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UFP Industries Q2 Profit Rises, Beats Estimates

(Correction: The original article gave the old company name and incorrectly reported a decrease in net sales. A corrected version follows.)

UFP Industries, Inc. (UFPI) released earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $207.8 million, or $3.23 per share. This compares with $175.4 million, or $2.78 per share, in last year's second quarter.

Analysts on average had expected the company to earn $2.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's net sales increased 7% to $2.9 billion compared to $2.7 billion last year.

Universal Forest Products earnings at a glance (GAAP) :

-Earnings (Q2): $207.8 Mln. vs. $175.4 Mln. last year.
-EPS (Q2): $3.23 vs. $2.78 last year.
-Analyst Estimate: $2.41
-Revenue (Q2): $2.9 Bln vs. $2.7 Bln last year.

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