NEW YORK (TheStreet) -- Universal Forest Products (UFPI) - Get Report shares are continuing to climb, up 1.1% to $54.61, in after-hours trading on Wednesday following the release of the holding company's first quarter earnings results after the closing bell today.
The company reported that first quarter net revenues increased by 41% to $10.2 million, or 51 cents per diluted share on adjusted basis, versus the 36 cents per share it earned during the same period last year. Revenue for the period increased 14.3% to $633 million.
Analysts on average were expecting the company to report earnings of 43 cents per share on revenue of $622.4 million.
Universal Forest Products shares closed up 1.35% to $54.68 in intraday trading today.
TheStreet Ratings team rates UNIVERSAL FOREST PRODS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNIVERSAL FOREST PRODS INC (UFPI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: UFPI Ratings Report