Universal Forest reports improved Q3 earnings

Grand Rapids, Mich.-based Universal Forest Products has announced third-quarter net earnings of $10.1 million, compared with a loss of $2.0 million in the third quarter of 2008.

Net sales totaled $457.8 million, down 25% from $610.7 million in the year-ago period. The company cited a soft lumber market and a weak economy for the decline in sales, but attributed its improved earnings on its “focus on cost containment and sizing the company for demand in the markets it serves,” according to a release.

“Our results underscore the strength of our strategies and efforts, which are helping us achieve success in challenging times,” said CEO Michael B. Glenn. “We’re managing our business in a fragile environment and focusing on basic business principles managing inventory and receivables, improving efficiencies, eliminating waste and growing our value to our customers -- that allow us to achieve solid cash flow, resulting in a strong balance sheet.”