Universal Forest Products (UFPI) Misses Q3 EPS by 7c, Revenues Beat

Universal Forest Products (NASDAQ: UFPI) reported Q3 EPS of $0.66, $0.07 worse than the analyst estimate of $0.73. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.19 billion.

“I want to thank the hard-working employees of Universal for once again producing record results, driven by strong unit sales growth of 7 percent and overall sales growth of 15 percent,” stated CEO Matt Missad. “We achieved these results despite the headwinds we experienced from a quickly changing lumber market, rising labor, benefit and transportation costs, and the short-term effects of Hurricane Florence.

“While we are pleased to report a record quarter, we know we can do better. We are improving our mix of value-added new products, investing in automation to address rising costs and improving performance at underperforming operations.”

• Diluted earnings per share were $0.66, up from $0.55
• Net earnings attributable to controlling interest were $41.2 million, up 22 percent
• Net sales were $1.2 billion, up 15 percent
• EBITDA was $72.9 million, up 9 percent
• Gross sales increased 17 percent in the Construction market, 15 percent in the Industrial market and 13 percent in the Retail market
• Unit sales contributed 7 percent of gross sales growth; higher prices due to the lumber market contributed 8 percent
• Organic sales contributed 5 percent to unit growth while acquisitions added 2 percent
• New product sales were $138 million, up 22 percent; year-to date new product sales are $407 million, up 25 percent

For earnings history and earnings-related data on Universal Forest Products (UFPI) click here.

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