The 2020 Mid-Year Economic Update_long

Sales Jump 22.2% for Universal Forest Products in 3Q

Overall lumber prices increased 6.9 percent during the quarter.

Universal Forest Products Inc. (Nasdaq: UFPI), Grand Rapids, MI, reported sales for the third quarter of $651.8 million, an increase of 22.2 percent compared to the same period a year ago. Profit was $14.1 million, compared to a year-ago profit of $4.2 million.

Overall lumber prices in the third quarter were up 6.9 percent; Southern Yellow Pine prices, which make up a significant portion of the company’s lumber purchases, were up 16.7 percent.

For the quarter, the company posted the following results by market:

Retail building materials sales were $247 million, an increase of 21.6 percent over the third quarter of 2012The company is seeing the results of its strategy to grow sales with both independent and big box retailers by diversifying product mix and providing enhanced service and innovation.

Industrial packaging/components sales were $187.3 million, up 20.8 percent over the third quarter of 2012The company continues to focus on adding customers and products, and added 402 customers in the third quarter of 2013. It also is focused on expanding its reach into non-wood packaging materials and on providing complete packaging solutions.

Manufactured housing sales were $100 million, an increase of 12.3 percent over 2012According to the most recent statistics available, shipments of HUD-Code homes were up 13.3 percent in July 2013 and 4.9 percent in August 2013 over the same months of 2012.

Residential construction sales were $89.7 million, up 29.3 percent over the same period of 2012.

Commercial construction and concrete forming sales were $36.7 million, an increase of 51.7 percent over 2012Universal continues to expand its products and services in these arenas.

For the first nine months, sales for UFP were $1.9 billion, an increase of 22.8 percent compared to the same period a year ago. Profit increased 36.8 percent to $37.1 million.

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