Universal Forest Products, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Impairment of Assets for the Quarter Ended June 2018; Provides Effective Tax Rate Guidance for the Full Year of 2018
July 18, 2018 at 04:19 pm EDT
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Universal Forest Products, Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales of $1,294,440,000 against $1,072,375,000 a year ago. Earnings from operations were $60,617,000 against $53,899,000 a year ago. Earnings before income taxes were $58,550,000 against $52,409,000 a year ago. Net Earnings were $45,130,000 against $34,574,000 a year ago. EPS basic and diluted were $0.71 against $0.55 a year ago. EBITDA was $77,010,000 against $67,771,000 a year ago. Net debt was about $283 million at the end of second quarter compared to $205 million last year.
For six months, the company reported net sales of $2,288,297,000 against $1,918,505,000 a year ago. Earnings from operations were $104,835,000 against $87,720,000 a year ago. Earnings before income taxes were $101,708,000 against $84,814,000 a year ago. Net Earnings were $78,714,000 against $56,209,000 a year ago. EPS basic and diluted were $1.24 against $0.89 a year ago. Net Cash from Operating Activities was negative $36,072,000 against $15,211,000 a year ago. Purchases of property, plant, and equipment were $54,313,000 against $34,549,000 a year ago. EBITDA was $130,446,000 against $114,744,000 a year ago.
The company also reported impairment of assets for the quarter ended June 2018 of $477,000 against negative $264,000 a year ago.
The company anticipates effective tax rate of about 23.5% for the full year of 2018.
UFP Industries, Inc. is a holding company with subsidiaries throughout North America, Europe, Asia, and Australia that designs, manufactures, and supplies products made from wood, composites, and other materials. The Company's segments include Retail, Packaging and Construction. Its Retail Solutions segment is comprised of business units, such as ProWood, Sunbelt, Deckorators and UFP-Edge. Retail Solutions segment is focused on distinct product offerings, which are grouped by brands and business units. Packaging segment is comprised of business units, such as Structural Packaging, PalletOne, and Protective Packaging Solutions. Construction segment is comprised of business units, such as Factory-Built Housing, Site-Built Construction, Commercial Construction, and Concrete Forming. Its ProWood business units manufactures and sells treated lumber products, including decking, fencing, and lattice, as well as decorative and functional lawn and garden products to building products retailers.
Universal Forest Products, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Impairment of Assets for the Quarter Ended June 2018; Provides Effective Tax Rate Guidance for the Full Year of 2018