UFPI Reports Record Fourth Quarter and Annual Results
- Q4 Earnings up 9.8 percent; Annual Earnings up 25.5 percent -
GRAND RAPIDS, Mich., Wed., Feb. 22, 2017 - Universal Forest Products, Inc. (Nasdaq: UFPI) today announced record results in 2016, including record fourth-quarter net earnings attributable to controlling interest of $20.8 million, or $1.02 per diluted share, 9.8 percent higher than the fourth quarter of 2015. The Company also posted record annual net earnings attributable to controlling interest of $101.2 million, or $4.96 per diluted share, representing a 25.5 percent increase over 2015 annual net earnings attributable to controlling interest of $80.6 million, or $3.99 per diluted share. Fourth-quarter 2016 net sales of $859.6 million were up 31.5 percent over net sales for the same period of 2015. Annual net sales of $3.24 billion surpassed 2015 annual net sales of $2.89 billion by 12.2 percent and is a new record for the Company. Although acquisitions contributed to the records, most of the Company’s annual growth came from existing operations.
“The people who work for the companies of Universal are the best in the business, and they continue to prove it with record-breaking results,” said CEO Matthew J. Missad. “They continuously look for ways to create efficiencies, reduce manufacturing costs and grow sales by building and deepening customer relationships. They also have been bringing a number of exciting new, value-added products to the market. I couldn’t be more proud of them.”
The following information was filed by Universal Forest Products Inc (UFPI) on Wednesday, February 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: UFPI CIK: 912767 Form Type: 10-K Annual Report Accession Number: 0000912767-17-000007 Submitted to the SEC: Wed Mar 01 2017 2:55:26 PM EST Accepted by the SEC: Wed Mar 01 2017 Period: Saturday, December 31, 2016 Industry: Sawmills And Planting Mills General