UFP Industries, Inc. (NASDAQ:UFPI) today announced second quarter 2024 results including net sales of $1.9 billion, net earnings attributable to controlling interest of $126 million, and earnings per diluted share of $2.05.

"Our second quarter results were in line with expectations in a more challenging business cycle, and I am grateful for the efforts of all of our UFP teammates to adapt to this environment and adjust capacity to meet demand," said Chairman and CEO Matthew J. Missad. "The weaker environment and expected near-term softness in demand have enabled us to more aggressively pursue our long-term expansion plans and improvement strategies. These efforts include investments in automation and consolidating operations to eliminate redundancies, lower costs and enhance the profitability of each of our facilities. Additionally, we are using our strong balance sheet to stay on offense by investing in acquisitions, new ventures, new value-added products, and organic expansion, while returning capital to shareholders through our recently increased dividend and share repurchase program. Our long-term outlook for growth remains strong."

Second Quarter 2024 Highlights (comparisons on a year-over-year basis except where noted):

Net sales of $1.9 billion decreased 7 percent due to a 6 percent decrease in selling prices and a 1 percent decrease in organic unit sales. Quarter over quarter, the price of Southern Yellow Pine (SYP) decreased 19 percent, which contributed to our decrease in selling prices.
New product sales of $134 million were 7.0 percent of total sales compared to 7.4 percent in the second quarter of 2023. Many products that were considered new products in 2023 were sunset and not included in 2024 totals.
Net earnings attributable to controlling interests of $126 million represents a 16 percent decrease from last year.
Adjusted EBITDA¹ of $204 million represents a decrease of 13 percent while adjusted EBITDA margin¹ declined 80 basis points to 10.7 percent.

________________________

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

Capital Allocation

UFP Industries maintains a strong balance sheet with $1.04 billion in cash on June 29, 2024, compared to $702 million in cash at the end of the second quarter of 2023. The company had approximately $2.3 billion of liquidity as of June 29, 2024. The company's return-focused approach to capital allocation includes the following:

- Acquisitions and Organic Growth. The company continues to pursue strategic acquisitions and will invest in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company is targeting capital investments in 2024 of up to $300 million for automation, technology upgrades, geographic expansion and increased capacity at existing facilities, specifically for its Deckorators, Site Built, metal packaging, and machine-built pallet businesses. Approximately $200 million of projects have been approved in 2024 and another $96 million in projects are pending approval. Longer lead times for equipment and site selection in the case of new locations may delay some investments until 2025.

- Dividend payments. On July 24, 2024, the UFP Industries Board of Directors approved a quarterly dividend payment of $0.33 per share, a 10 percent increase over the quarterly dividend of $0.30 per share paid in September 2023. The dividend is payable on September 16, 2024, to shareholders of record on September 2, 2024.

- Share repurchases. The company was authorized to purchase up to $200 million of outstanding stock through July 31, 2024. From July 26, 2023, through the end of the second quarter of 2024, the company repurchased approximately 1,477,000 shares at an average price of $110.96 (a total of $163.9 million). On July 24, 2024, the Board of Directors for UFP Industries authorized the company to repurchase up to $200 million of shares through July 31, 2025.

By business segment, the company reported the following second quarter 2024 results:

UFP Retail Solutions

Net sales of $809 million, down 14 percent compared to the second quarter of 2023, while gross profit increased 3 percent. Sales performance was attributable to a 7 percent decline in selling prices, a 5 percent decline in organic unit sales, and a 2 percent decline due to the transfer of certain product sales to the Packaging and Construction segments. Organic unit sales decreased 2 percent for Deckorators, 6 percent for ProWood and 4 percent for UFP-Edge. Overall, unit sales decreased 5 percent with big box customers, a decline that largely correlates with an easing in repair and remodel activity, and were flat with independent retailers. Gross profit for the retail segment increased 3 percent to $127 million, primarily due to operational improvements, SKU rationalization, and better inventory positioning and utilization of our managed inventory programs.

UFP Packaging

Net sales of $435 million were down 11 percent compared to the second quarter of 2023, due to an 8 percent decrease in selling prices and a 6 percent decline in organic unit sales, offset by a 3 percent increase from the transfer of certain product sales from the Retail segment. A 10 percent increase in organic unit sales for PalletOne, due to market share gains, partially offset an 11 percent decline in organic unit sales for Protective Packaging and a 12 percent decline in organic unit sales for Structural Packaging, attributable to weaker demand. Gross profit for the packaging segment decreased 29 percent to $84 million due to competitive price pressure and lower sales volumes.

UFP Construction

Net sales of $575 million increased 4 percent compared to the second quarter of 2023 as a 4 percent decrease in selling prices was offset by a 7 percent increase in organic unit sales and a 1 percent increase from the transfer of certain product sales from the Retail segment. Organic unit sales increased in Factory Built, up 19 percent due to an increase in industry production, and Site Built, up 4 percent, we believe due to market share gains in both existing and new product categories. Gross profit for the construction segment decreased 8 percent to $126 million due to competitive price pressure.

Short-Term Outlook

Lumber Market: We continue to anticipate lumber prices will remain at lower levels in 2024 based on current supply and demand dynamics.

End Market Demand: We continue to follow key indicators and forecasts in the markets we serve and have revised our outlook for the balance of 2024. We anticipate demand will decrease in Retail by mid-single digits, decrease in Packaging by mid- to high-single digits, and increase in Construction by low- to mid-single digits, reflecting continued strength in our Factory Built business. Generally, we expect the soft demand and competitive price environment will continue for the remainder of the year, resulting in more challenging year-over-year unit sales and profitability comparisons. We believe market share gains will help offset lower demand in each of our segments for the balance of the year.

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss its outlook and information included in this news release at 9 a.m. ET on Tuesday, July 30, 2024. The call will be hosted by Chairman and CEO Matthew J. Missad and CFO Michael Cole and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at https://www.ufpinvestor.com/news-filings-reports#events---presentations. A replay of the call will be available through the website.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail Solutions – 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. UFP Industries is ranked #493 on the Fortune 500 and #128 on Industry Week's list of America's Largest Manufacturers. 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 the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. 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.

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 SIX MONTHS ENDED
JUNE 2024/2022

	Quarter Period												Year to Date
(In thousands, except per share data)	2024						2023						2024						2023
NET SALES	$	1,901,959		100.0		%	$	2,043,918		100.0		%	$	3,540,925		100.0		%	$	3,866,394		100.0		%

COST OF GOODS SOLD		1,539,216		80.9				1,643,851		80.4				2,852,104		80.5				3,107,998		80.4

GROSS PROFIT		362,743		19.1				400,067		19.6				688,821		19.5				758,396		19.6

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		203,155		10.7				204,703		10.0				395,214		11.2				399,386		10.3
OTHER LOSSES (GAINS), NET		554		—				1,867		0.1				750		—				3,805		0.1

EARNINGS FROM OPERATIONS		159,034		8.4				193,497		9.5				292,857		8.3				355,205		9.2

INTEREST AND OTHER		(9,406	)	(0.5	)			(4,025	)	(0.2	)			(22,169	)	(0.6	)			(6,866	)	(0.2	)

EARNINGS BEFORE INCOME TAXES		168,440		8.9				197,522		9.7				315,026		8.9				362,071		9.4

INCOME TAXES		42,208		2.2				46,734		2.3				67,695		1.9				85,705		2.2

NET EARNINGS		126,232		6.6				150,788		7.4				247,331		7.0				276,366		7.1

LESS NET (EARNINGS) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST		(302	)	—				(27	)	—				(610	)	—				464		—

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST	$	125,930		6.6			$	150,761		7.4			$	246,721		7.0			$	276,830		7.2

EARNINGS PER SHARE - BASIC	$	2.05					$	2.40					$	4.01					$	4.41

EARNINGS PER SHARE - DILUTED	$	2.05					$	2.36					$	4.00					$	4.35

COMPREHENSIVE INCOME	$	118,252					$	155,266					$	238,221					$	287,096

LESS COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST		2,020						(1,721	)					1,429						(3,481	)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	$	120,272					$	153,545					$	239,650					$	283,615

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND
RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE THREE MONTHS ENDED
JUNE 2024/2023

	Quarter Period 2024
(In thousands)	Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES	$	809,067		$	435,204		$	574,547		$	81,470		$	1,671		$	1,901,959
COST OF GOODS SOLD		682,307			351,518			448,992			61,564			(5,165	)		1,539,216
GROSS PROFIT		126,760			83,686			125,555			19,906			6,836			362,743
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		65,291			52,996			73,307			14,576			(3,015	)		203,155
OTHER		1,686			1,174			237			(2,166	)		(377	)		554
EARNINGS FROM OPERATIONS		59,783			29,516			52,011			7,496			10,228			159,034
INTEREST AND OTHER		(178	)		645			(14	)		(1,202	)		(8,657	)		(9,406	)
EARNINGS BEFORE INCOME TAXES		59,961			28,871			52,025			8,698			18,885			168,440
INCOME TAXES		15,025			7,234			13,036			2,180			4,733			42,208
NET EARNINGS	$	44,936		$	21,637		$	38,989		$	6,518		$	14,152		$	126,232
INTEREST AND OTHER		(178	)		645			(14	)		(1,202	)		(8,657	)		(9,406	)
INCOME TAXES		15,025			7,234			13,036			2,180			4,733			42,208
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS		1,124			1,587			1,811			170			3,307			7,999
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS		1,158			1,174			287			23			(420	)		2,222
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY		—			—			(1,818	)		—			—			(1,818	)
DEPRECIATION EXPENSE		7,124			8,467			5,621			828			8,584			30,624
AMORTIZATION OF INTANGIBLES		998			2,216			703			1,503			433			5,853
ADJUSTED EBITDA	$	70,187		$	42,960		$	58,615		$	10,020		$	22,132		$	203,914

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES		8.7	%		9.9	%		10.2	%		12.3	%		*			10.7	%
* Not meaningful


	Quarter Period 2023
(In thousands)	Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES	$	938,630		$	488,100		$	550,464		$	67,592		$	(868	)	$	2,043,918
COST OF GOODS SOLD		815,808			369,865			413,260			47,337			(2,419	)		1,643,851
GROSS PROFIT		122,822			118,235			137,204			20,255			1,551			400,067
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		61,699			61,377			74,083			13,099			(5,555	)		204,703
OTHER		912			(6	)		1,162			370			(571	)		1,867
EARNINGS FROM OPERATIONS		60,211			56,864			61,959			6,786			7,677			193,497
INTEREST AND OTHER		20			419			(1	)		(2,260	)		(2,203	)		(4,025	)
EARNINGS BEFORE INCOME TAXES		60,191			56,445			61,960			9,046			9,880			197,522
INCOME TAXES		14,243			13,355			14,660			2,138			2,338			46,734
NET EARNINGS	$	45,948		$	43,090		$	47,300		$	6,908		$	7,542		$	150,788
INTEREST AND OTHER		20			419			(1	)		(2,260	)		(2,203	)		(4,025	)
INCOME TAXES		14,243			13,355			14,660			2,138			2,338			46,734
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS		1,315			1,703			1,686			225			3,309			8,238
NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS		(10	)		(7	)		16			70			(87	)		(18	)
DEPRECIATION EXPENSE		6,396			7,995			4,634			562			7,425			27,012
AMORTIZATION OF INTANGIBLES		1,277			2,236			702			751			396			5,362
ADJUSTED EBITDA	$	69,189		$	68,791		$	68,997		$	8,394		$	18,720		$	234,091

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES		7.4	%		14.1	%		12.5	%		12.4	%		*			11.5	%
* Not meaningful

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND
RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED
JUNE 2024/2023

	Year to Date 2024
(In thousands)	Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES	$	1,437,832		$	859,622		$	1,092,443		$	148,417		$	2,611		$	3,540,925
COST OF GOODS SOLD		1,209,948			690,496			852,553			110,566			(11,459	)		2,852,104
GROSS PROFIT		227,884			169,126			239,890			37,851			14,070			688,821
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		120,901			106,937			142,457			27,967			(3,048	)		395,214
OTHER		1,220			1,427			80			(1,485	)		(492	)		750
EARNINGS FROM OPERATIONS		105,763			60,762			97,353			11,369			17,610			292,857
INTEREST AND OTHER		(272	)		1,233			(25	)		(4,793	)		(18,312	)		(22,169	)
EARNINGS BEFORE INCOME TAXES		106,035			59,529			97,378			16,162			35,922			315,026
INCOME TAXES		23,036			12,564			20,921			3,478			7,696			67,695
NET EARNINGS	$	82,999		$	46,965		$	76,457		$	12,684		$	28,226		$	247,331
INTEREST AND OTHER		(272	)		1,233			(25	)		(4,793	)		(18,312	)		(22,169	)
INCOME TAXES		23,036			12,564			20,921			3,478			7,696			67,695
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS		2,812			3,776			4,276			469			7,943			19,276
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS		886			1,427			286			14			(622	)		1,991
GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY		—			(37	)		(1,818	)		—			—			(1,855	)
DEPRECIATION EXPENSE		14,089			16,936			11,005			1,617			16,996			60,643
AMORTIZATION OF INTANGIBLES		1,996			4,408			1,405			3,037			889			11,735
ADJUSTED EBITDA	$	125,546		$	87,272		$	112,507		$	16,506		$	42,816		$	384,647

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES		8.7	%		10.2	%		10.3	%		11.1	%		*			10.9	%
* Not meaningful


	Year to Date 2023
(In thousands)	Retail			Packaging			Construction			All Other			Corporate			Total
NET SALES	$	1,699,924		$	974,661		$	1,066,057		$	123,387		$	2,365		$	3,866,394
COST OF GOODS SOLD		1,481,798			735,528			807,194			84,362			(884	)		3,107,998
GROSS PROFIT		218,126			239,133			258,863			39,025			3,249			758,396
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		115,612			127,629			141,421			26,063			(11,339	)		399,386
OTHER		2,045			(92	)		1,235			1,344			(727	)		3,805
EARNINGS FROM OPERATIONS		100,469			111,596			116,207			11,618			15,315			355,205
INTEREST AND OTHER		41			1,002			(6	)		(4,369	)		(3,534	)		(6,866	)
EARNINGS BEFORE INCOME TAXES		100,428			110,594			116,213			15,987			18,849			362,071
INCOME TAXES		23,740			26,179			27,509			3,815			4,462			85,705
NET EARNINGS	$	76,688		$	84,415		$	88,704		$	12,172		$	14,387		$	276,366
INTEREST AND OTHER		41			1,002			(6	)		(4,369	)		(3,534	)		(6,866	)
INCOME TAXES		23,740			26,179			27,509			3,815			4,462			85,705
EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS		2,930			3,799			3,807			503			6,836			17,875
NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS		26			(93	)		(31	)		60			(144	)		(182	)
DEPRECIATION EXPENSE		12,230			15,677			9,262			961			14,656			52,786
AMORTIZATION OF INTANGIBLES		2,332			4,482			1,499			1,283			775			10,371
ADJUSTED EBITDA	$	117,987		$	135,461		$	130,744		$	14,425		$	37,438		$	436,055

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES		6.9	%		13.9	%		12.3	%		11.7	%		*			11.3	%
* Not meaningful

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
JUNE 2024/2023

(In thousands)
ASSETS		2024		2023	LIABILITIES AND EQUITY		2024		2023

CURRENT ASSETS					CURRENT LIABILITIES
Cash and cash equivalents	$	1,041,341	$	702,148	Accounts payable	$	263,318	$	264,408
Restricted cash		761		761	Accrued liabilities and other		281,316		289,211
Investments		36,740		38,459	Current portion of debt		43,754		2,385
Accounts receivable		724,921		802,300
Inventories		684,813		821,187
Other current assets		65,453		50,203

TOTAL CURRENT ASSETS		2,554,029		2,415,058	TOTAL CURRENT LIABILITIES		588,388		556,004

OTHER ASSETS		259,830		228,929	LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS		232,979		274,821
INTANGIBLE ASSETS, NET		505,138		481,942	OTHER LIABILITIES		180,686		171,349

					TEMPORARY EQUITY		18,931		6,772

PROPERTY, PLANT AND EQUIPMENT, NET		819,497		718,014	SHAREHOLDERS' EQUITY		3,117,510		2,834,997


TOTAL ASSETS	$	4,138,494	$	3,843,943	TOTAL LIABILITIES AND EQUITY	$	4,138,494	$	3,843,943

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED
JUNE 2024/2023

(In thousands)	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	247,331		$	276,366
Adjustments to reconcile net earnings to net cash used in operating activities:

Depreciation		60,643			52,786
Amortization of intangibles		11,735			10,371
Expense associated with share-based and grant compensation arrangements		19,276			17,875
Deferred income taxes		299			(319	)
Unrealized gain on investment and other		(1,825	)		(1,291	)
Equity in loss of investee		1,236			1,005
Net loss (gain) on sale, disposition and impairment of assets		1,991			(182	)
Gain from reduction of estimated earnout liability		(1,855	)		—
Changes in:
Accounts receivable		(176,839	)		(183,717	)
Inventories		41,684			154,413
Accounts payable and cash overdraft		61,125			56,899
Accrued liabilities and other		(25,723	)		(63,142	)
NET CASH FROM OPERATING ACTIVITIES		239,078			321,064

CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property, plant, and equipment		(106,585	)		(84,981	)
Proceeds from sale of property, plant and equipment		2,353			789
Acquisitions, net of cash received and purchase of equity method investment		—			67
Purchases of investments		(16,416	)		(14,747	)
Proceeds from sale of investments		9,284			11,486
Other		(7,674	)		2,076
NET CASH USED IN INVESTING ACTIVITIES		(119,038	)		(85,310	)

CASH FLOWS USED IN FINANCING ACTIVITIES:
Borrowings under revolving credit facilities		12,354			11,026
Repayments under revolving credit facilities		(11,988	)		(11,869	)
Repayments of debt		—			(29	)
Repayment of debt on behalf of investee		(6,303	)		—
Contingent consideration payments and other		(4,779	)		(6,179	)
Proceeds from issuance of common stock		1,470			1,448
Dividends paid to shareholders		(40,660	)		(31,149	)
Distributions to noncontrolling interest		(9,400	)		(4,859	)
Payments to taxing authorities in connection with shares directly withheld from employees		(17,838	)		—
Repurchase of common stock		(119,362	)		(55,484	)
Other		38			48
NET CASH USED IN FINANCING ACTIVITIES		(196,468	)		(97,047	)

Effect of exchange rate changes on cash		(3,726	)		4,579
NET CHANGE IN CASH AND CASH EQUIVALENTS		(80,154	)		143,286

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		1,122,256			559,623

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,042,102		$	702,909

Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	$	1,118,329		$	559,397
Restricted cash, beginning of period		3,927			226
All cash and cash equivalents, beginning of period	$	1,122,256		$	559,623

Cash and cash equivalents, end of period	$	1,041,341		$	702,148
Restricted cash, end of period		761			761
All cash and cash equivalents, end of period	$	1,042,102		$	702,909

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UFP Industries Announces Second Quarter Results