NEW YORK ( TheStreet) -- 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
Thomson Reuters 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 Nasdaq.com. 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.