UFPI looks back on a 'record' year

Universal Forest Products, Inc. called it a "record" fourth quarter and full year, with net earnings attributable to controlling interest of $18.9 million, more than double the net earnings of $9.3 million of a year ago.

For the full year, net earnings attributable to controlling interest of $80.6 million were up 40% for the year.

“I am exceedingly proud of the people of the companies of Universal, who created record results through their hard work, innovation and determination. This exceptional performance is a testament to the strength of our people and their execution of our growth strategies,” said CEO Matthew Missad.

The fourth quarter presented a solid growth case otherwise, with a 5.4% increase in net sales to $653.6 million.

Net sales for the full year came up 8.5% to $2.9 billion -- a new record for the company.

“It would be natural to expect our team to bask in their accomplishments, but they are doing exactly the opposite—they are energized and more motivated to break records again in 2016,” Missad added. “It is a privilege to work with such an extraordinary group, which I think is the best in the industry. We intend to capitalize on our successes and use them as a springboard to even better performance next year.”

Missad added that the lumber composite price was down 15.5% compared to the fourth quarter of last year, and down 13.6% for the year, reducing the company’s selling prices.