The 2020 Mid-Year Economic Update_long

Universal Forest Products Sales Up 8.5% in 2Q

Company's net earnings increase 19.2 percent year-over-year.

Universal Forest Products Inc. (NASDAQ: UFPI), Grand Rapids, MI, reported sales for the first quarter of $838.2 million, up 8.5 percent from the previous year. Net earnings were $26 million, up 19.2 percent from the same period in 2014.

Second-quarter sales in the company’s retail ($376.2 million), industrial ($240 million) and construction ($234.6 million) businesses improved year-over-year, with increases of 8.3 percent, 16.9 percent and 1.3 percent, respectively.

“These results highlight the strength of our business model, which allows us to withstand adversity in one business market as well as adverse trends in the lumber market and still grow sales and profitability," said CEO Matthew Missad. “They also highlight the strength of our growth strategies, including our focus on sales to the industrial market and on new product development.”

For the first six months, the company reported sales of $1.5 billion, up 10.9 percent from the same period a year ago. Profit grew 24.6 percent to $36.1 million.

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