Universal Forest Products, maker of engineered wood and building materials, had lower sales and earnings in the second quarter, due to lower lumber prices tied to a weak housing market.
Earnings for the second quarter fell to $16.8 million from $27.3 million in last year’s second quarter, a 38.5 percent decline. Sales fell 6.5 percent, to $773.1 million from $826.8 million last year.
The company saw a 30 percent drop in revenue from its site-built construction business, while other markets saw sales growth, including retail, industrial and manufactured housing.
"We're disappointed with any decrease in performance, but these results also underscore the strength of our balanced business model," said president and CEO Michael Glenn.
Universal Forest Products, based in Grand Rapids, Mich., markets, manufactures and engineers wood and wood products.