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Buoyed by new product sales, Universal Forest Products reports strong growth through midyear

BY MiBiz Staff Wednesday, July 18, 2018 05:41pm

GRAND RAPIDS — Universal Forest Products Inc. put up record sales and earnings for the company’s 12th straight quarter.

The Grand Rapids-based Universal Forest Products (Nasdaq: UFPI) today reported quarterly sales of $1.29 billion, a 20.5-percent increase from the $1.07 billion in the second quarter of 2017. The period included $153.1 million in sales from new products.

During the quarter, Universal Forest Product also closed on the acquisition of Georgia-based North American Container Corp., a producer of industrial packaging that in 2017 recorded sales of $71 million.

Net income for the quarter grew to $45.1 million, or 71 cents per share, from $34.5 million, or 55 cents per share, in the same period a year earlier.

CEO Matt Missad said the company’s quarterly results benefited from unit sales growth and a rising lumber market. The rising costs of transportation and labor adversely affected the company, Missad said in a statement.

“Our focus remains on growing unit sales organically and through acquisitions, while enhancing our sales mix of new and value-added products,” he said.

Midyear sales grew 19.3 percent to $2.28 billion with net income of $78.7 million, or $1.24 per share. That compares with sales of $1.91 billion and net income of $56.2 million, or 89 cents per share, in the first six months of 2017.

New products generated $262 million in sales during the first half of the year.

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