Universal Forest Products (UFPI) Tops Q1 EPS by 79c, Revenues Beat

Universal Forest Products (NASDAQ: UFPI) reported Q1 EPS of $1.67, $0.79 better than the analyst estimate of $0.88. Revenue for the quarter came in at $1.83 billion versus the consensus estimate of $1.55 billion.

“UFP Industries is enjoying unprecedented growth as we benefit from strong market conditions and the successful execution of our strategic plans. We are using our new market-focused structure to target and quickly assimilate acquisitions, better leverage our fixed costs, and reallocate resources to increase capacity efficiently,” said CEO Matthew J. Missad. “As a result, we are experiencing strong organic growth in our retail and industrial segments as well as in our site-built and factory-built housing business units. Our improvement in gross profit resulted from these changes, as well as a better pricing model that quickly adjusts to lumber market fluctuations and our growing line-up of new and value-added products. I want to thank our employees for their outstanding efforts and especially recognize our general managers for the improvements they’ve made at our facilities. I remain very encouraged about the growth prospects for our business as we look forward.”

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

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