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LP Reports Second Quarter 2012 Results

Stocks in this article: LPX

Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the second quarter of 2012, which included the following:

  • Total sales for the second quarter of $428 million were higher by 18 percent compared to a year ago.
  • Loss from continuing operations was $37 million ($0.27 per diluted share).
  • Non-GAAP adjusted income from continuing operations was $3 million ($0.02 per diluted share).
  • Adjusted EBITDA from continuing operations for the second quarter was $37 million compared to a loss of $4 million in the second quarter of 2011.
  • Cash and cash equivalents were $427 million as of June 30, 2012.

"We are pleased that LP returned to profitability in the second quarter, after adjusting for the costs associated with our successful debt refinancing,” said Curt Stevens, CEO. “Higher OSB prices and volume and continued volume growth in our Siding business were the primary drivers for the improvement in our results.”

For the quarter ended June 30, 2012, LP reported net sales of $428 million, an increase from $362 million in the second quarter of 2011. For the second quarter, the company reported an operating income of $19 million as compared to a loss of $24 million in the second quarter of 2011. The results for the second quarter of 2012 include an early debt extinguishment charge of $52 million associated with its recent financing.

For the second quarter of 2012, LP reported a loss from continuing operations of $37 million, or $0.27 per diluted share, as compared to a loss from continuing operations of $33 million, or $0.25 per diluted share for the second quarter of 2011.

ORIENTED STRAND BOARD (OSB) SEGMENT

LP's OSB segment manufactures and distributes OSB structural panel products. LP is currently operating seven facilities and has indefinitely curtailed three other facilities due to market conditions. The OSB segment reported net sales for the second quarter of 2012 of $195 million, an increase from $141 million of net sales in the second quarter of 2011. For the second quarter of 2012, the OSB segment reported an operating income of $17 million compared with a loss of $23 million in the second quarter of 2011. For the second quarter, LP realized an increase of $39 million in adjusted EBITDA from continuing operations for this segment compared to the second quarter of 2011. For the second quarter of 2012 compared to the second quarter of 2011, sales volumes were up 13 percent with sales price increasing by 22 percent. The increase in sales price accounted for approximately a $33 million increase in both operating results and adjusted EBITDA from continuing operations.

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