Universal Forest Prd Down 0.62% To $95.58 After Earnings Miss

Universal Forest Prd (UFPI) said before open Tuesday that it earned $2.1 per share in quarter three 2023.

On the revenue line, the company reported $1.8 billion, missing estimates by $192 million.

In the same quarter a year ago, the company earned $2.66 per share on revenue of $2 billion.

The stock is down 0.62% to $95.58 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Universal Forest Prd a Bullish Sentiment Rank from InvestorsObserver.

Universal Forest Prd has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 93, putting Universal Forest Prd in the top 25% of stocks. The firm was recently trading at a 52-week high of $107.57 on September 1, 2023 and set a 52-week low on November 3, 2022 at $66.17.

UFP Industries Inc produces and sells lumber and treated wood products in three main customer categories: retail, industrial, and construction. The retail category, which generates the most revenue, sells lumber products to retailers, including big-box home improvement retailers. The industrial category sells wood pallets, boxes, packaging crates, and other containers used for industrial shipping. The construction category sells manufactured housing and building materials to the construction industry. The vast majority revenue is generated in the United States.