Universal Forest Products Q2 sales rise 21%
Universal Forest Products, Inc. (UFPI) reported second quarter 2018 net sales increased nearly 21% to $1.29 billion from second quarter 2017 net sales of $1.07 billion.
The Grand Rapids, Mich.-based company also posted net earnings of $45.1 million for the quarter, an increase of more than 30% from net earnings of $34.6 million during the same period last year
Retail sales for the period rose 19% to $546 million, as unit sales contributed 6% and price increases accounted for 13% of the gain. Industrial sales also grew 19% to $404 million while construction sales increased 26% to $371 million.
“The company’s second-quarter results benefited from unit sales growth and a rising lumber market but were adversely impacted by rising costs for transportation and labor,” said Matt Missad, CEO of UFPI.
In early June, Universal closed on its acquisition of North American Container Corp., an industrial packaging manufacturer based in Georgia with sales of approximately $71 million in 2017.
“Our focus remains on growing unit sales organically and through acquisitions, while enhancing our sales mix of new and value-added products,” Missad added. “We’ll also continue to focus on margin improvement and improving productivity through automation, including the expanded use of specialized material processing equipment and robotics.”
The Grand Rapids, Mich.-based company also posted net earnings of $45.1 million for the quarter, an increase of more than 30% from net earnings of $34.6 million during the same period last year
Retail sales for the period rose 19% to $546 million, as unit sales contributed 6% and price increases accounted for 13% of the gain. Industrial sales also grew 19% to $404 million while construction sales increased 26% to $371 million.
“The company’s second-quarter results benefited from unit sales growth and a rising lumber market but were adversely impacted by rising costs for transportation and labor,” said Matt Missad, CEO of UFPI.
In early June, Universal closed on its acquisition of North American Container Corp., an industrial packaging manufacturer based in Georgia with sales of approximately $71 million in 2017.
“Our focus remains on growing unit sales organically and through acquisitions, while enhancing our sales mix of new and value-added products,” Missad added. “We’ll also continue to focus on margin improvement and improving productivity through automation, including the expanded use of specialized material processing equipment and robotics.”