Universal Forest Products reports gains

Universal Forest Products’ retail, construction and industrial markets all showed double-digit growth in the fourth quarter, as the Grand Rapids, Michigan-based company reported record net sales for the full year.

Sales were up 31.5% for the quarter and up 12.2% for the year – to a record $3.24 billion. Higher lumber prices contributed about 4% and 1% to the company’s fourth-quarter and annual sales growth, respectively.

Net income in the fourth quarter increased 8.2% to $22.2 million.

For the full year, net income increased 25.5% to $101.2 million, also a new record for the company.

CEO Matthew J. Missad credited the employees for finding “ways to create efficiencies, reduce manufacturing costs and grow sales by building and deepening customer relationships.”

In the retail market, the company says it benefitted from an 11% gain in fourth quarter unit sales to the retail market, led by a 25% increase in sales to big box customers.

The 52.2% increase in fourth quarter sales in the industrial market was attributable to the company’s acquisition of idX Corporation, a deal that closed in September of 2016.