Universal Forest Products reports 1Q net loss of $3.7 million

Apr 15, 2011. /Lesprom Network/. Universal Forest Products, Inc. announced 1Q 2011 net sales of $387.2 million, compared with net sales of $393.0 million for the same period of 2010, a decrease of 1.5%. For the quarter, the company reported a net loss of $3.7 million, compared to net earnings of $1 million for the 1Q 2010. "We are not satisfied with our results this quarter, but we know that our business was affected by challenging external factors and we have reason for optimism for the balance of the year," said CEO Michael B. Glenn. "We expect a more stable market this year and have improved performance expectations, particularly in the back half of the year." "We also are encouraged by the continued strength in our sales to the industrial market," Glenn said. "We're seeing significant growth with existing customers, who are producing more or turning to Universal for more of their industrial needs, and we're adding new industrial customers. Industrial is now our No. 2 market and we see nothing but continued growth opportunities on the horizon." The company believes continued challenging economic conditions and uncertainties in the housing market limit its ability to provide meaningful guidance for ranges of likely financial performance; therefore, the company will not resume the practice of providing guidance in the foreseeable future. Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for DIY/retail home centers and other retailers, structural lumber products for the manufactured housing industry, engineered wood components for the site-built construction market, and specialty wood packaging and components for various industries.