NEW YORK (
) -- Shares of
Universal Forest Products
(UFPI - Get Report)
dropped on light volume in Wednesday's after-hours action after the Grand Rapids, Mich.-based lumber company reported a surprise quarterly loss as sales slowed and winter storms hurt production.
The company reported a loss of $3.7 million, or 19 cents a share, on sales of $387.1 million for the three months ended in March, down from a year-ago profit of $1 million, or 5 cents a share, on sales of $393 million, and well below the average estimate of analysts polled by
for earnings of a penny per share on sales of $422 million.
"We are not satisfied with our results this quarter, but we know that our business was affected by challenging external factors and we have reason for optimism for the balance of the year," said Michael Glenn, the company's CEO, in a statement. "We expect a more stable market this year and have improved performance expectations, particularly in the back half of the year."
The stock was last quoted at $29.50, down 12.2%, on volume of 5,500, according to
. Based on a regular session close at $33.61, the shares were already down more than 18% in the past year.
Universal Forest added that current economic conditions prevent it from providing a "meaningful guidance" at this time, and it doesn't expect to do so in the "foreseeable future."
The company saw weakness in three segments of its business, including a year-over-year decline of 8.8% in its do-it-yourself/retail operations to sales of $150 million and a drop of 11.3% in its site-built construction operations to sales of $54 million.
shares fell in late trades on Wednesday after the Detroit-based business software provider
gave a below-consensus outlook
for its fiscal fourth-quarter earnings, saying a pair of "significant" contracts were pushed into next year.
The provider of information technology management applications and services said it now sees earnings of 13 to 15 cents a share for the three months ended in March, short of the current average estimate of analysts polled by
for a profit of 19 cents a share in the period on revenue of $258.1 million.