Universal Forest Products Earnings Double as Sales Fall
Universal Forest Products merges two divisions

GRAND RAPIDS, MI--Universal Forest Products, Inc. (Nasdaq: UFPI) reports Q3 net earnings of $5.6 million, more than double the net earnings of $2.6 million for the third quarter of 2010. But net sales of $468.9 million in the third quarter were down 2.4 percent for the same period of last year.

Universal FOrest Products says sales grew in three of its five markets - commercial construction and concrete forming, industrial, and manufactured housing. But residential construction and retail building materials markets saw sales decline.

 “Our cost-cutting efforts and a more stable lumber market helped us generate a stronger profit in the quarter,” said CEO Matthew Missad. “Since we can’t rely on an improved economy to grow our business, we are pursuing other avenues of growth.” Universal Forest Products says it will no longer provide earnings guidance.


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