GRAND RAPIDS, MI – Universal Forest Products Inc. posted second quarter 2007 earnings of $16.8 million, down 34.8% from the same period a year ago. The company’s second quarter sales totaled $773.1 million compared to $826.8 million in 2006.
CEO Michael Glenn said, “We’re disappointed with any decrease in performance but these results also underscore the strength of our balanced business model. Our site-built construction sales are off nearly 30% from the second quarter of last year and lumber prices, which affect our selling prices, are down 15%, but our gross sales for the quarter are down just 5.8%. That gives us confidence in a strategy that’s built on four markets and allows us to weather a decline in any one of them.”
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