Universal Forest Products Reports Mixed Results

Shares of Universal Forest Products UFPI are moving higher in the after-hours following the release of the company's Q2 earnings results. Currently, shares are higher by 0.04%, trading at $24.08; they ended the regular session lower by 0.29%, trading at $24.07. Universal Forest Products reported Q2 EPS of $0.33 on revenues of $544.1 million; the Street was looking for $0.15 per share on revenues of $558.3 million. Revenues decreased 14.8% year over year. "These are challenging times, but we are positioning the Company for better results. We have cut costs and implemented plans intended to maintain our strengths and capitalize on our opportunities moving forward," said outgoing CEO Michael B. Glenn. "We're maintaining a keen focus on costs and on prudent, conservative decision-making that will create opportunities for sustainable growth and success." Universal Forest Products, Inc. is a holding company. The company provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for do-it-yourself (DIY)/retail home centers and other retailers, structural lumber products for the manufactured housing industry, engineered wood components for the site-built construction market, and specialty wood packaging and components for various industries.