- Q4 earnings: $18.9 million, or $.93 per diluted share, up 103% on strong unit sales growth -
GRAND RAPIDS, Mich., Wed., Feb. 17, 2016 – Universal Forest Products, Inc. (Nasdaq: UFPI) today announced record results in 2015, including record fourth-quarter net earnings attributable to controlling interest of $18.9 million, or $.93 per diluted share—more than double the net earnings of $9.3 million, or $0.46 per share, for the fourth quarter of 2014. The Company also posted record annual net earnings attributable to controlling interest of $80.6 million, or $3.99 per diluted share, representing a 40 percent increase over 2014 annual net earnings attributable to controlling interest of $57.6 million, or $2.86 per diluted share. Fourth-quarter 2015 net sales of $653.6 million were up 5.4 percent over net sales for the same period of 2014. Annual net sales of $2.9 billion surpassed 2014 annual net sales by 8.5 percent, representing a new record for the Company.
I am exceedingly proud of the people of the companies of Universal, who created record results through their hard work, innovation and determination. This exceptional performance is a testament to the strength of our people and their execution of our growth strategies,” said CEO Matthew J. Missad.
“It would be natural to expect our team to bask in their accomplishments, but they are doing exactly the opposite—they are energized and more motivated to break records again in 2016,” Missad added. “It is a privilege to work with such an extraordinary group, which I think is the best in the industry. We intend to capitalize on our successes and use them as a springboard to even better performance next year.”
These results come at a time when the lumber composite price was down 15.5 percent compared to the fourth quarter of last year, and down 13.6 percent for the year, reducing the Company’s selling prices. >
By market, the Company posted the following 2015 gross sales results:
• Fourth quarter: $230.7 million, up 13.6 percent over 2014
• Year: $1.1 billion, up 10.8 percent over the previous year
The Company continues to see healthy sales to both big box and independent retailers, a result of improved consumer demand, a strong product mix and market share gains, thanks, in part, to its product development and introduction activities. The Company continues to focus on diversifying its product offering, opening new markets and enhancing service to customers.
• Fourth quarter: $221.2 million, down 1.6 percent from 2014
• Year: $898.3 million, up 1.4 percent over last year
In this market, the Company continues to see healthy growth in its commercial construction business and is devoting more resources to growing this area of its business. With forecasts for growth in residential construction markets, the Company remains focused on growing business selectively in areas where housing markets are the most stable.
• Fourth quarter: $209.3 million, up 4.7 percent over the fourth quarter of 2014
• Year: $896.6 million, up 13.5 percent over 2014
The Company’s fourth-quarter growth in this market came at a time when total industrial production in the U.S. declined. The Company is focused on growing with existing customers, adding new customers and expanding its line of products and service offerings. The Company remains optimistic about opportunities for strong, sustainable growth in this market
Universal Forest Products will conduct a conference call to discuss information included in this news release and related matters at 8:30 a.m. ET on Thursday, February 18, 2016. The call will be hosted by CEO Matthew J. Missad and CFO Michael Cole, and will be available for analysts and institutional investors domestically at 877-703-6110, and internationally at 857-244-7309. Use conference pass code 29466058. The conference call will be available simultaneously and in its entirety to all interested investors and news media through a webcast at http://www.ufpi.com. A replay of the call will be available through March 19, 2016, domestically at (888) 286-8010 and internationally at (617) 801-6888. Use replay pass code 14945306.