UFPI 2004 Net Sales Up 29 Percent
GRAND RAPIDS — Universal Forest Products Inc. exceeded its internal targets for sales and earnings growth for both the fourth quarter and year ended Dec. 25.
The company reported net sales of $535.8 million for fourth quarter, an increase of nearly 18 percent over net sales of $454.5 million in 2003’s fourth quarter. Diluted earnings per share for the quarter totaled 46 cents, an increase of more that 35 percent over the year ago quarter.
According to Universal, higher lumber and chemical prices contributed approximately 18 percent to annual net sales growth but only 6 percent to growth in the fourth quarter.
Net sales were up 29 percent to $2.45 billion for the year, compared with net sales of $1.9 billion in fiscal 2003. Diluted earnings per share for the year totaled $2.59, or 18.8 percent higher than the year before.
By market, Universal posted the following year-over-year and fourth quarter sales:
- Do-it-yourself retail sales increased 9 percent over fiscal 2003 to $981.6 million. Fourth quarter D-I-Y sales were down 1.3 percent from 2003.
- Site-built construction sales were $631.7 million, up 56.7 percent over 2003 year-end sales. Fourth quarter sales increased 34.3 percent over 2003.
- Industrial sales totaled $454.7 million, an increase of 45.1 percent over 2003. Fourth quarter 2004 sales were up 28 percent over the same period last year.
- Manufactured housing sales were $385.3 million, up 36.6 percent for the year. Fourth quarter sales were up 27.3 percent over 2003.