Universal Forest Products' 3Q net sales increased by 15%

Market: Lumber / Panels
Posted October 17, 2018
Universal Forest Products, Inc. (UFPI) reported record financial results for the 3Q ended September 29, 2018, the thirteenth consecutive quarter in which the company has reported records in both net sales and net earnings. 3Q 2018 net sales were $1.2 billion, up 15% compared to the 3Q 2017. 3Q 2018 EBITDA was $72.9 million, up 9%. 3Q 2018 net earnings increased 22% over previous year.

“I want to thank the hard-working employees of Universal for once again producing record results, driven by strong unit sales growth of 7% and overall sales growth of 15%,” stated CEO Matt Missad. “We achieved these results despite the headwinds we experienced from a quickly changing lumber market, rising labor, benefit and transportation costs, and the short-term effects of Hurricane Florence.

“While we are pleased to report a record quarter, we know we can do better. We are improving our mix of value-added new products, investing in automation to address rising costs and improving performance at underperforming operations.”

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. Founded in 1955, the Company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia.




Topics: Finance

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