Universal Forest Products Inc. (UFPI) saw second-quarter net profits triple to $17.5 million from the previous period on net sales of $593.7 million, up nearly 30% for the same period, the company announced Thursday. Operating income jumped to $29 million for the quarter from Q1’s $7.7 million.
The quarter's growth represents a three-fold bottom-line growth from the year-ago period on a 9.1% increase in sales.
The Grand Rapids, Mich.-based wood and wood-alternative manufacturer and distributor credited good weather and a strengthened lumber market for the year-over-year net sales gains in four of its five markets, with three markets seeing double-digit growth.
“Twelve months ago, we said our priorities would be improving profitability by taking on business with stronger margins, reducing costs and enhancing our efficiencies—and our people delivered,” CEO Matthew Missad said in a statement.
The company’s residential building materials segment, however, saw sales dip 2.3% from the same period a year ago to $280.8 million. Overall margins grew to 12.1% in the second quarter from 10.4% for the year-ago period.