Universal Forest Products, Inc.

Page 1

 

 

Exhibit 99(a)

 

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News release

 

---------------AT THE COMPANY---------------

Lynn Afendoulis

Director, Corporate Communications

(616) 365-1502

 

FOR IMMEDIATE RELEASE

Thursday, February 22, 2018

 

 

 

UFPI Reports Record Fourth Quarter and Annual Results

 - Q4 Earnings Up 50 percent; Tax Rate Reduction Adds to Earnings -

 

GRAND RAPIDS, Mich., Thursday, Feb. 22, 2018 – Universal Forest Products, Inc. (Nasdaq: UFPI) today announced record net earnings and net sales for the fourth quarter and full year 2017.  The Company posted these results in a quarter and year that had one less operational week compared to 2016. In 2016, the extra week accounted for over $60 million in net sales and over $2 million in operating profit.

Fourth Quarter 2017 Highlights (comparisons on a year-over-year basis, 13 weeks over 14 weeks):

-

Diluted earnings per share were $0.51, an increase of 50 percent

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Net earnings attributable to controlling interest were $31.1 million, up 50 percent; changes to the corporate tax rate contributed $6.4 million or 10 cents per diluted share. Even excluding the tax benefit, net earnings for the quarter and year were records.

-

EBITDA of $57 million, up 16 percent

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Net sales of $966.1 million represent a 12 percent increase

-

Unit sales accounted for 5 percent of the Company’s gross sales growth due to acquired businesses; price increases accounted for almost 8 percent

Fiscal 2017 Highlights (comparisons on a year-over-year basis, 52 weeks over 53 weeks):

-

Diluted earnings per share were $1.94, an increase of 18 percent

-

Net earnings attributable to controlling interest were $119.5 million, up 18 percent

 

 

 

 

 

 

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The following information was filed by Universal Forest Products Inc (UFPI) on Thursday, February 22, 2018 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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