Grand Rapids, MI, July 13--Universal Forest Products Inc.'s second-quarter profit rose 15% on revenue growth of 34%, thanks to strong sales to the lumber market and the site-built, industrial and manufactured housing markets.
While reporting the improved results, the maker of wood and wood-alternative products also affirmed its previous 2004 guidance.
The company earned $19.8 million, or $1.06 a share, in the second quarter compared with last year's $17.2 million, or 94 cents a share, the company said in a press release Monday.
Sales reached $742.6 million compared with $552.5 million, a year ago.
The Grand Rapids, Mich.-based concern continues to expect 2004 unit sales and earnings-per-share growth of 10% to 14%. This would put the company's unit sales estimate at $2.09 billion to $2.16 billion, based on 2003 sales of $1.9 billion. Earnings should come in at $2.40 to $2.49 a share, based on prior-year earnings of $2.18 a share.
