It also posted the highest year-to-date net earnings in its history, at $61.7 million. Earnings per diluted share were $1.26 in the 3Q 2015, up from $0.96 in the 3Q 2014.
Net sales of $762.3 million for the 3Q were up 6.8% over the same period of 2014.
“This quarter was about executing our plan and serving our customers well,” said CEO Matthew J. Missad. “We continued to enhance our product mix with new and value-added products, to buy opportunistically, to keep a close eye on costs and efficiencies, and to maintain a disciplined approach to capital allocation. This will be a priority for us no matter how successful a quarter or year might be.”
Missad noted that year-to-date sales of new products at the end of the 3Q were $181.2 million versus $143.6 million at the same time last year. The Company’s stated goal is $250 million in annual new product sales by the end of 2017.
The Company saw strong unit sales in each of its markets, although sales dollars were impacted by a lumber market that was down 17.6% in the 3Q from the same period of 2014.
Universal Forest Products, Inc. is a holding company with subsidiaries throughout North America and in Australia that supply wood, wood composite and other products to three robust markets: retail, construction and industrial.