Another record quarter for Universal Forest Products
Universal Forest Products, Inc. (UFPI) the Grand Rapids, Mich.-based building products manufacturer and supplier, reported record third quarter 2018 sales and earnings.
This marks the 13th consecutive quarter that the company has reported records in both net sales and net earnings.
For the third quarter, ended Sept. 29, the company reported net sales increased 15% to $1.2 billion from third quarter 2017 net sales of $1.06 billion.
The company also reported net earnings attributable to controlling interest were $41.2 million for the third quarter, up 22% from earnings of $33.7 million for the same period last year.
“I want to thank the hard-working employees of Universal for once again producing record results, driven by strong unit sales growth of 7 percent and overall sales growth of 15 percent,” stated CEO Matt Missad. “We achieved these results despite the headwinds we experienced from a quickly changing lumber market, rising labor, benefit and transportation costs, and the short-term effects of Hurricane Florence.
UFPI retail sales increased 13% to $443 million for the period as unit sales contributed 4% growth and price increases accounted for 9%. Sales to big box customers increased 11% in the third quarter, while sales to independent customers grew 17%.
Construction sales were $361 million, up 17% over the same period of 2017, as unit sales contributed 9% and price increases accounted for 8%. UFPI reported double-digit sales increases to customers in commercial construction (30%), residential construction (19%), and manufactured housing (10%).
Industrial sales for UFPI totaled $429 million, up 15% over the same period of 2017, as unit sales accounted for 8% and price increases accounted for 7%.
Looking ahead, Missad said, “While we are pleased to report a record quarter, we know we can do better. We are improving our mix of value-added new products, investing in automation to address rising costs and improving performance at underperforming operations.”
This marks the 13th consecutive quarter that the company has reported records in both net sales and net earnings.
For the third quarter, ended Sept. 29, the company reported net sales increased 15% to $1.2 billion from third quarter 2017 net sales of $1.06 billion.
The company also reported net earnings attributable to controlling interest were $41.2 million for the third quarter, up 22% from earnings of $33.7 million for the same period last year.
“I want to thank the hard-working employees of Universal for once again producing record results, driven by strong unit sales growth of 7 percent and overall sales growth of 15 percent,” stated CEO Matt Missad. “We achieved these results despite the headwinds we experienced from a quickly changing lumber market, rising labor, benefit and transportation costs, and the short-term effects of Hurricane Florence.
UFPI retail sales increased 13% to $443 million for the period as unit sales contributed 4% growth and price increases accounted for 9%. Sales to big box customers increased 11% in the third quarter, while sales to independent customers grew 17%.
Construction sales were $361 million, up 17% over the same period of 2017, as unit sales contributed 9% and price increases accounted for 8%. UFPI reported double-digit sales increases to customers in commercial construction (30%), residential construction (19%), and manufactured housing (10%).
Industrial sales for UFPI totaled $429 million, up 15% over the same period of 2017, as unit sales accounted for 8% and price increases accounted for 7%.
Looking ahead, Missad said, “While we are pleased to report a record quarter, we know we can do better. We are improving our mix of value-added new products, investing in automation to address rising costs and improving performance at underperforming operations.”