The 2020 Mid-Year Economic Update_long

Universal Forest Products Sales Up 7.8% in 1Q

Profit increased 89.1 percent year-over-year.

Universal Forest Products Inc. (NASDAQ: UFPI), Grand Rapids, MI, reported sales for the first quarter of $682.2 million, up 7.8 percent from the previous year. Profit increased 89.1 percent to $19.2 million.

The first-quarter sales growth is attributable to increases in the company’s retail and construction markets, which grew 17 percent and 9.3 percent, respectively, despite a 12 percent decline in year-over-year lumber prices in the first quarter.

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