UFPI’s Q1 sales flat, though earnings up 38%
Universal Forest Products, Inc. announced its first-quarter 2014 results Wednesday, which showed marked improvement in bottom-line earnings but relatively stagnant revenues.
Net sales for the quarter came in at $554.0 million, barely changed since last year’s $554.5 million. Net earnings for the peiod came in at $7.2 million, which is up 38% year-over-year.
"We focused successfully on improving the performance of our framing operations, and that was the primary driver of our increased profitability in the first quarter," said CEO Matthew J. Missad. "We remain well-positioned in construction, and in each of our business markets, for the rebound we believe will occur as the weather breaks."
Missad added that a "historically brutal winter" affected businesses throughout the country, resulting in 80 plant closure days at the company’s various North American locations.
Hines expansion continues in Northern, Ill.
Buffalo Grove, Ill.-based Hines Supply, which announced two expansions in the last week, has announced another.
Mike’s Deck Centers in Montgomery and St. Charles, Ill will join Hines, a division of U.S. LBM.
Founded by Mike French, Mike’s Deck Center offers serves professional contractors throughout Chicago and the western suburbs. Their 800 sq. ft. showroom features displays with the latest decking, railing, lighting, fasteners, furniture, tools, and more.
“We are excited to partner with the Hines team,” said French. “This opportunity gives Mike’s Deck Center the resources and manpower needed to fulfill our goal of becoming the best Outdoor Living Centers in Chicagoland. We are committed to providing the highest level of service and knowledge to contractors and homeowners.”
“Mike’s Deck Center has a strong following with the professional deck builder” said Doug Jones, Hines Supply President. “They provide customers with an unparalleled selection and superior customer service. Our partnership with Mike’s Deck Center gives them the additional resources, logistics, and expertise to expand their business. I look forward to working with Mike and his team ensuring we are the trusted resource to help our customers build their business.”
Hines Supply also operates building supply centers in Alsip, Grayslake, Hampshire, and Wheaton; a Millwork facility in Kirkland; Window, Door and Cabinetry showroom in Buffalo Grove; and a Roofing & Siding location in Warrenville.
Founded in 1892, Hines Supply is headquartered in Buffalo Grove, Illinois. The company operates numerous locations servicing homebuilders and professional remodelers throughout the state of Illinois, lower Wisconsin, and Northern Indiana.
US LBM, recipient of the 2013 HCN Pro Dealer of the Year Award, is a collection of ten leading building material distributors serving the Midwest, Northeast, Southeast, and Mid-Atlantic in nine states with more than 55 locations.
Weyerhaeuser reshuffles its leadership team
Forest products giant Weyerhaeuser says it will reorder its leadership team this summer.
Current SVP, general counsel Sandy McDade is retiring in July. Succeeding her will be Devin Stockfish, who will also maintain his current role as corporate secretary. Stockfish has been serving as corporate secretary and assistant general counsel since last June. Before joining the company, he was VP & associate general counsel at Univar Inc.
Also retiring is Sara Kendall, VP corporate affairs and sustainability, on May 2.
Kristen Sawin has been named VP government relations, environment, health and safety, and she will report to Stockfish. She has been serving as director of public policy and environment since last December. Prior to that, she was the director of regional, federal & international affairs. She has been with the company since 2005.
Additionally, SVP human resources Denise Merle’s role will expand to SVP human resources and investor relations after Kathy McAuley, current VP investor relations, retires in August. Merle was director of finance and human resources for the Lumber business since 2013, and before that, she was director of compliance & enterprise planning and director of internal audit. She has been with the company since 1981.
Beth Baum will take over the role of director of investor relations, effective immediately, and Patty Bedient, EVP and CFO, continues to have overall accountability for investor relations. Baum has been Weyerhaeuser’s manager of financial planning since 2010, and has been with the company since 2006. She is also a commissioner and chair of the audit committee for the Washington State Housing Finance Commission.
“Devin, Denise, Kristen and Beth have each demonstrated a tremendous ability to get results and I look forward to the leadership and energy they will bring to their new roles,” said Doyle Simons, president and CEO. “I want to thank Sandy, Kathy and Sara for the significant contributions they’ve made throughout their many years of service to the company, and I wish them well in retirement.”