,855	)				(1,855	)
Changes in:
Accounts receivable			(104,813	)				(102,355	)
Inventories			61,025					81,238
Accounts payable			6,243					37,391
Accrued liabilities and other			32,988					(1,779	)
NET CASH FROM OPERATING ACTIVITIES			399,122					497,662
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant, and equipment			(205,504	)				(165,493	)
Proceeds from sale of property, plant and equipment			17,308					3,795
Acquisitions and purchases of non-controlling interest, net of cash received			(17,626	)				—
Purchases of investments			(27,388	)				(34,284	)
Proceeds from sale of investments			14,464					13,782
Other			1,535					4,712
NET CASH USED IN INVESTING ACTIVITIES			(217,211	)				(177,488	)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities			23,299					20,130
Repayments under revolving credit facilities			(22,469	)				(20,477	)
Repayment of debt on behalf of investee			—					(6,303	)
Contingent consideration payments and other			(221	)				(4,779	)
Proceeds from issuance of common stock			1,867					2,122
Dividends paid to shareholders			(62,490	)				(60,721	)
Distributions to noncontrolling interest			(1,280	)				(11,848	)
Purchase of remaining noncontrolling interest of subsidiary			—					(4,902	)
Payments to taxing authorities in connection with shares directly withheld from employees			(9,582	)				(17,838	)
Repurchase of common stock			(280,987	)				(141,122	)
Other			(182	)				55
NET CASH USED IN FINANCING ACTIVITIES			(352,045	)				(245,683	)
Effect of exchange rate changes on cash			2,234					(5,179	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(167,900	)				69,312
ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			1,179,594					1,122,256
ALL CASH AND CASH EQUIVALENTS, END OF PERIOD		$	1,011,694				$	1,191,568
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period		$	1,171,828				$	1,118,329
Restricted cash, beginning of period			7,766					3,927
All cash and cash equivalents, beginning of period		$	1,179,594				$	1,122,256
Cash and cash equivalents, end of period		$	1,008,632				$	1,190,807
Restricted cash, end of period			3,062					761
All cash and cash equivalents, end of period		$	1,011,694				$	1,191,568

 

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