GRAND RAPIDS — Universal Forest Products Inc. surpassed analysts’ expectations in the first quarter of 2017, growing annual sales by 24 percent largely due to an acquisition that closed last fall.
The Grand Rapids-based manufacturer of wood-based products generated $846.1 million in sales in its first quarter ending March 31, compared to the $682.2 million the company reported in the same period the previous year.
Approximately $70 million of the increase in sales stemmed from Universal Forest Products’ (Nasdaq: UFPI) September 2016 acquisition of St. Louis, Mo.-based idX Corp. Sales in the company’s industrial market grew to $277.2 million, up from $201.6 million the previous year, primarily through new customers and affiliates, according to a statement.
Meanwhile, Universal Forest Products (Nasdaq: UFPI) grew sales in its retail market by 15 percent to $311.8 million, while sales in its construction market increased by 21 percent to $267.8 million.
The company reported net earnings of $21.6 million, or $1.03 per share, in the first quarter of 2017, a nearly 7-percent increase compared to the $20.3 million, or 95 cents per share, reported during the previous year.
“While we are pleased with these results, we see opportunities to do much more,” CEO Matt Missad said in a statement. “We’re focused on a number of opportunities to grow sales and create efficiencies among our recent acquisitions that we expect will benefit us in 2017 and beyond.”
