(VIANEWS) – Lumber prices have spiked this year. Lumber futures contracts for May were up about 60% from a month ago, and 300% over the last year. It’s the fastest rise since the post-World War II housing boom, according to Mark Vitner, managing director and senior economist at Wells Fargo.
Lumber costs are having an impact on the built-to-rent and built-to-sell housing, as well as smaller renovation operations.
With so many people staying at home and retouching their houses after spending so much time in one location for work/and/or education, there’s an increasing need for renovations for more rooms or bigger homes. This increased the demand for new houses and lumber, sending prices skyrocketing.
One of the companies beating earnings estimates who are concerned about supply chain problems and higher costs is Lumber Liquidators, a Richmond-based flooring retailer.
Lumber Liquidators stock rose more than 4% on Wednesday in premarket trading, following the retailer’s flooring sale. Lumber Liquidators reported a net income of $11.9million, or 41c per share. This is an increase from the $2.6 million or 9 cents per share in the previous year.
The continued high demand for home improvements and the willingness of consumers to hire contractors, as the economy recovers after the pandemic, boosted sales.
Today’s last reported volume for Lumber is 31, 100% below its average volume of 40621616512.92.
About Lumber’s daily highs and lows, it’s 2.192% down from its trailing 24 hours low of $593.00 and 9.375% down from its trailing 24 hours high of $640.00.
Lumber’s last week, last month’s, and last quarter’s current volatility was a negative 1.75%, a positive 0.09%, and a positive 5.65%, respectively.
Lumber’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 4.00% (last week), 4.56% (last month), and 5.65% (last quarter), respectively.
Last news about Lumber (LBS)
Lumber liquidators tops earnings estimates but sees uncertainty ahead in supply chain issues, higher costs. According to MarketWatch on Wednesday, 4 August, “Richmond, Va.-based Lumber Liquidators posted net income of $11.9 million, or 41 cents a share, up from $2.6 million, or 9 cents a share, in the year-earlier period.”
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