Universal Forest Products, Inc. reported financial results for the 1Q ended April 1, 2017. 1Q 2017 net sales of $846.1 million represent a 24% increase over net sales of $682.2 million in 1Q 2016, as the company said in the press release received by Lesprom Network.
The Company’s retail and construction markets had net sales increases of 15% and 21%, respectively. The industrial market grew 37%, largely because of the September 2016 acquisition of idX Corp.
The Company’s earnings growth fell short of its unit sales growth in the 1Q 2017 due to a number of common business factors that impacted several operations. They include the loss in 2017 of inventory cost advantages that the Company realized the previous year in the industrial market, inclement weather in many areas of the country and the cost of start-up operations.
“The employees of Universal delivered record 1Q sales and profits, underscoring the success of our balanced business model and targeted approach to growing our business,” said CEO Matthew J. Missad.
“While we are pleased with these results, we see opportunities to do much more. We’re focused on a number of opportunities to grow sales and create efficiencies among our recent acquisitions that we expect will benefit us in 2017 and beyond.”
Universal Forest Products, Inc. is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.
