Record Q1 for UFPI
Universal Forest Products, Inc. (UFPI) reported record first quarter net sales of $1.02 billion, up 2% from sales of $993.8 million in the first quarter 2018.
The Grand Rapids, Mich.-based building products supplier also posted a net income of $36 million, more than a 7% increase from net earnings of $33.6 million during the corresponding period last year.
Retail sales fell 3% during the quarter to $357.5 million. UFPI retail sales were impacted by challenging weather in February that delayed building and renovation projects.
Industrial sales grew 15% to $329.7 million while construction sales fell 3% to $344.4 million. While commercial construction and residential construction customers rose 15% and 6%, unit sales to manufactured housing customers fell 6% during the quarter.
UFPI attributed the decrease in manufactured housing sales to a drop in shipment levels to several Gulf Coast states that experienced higher shipments in 2017 and early 2018 due to hurricane damage.
New product sales were up 99.9 million for the quarter, representing an 8% increase.
“We grew our margins during the quarter as a result of timely position buying and the contributions of new products and new business. Our investments in automation and efficiency are also beginning to pay dividends, helping us earn more new business and reduce our overall costs of production,” said CEO Matt Missad.
Looking ahead, UFPI said that it is continuing to explore acquisition opportunities that provide the company with a strategic advantage.
The Grand Rapids, Mich.-based building products supplier also posted a net income of $36 million, more than a 7% increase from net earnings of $33.6 million during the corresponding period last year.
Retail sales fell 3% during the quarter to $357.5 million. UFPI retail sales were impacted by challenging weather in February that delayed building and renovation projects.
Industrial sales grew 15% to $329.7 million while construction sales fell 3% to $344.4 million. While commercial construction and residential construction customers rose 15% and 6%, unit sales to manufactured housing customers fell 6% during the quarter.
UFPI attributed the decrease in manufactured housing sales to a drop in shipment levels to several Gulf Coast states that experienced higher shipments in 2017 and early 2018 due to hurricane damage.
New product sales were up 99.9 million for the quarter, representing an 8% increase.
“We grew our margins during the quarter as a result of timely position buying and the contributions of new products and new business. Our investments in automation and efficiency are also beginning to pay dividends, helping us earn more new business and reduce our overall costs of production,” said CEO Matt Missad.
Looking ahead, UFPI said that it is continuing to explore acquisition opportunities that provide the company with a strategic advantage.