world news - 16.07.2003
Universal Forest Products, Inc. supports confidence with record results in second quarter. Net sales rise 9.4% to $552.5 million; Diluted earnings per share jump 14.6% to $0.94
Diluted earnings per share for the quarter were $0.94, a 14.6% increase over diluted earnings per share of $0.82 for the same period last year. Diluted earnings per share for the year-to-date were $1.19, a 4.4% increase over 2002 year-to-date diluted earnings per share of $1.14.
Inclement weather continued to be a factor in the site-built and DIY industries with portions of the Southeast posting their wettest springs ever and record rainfall elsewhere in the Northeast. However, that was partially mitigated by the positive effects low interest rates have had on the construction and home improvement markets.
By market, Universal posted second quarter sales of:
While the company beat its expectations for the second quarter of 2003 and remains optimistic about the rest of the year, it is adjusting the top end of its targets from 12% to 10% for both annual sales growth and diluted earnings per share to reflect the effects of weather on the first quarter. The company now estimates it will achieve annual sales growth of 7% to 10% and diluted earnings per share growth of 7% to 10% for 2003.
Universal Forest Products announced record net sales and record earnings per share for the second quarter of 2003. Net sales totaled $552.5 million for the second quarter of 2003, a 9.4% increase over net sales of $504.9 million reported for the same period last year. Net sales for the first six months of 2003 were $908.1 million, a 7.3% increase over sales of $846.6 million for the same period of 2002.
* $302.6 million D-I-Y/retail, up 14.3% over the same quarter last year;
* $101.4 million in site-built construction, an increase of 14.7% over last year;
* $78.2 million in industrial/other, up 10.4% over last year; and
* $70.2 million in manufactured housing, a 13.4% decrease over last year (despite a decrease in industry production of approximately 27%).
See also:
- — New Pallet Production in Wales
- — JAPAN — RISE IN PRICE FOR STRUCTURAL PLYWOOD
- — EU approves State Aid in UK-Paper Mill
- — Japan: Importers Projections for 2003. The Japan Log and Lumber Importers Association has released its projection of imports for major forest products for 2003.
- — China: Russian Timber Exports to Fall