Stock Story -
Multi-industry wood and non-wood products manufacturer UFP Industries (NASDAQ:UFPI) will be reporting results tomorrow before market open. Here's what you need to know.
UFP missed analysts' revenue expectations by 4.7% last quarter, reporting revenues of $1.64 billion, down 10.1% year on year. It was a weak quarter for the company, with a miss of analysts' volume estimates.
Is UFP a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting UFP's revenue to decline 8.4% year on year to $1.87 billion, improving from the 29.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.03 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. UFP has missed Wall Street's revenue estimates five times over the last two years.
Looking at UFP's peers in the building products segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Carlisle delivered year-on-year revenue growth of 11%, meeting analysts' expectations, and Valmont reported flat revenue, in line with consensus estimates. Carlisle's stock price was unchanged after the results, while Valmont was up 10.5%.
Read the full analysis of Carlisle's and Valmont's results on StockStory.
There has been positive sentiment among investors in the building products segment, with share prices up 10.9% on average over the last month. UFP is up 16.8% during the same time and is heading into earnings with an average analyst price target of $121.5 (compared to the current share price of $128.83).
