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."

____________________
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