UFPI Posts Record Sales EPS

July 18, 2003
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GRAND RAPIDS — Universal Forest Products Inc. reported record net sales of $552.5 million for the second quarter, compared with net sales of $504.9 million for the same period of 2002.

Earnings per share reached a record 94 cents, more than 14 percent higher than earnings per share of 82 cents for the year-ago quarter.

Net sales for the first six months were $908.1 million, vs. $846.6 million for the first half of fiscal 2002. Year-to-date earnings per share were $1.19, up from $1.14 for the first six months of last year.

By market, Universal posted second quarter sales of:

  • $302.6 million in do-it-yourself (DIY) retail, an increase of 14 percent over last year.

  • $101.4 million in site-built construction, up nearly 15 percent.

  • $78.2 million in industrial/other, a 10 percent increase.

  • $70.2 million in manufactured housing, down 13 percent from last year.

In the DIY market, sales to Home Depot were up 13 percent, primarily driven by Universal’s EverX composite decking, which Home Depot likes very much, CEO William Currie pointed out.

“Our management team had a very strong feeling about the second quarter and the rest of the year,” Currie said. “We knew we had the business booked and we knew the weather hurt us severely in the first quarter, and now we’re starting to see the fruit come on the tree, and the company’s moving where we thought it would go.”

The lumber market was very soft for the first two quarters and started to firm up toward the end of the second quarter, he said, but now the market is adding to revenue.

He said Universal anticipates relatively good demand and reasonable market prices in the third and fourth quarters and that the company is encouraged by strong backlogs in its site-built market and improving economic and market projections.

The company estimates it will see 7 percent to 10 percent annual growth in both sales and earnings per share.           

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