Universal Forest Products Earnings Hit New Record in Q3

SEATTLE (Scrap Monster): Universal Forest Products, Inc. (UFPI) announced record earnings for the quarter ended September 2019.

The company’s net earnings surged higher by 26% to $51.9 million. The operating profit of $70.5 million was higher by 24% on a year-over-year basis. The EBITDA increased by 23% over the year to total $89.7 million. The net sales during the quarter, at $1.16 billion, witnessed 4% decline. The reduction in gross sales was mainly on account of lower lumber prices. The lumber selling prices plunged by 11%.

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According to company press release, the retail market segment gross sales recorded marginal decline by 1% to total $437 million. The gross sales by Industrial segment were down 6% at $332.5 million. The unit sales by Retail and Industrial markets soared by 10% and 4% respectively. The Construction market gross sales totalled $414.4 million, significantly down by 5% when compared to the third quarter of 2018.

Commenting on the results, Matthew J. Missad, CEO, UFPI said that the record quarterly results are the reflection of the hard work by its employees and the successful execution of its strategic business growth plan. The new organizational structure starting January 1, 2020 will help the company to use its resources and capital in a more efficient manner. Further, it looks forward to introduce new value-added products and services, Missad added.

UFPI will conduct a conference call on Q3 results at 8:30 a.m. ET on Thursday, October 24, 2019, which will be attended by CEO Matthew J. Missad and CFO Michael Cole.