Universal Forest Products hits record high on quarterly profit beat

UFP Industries

20/02/2020 17:01

** Shares of building products maker  UFPI.O  jump as much
as 12.2% to hit a record high at $56.215
    ** Universal Forest Products Q4 profit of $0.61 per share
beat analysts' expectations of $0.59 - Refinitiv IBES data
 urn:newsml:reuters.com:*:nGNXbNxjnV
    ** Our record profitability is due to higher unit sales,
ability to leverage fixed costs and increased sales of
higher-margin products, which continue to make up a greater
portion of product mix - CEO Matthew Missad
    ** However, UFPI posted Q4 net sales of $998 mln, lower than
analysts' estimates of $1.01 bln
    ** Average rating on stock is "hold"; Median PT is $53.50 -
Refinitiv IBES data 
    ** Stock rose 83.74% in 2019 and 14.38% YTD 

 (Reporting by Gautami Khandke)
 ((Gautami.Khandke@thomsonreuters.com;))