The 2020 Mid-Year Economic Update_long

Universal Forest Products Sales Up 23% in 2Q

Year-to-date sales increase 23.4 percent year-over-year.

Universal Forest Products Inc. (NASDAQ: UFPI), Grand Rapids, MI, reported sales for the second quarter of $1.1 billion, up 23 percent from the previous year, a record for the company. Net earnings were $33.6 million, up 0.6 percent from the same period in 2016.

For the first six months, the company reported sales of $1.9 billion, up 23.4 percent from the same period a year ago. Profit grew 8.9 percent to $57.7 million.

“Many companies would be satisfied with our second-quarter performance. Not us,” said UFPICEO Matt Missad. “We are excited about our sales growth, yet disappointed that we only had a modest growth in profits. We won’t make excuses and will aggressively pursue our goal to convert more of our sales revenue to earnings growth."

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