Universal Forest Products Inc. (UFPI) higher on Q2 results

Universal Forest Products Inc. (Nasdaq: UFPI) shares jumped 18.4% to $28.49 after the supplier of building materials late Wednesday reported second-quarter results. Volume for the stock topped 829,000 shares or eight times its normal daily average

Net earnings for the quarter were $4.3 million, or $0.22 per diluted share, compared to net earnings of $13.7 million, or $0.70 per diluted share, for the same period of 2010. Profits in the quarter were negatively affected by severance and early retirement charges totaling $0.11 per diluted share after deducting income tax expense.

“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,” outgoing CEO Michael B. Glenn was quoted in a July 13 press release as saying.

“We’re maintaining a keen focus on costs and on prudent, conservative decision-making that will create opportunities for sustainable growth and success.”

Headquartered in Grand Rapids, Michigan, Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for DIY/retail home centers and other retailers.

Tags: buzz stocks, Financial Stocks, nasdaq, UFPI

This entry was posted on Thursday, July 14th, 2011 at 4:02 pm by Glenn and is filed under Financial Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.