Universal Forest Products, Inc. (UFPI) announced net sales of $1.16 billion and record net earnings of $51.9 million, or 84 cents per diluted share, for the quarter ended September 28, 2019.
“Our record results are the reflection of the hard work of our employees and the successful execution of our strategies to grow and improve our business. Our growth in organic unit sales was very strong, and we continue to successfully add new, value-added products and services to our offerings that are improving our profitabilty,” said CEO Matthew J. Missad.
The company’s mix of value-added sales relative to commodity sales improved from 62.1% in the 3Q 2018 to 67.6% in the 3Q 2019, and new product sales grew 7% over the same period of 2018.
Although lower lumber pricing affected the company’s 3Q net sales, unit sales increased 7% over the same period of last year, driven mostly by organic sales growth.
Universal Forest Products, Inc., soon to be known as UFP Industries, Inc., is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial.
