Universal Forest Products posts a 38% increase in net earnings

Source:
UFPI/IHB
Views:
2966
  • text size

Universal Forest Products, Inc. (UFPI) today announced first-quarter 2014 results, including net sales of $554.0 million, which compares to net sales of $554.5 million for the first quarter of 2013. Net earnings for the first quarter of 2014 were $7.2 million, up 38 percent over the same period of 2013. 

'We focused successfully on improving the performance of our framing operations, and that was the primary driver of our increased profitability in the first quarter,' said CEO Matthew J. Missad. 'We remain well-positioned in construction, and in each of our business markets, for the rebound we believe will occur as the weather breaks.'

Missad noted that a 'historically brutal winter' had a negative impact on operations and businesses throughout the United States in the first quarter. 'Our people were able to fight through the equivalent of approximately 80 plant closure days at our various North American operations to deliver solid results, which are set against the milder winter of 2013. We don’t like talking about winter as a driver, but it was an unavoidable factor in the first quarter of this year,' he said. 

With home improvement and building projects delayed by weather, sales in the company’s retail and construction businesses declined slightly year-over-year in the first quarter of 2014 while sales in its industrial business increased. The company’s selling prices were affected by a five percent drop in the lumber market relative to the first quarter of 2013. Unit sales overall increased three percent.

Post comment