US timber firm Universal Forest Products has seen a decline across its results in the third quarter.
Net sales fell from US$678.4m in the same period of 2007 to US$610.7m, with gross profits down from US$82.2m to US$65.5m.
Earnings from operations saw a massive decline from US$23.4m to US$1.3m, with net earnings falling from US$11.3m to a loss of US$1.9m.
Universal, which operates from 90 facilities and is North America’s largest manufacturer of engineered roof systems for manufactured housing and site-built construction, said the continued decline in the US housing market and “unprecedented turmoil in the financial markets” had “weighed heavily on the company’s performance”.
The company refused to give guidance on its future financial performance due to the ongoing instability in the financial markets, although president and chief executive officer Michael Glenn said the company was well positioned to cope with the market situation.
“We believe we have the right focus and are doing the right things to take advantage of near term opportunities while positioning the company well for a brighter tomorrow,” said Mr Glenn.
