Universal Forest Products, Inc. (UFPI) announced net sales of $1.24 billion and net earnings of $54.5 million, or 88 cents per diluted share, for the quarter ended June 29, 2019. Net earnings were the highest recorded at any time in the company’s history.
“The employees of Universal continue to do a great job growing unit sales, improving our company’s gross profit per unit, and generating robust cash flow despite pressures from rising labor costs and significant fluctuations in the lumber market,” said CEO Matthew J. Missad. “Our strong results are evidence that we are pursuing the right strategies to make our business more efficient and grow through new, value-added products.”
The company’s mix of value-added sales relative to commodity sales improved from 60% in the 2Q 2018 to 67% in the 2Q 2019, and new product sales grew 18% over the same period of 2018. Although significantly lower lumber pricing affected the company’s 2Q net sales, unit sales increased 5% over the same period of last year, driven mostly by organic sales growth.
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.