Universal Forest Products Inc. reported Q1 net earnings attributable to controlling interest of $19.2 million, up by 89% over the same period of 2015. UFPI also reported increased net sales of $682.2 million, up 7.8% over the Q1 of 2015.
“While the milder winter contributed to improved quarter-over-quarter results, we also benefitted from increased new product sales, operational efficiency improvements, and a better sales mix,” stated CEO Matt Missad.
The 17% and 9.3% increase in UFPI’s retail and construction market generated the big sales growth, despite a 12% decline in year-over-year lumber prices in the first quarter.
There were $270.7 million gains in retail, which means a growth of 17% over the same period of 2015 and $204.2 million industrial gains, which dropped 3%, compared to the Q1 of 2015. $218.9 million came from the construction sector, which also increased by 9% over the same period of 2015.
Universal Forest Products, Inc. is a holding company with subsidiaries throughout North America and in Australia that supply wood, wood composite and other products to three markets: retail, construction and industrial.
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