Shares of UFP Industries Inc. (UFPI) plummeted by 7.49% on Monday after the company reported weaker-than-expected third-quarter earnings and sales figures.

For the three months ended September 30, the wood and wood-alternative products manufacturer reported net sales of $1.65 billion, down from $1.83 billion in the same period last year and missing analysts' estimates of $1.76 billion. Earnings per diluted share came in at $1.64, a decline from $2.10 a year earlier and below the consensus forecast of $1.89.

Despite the disappointing results, UFP Industries maintained its quarterly dividend at $0.33 per share, payable on December 16 to shareholders of record as of December 2.

The weaker-than-anticipated financial performance appeared to spook investors, who sold off UFPI shares in response. Analysts will likely lower their outlook for the company, citing concerns over weakening demand and pricing pressures in the building materials sector.