Published in Breaking News

Universal Forest Products gains on construction, retail markets in Q2

BY Thursday, July 21, 2016 04:33pm

GRAND RAPIDS — Robust construction and retail markets drove sales in Universal Forest Products Inc.’s second quarter.

The Grand Rapids-based manufacturer of wood and wood-alternative products generated sales of $872.1 million in its second quarter that ended June 30, 2016, a 4-percent increase compared to the same period a year ago.

At the same time, Universal Forest Products (Nasdaq: UFPI) posted earnings of $1.64 per share compared to earnings of $1.24 per share last year.

Increased construction activity for both residential and commercial buildings drove sales in Universal Forest Products’ construction segment to $249.3 million, an increase of 6.5 percent compared to last year. Meanwhile, retail markets added $406.7 million in sales to the company’s bottom line, representing a 7.5-percent increase over the same period the prior year.

On other hand, Universal Forest Products’ industrial market contracted nearly 3 percent to $231.4 million as a result of an over-decline in U.S. industrial production and impacts from a strong dollar, according to the company’s earning statement.

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