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LP Reports Second Quarter 2012 Results

Stocks in this article: LPX

SIDING SEGMENT

LP's Siding segment consists of LP SmartSide® siding as well as LP's prefinished CanExel® siding line. These products are used in new construction as well as in the repair and remodeling markets. The Siding segment reported net sales of $137 million in the second quarter of 2012, an increase of 16 percent from $119 million in the year-ago second quarter. For the second quarter of 2012, the Siding segment reported operating income of $19 million compared to $11 million in the year-ago quarter. For the second quarter, LP reported $24 million in adjusted EBITDA from continuing operations for this segment, an increase of $8 million compared to the second quarter of 2011.

ENGINEERED WOOD PRODUCTS SEGMENT (EWP)

The EWP segment is comprised of I-Joist (IJ), Laminated Veneer Lumber and Laminated Strand Lumber (LVL and LSL). These products are principally used in new construction. EWP sales in the second quarter of 2012 totaled $52 million, a slight decrease from a year ago. Operating losses was $3 million for both the second quarter of 2012 and for the second quarter of 2011. For the second quarter, LP realized a decrease in adjusted EBITDA from continuing operations for this segment compared to the second quarter of 2011.

SOUTH AMERICA SEGMENT

The South American segment consists of OSB mills located in Chile and Brazil. South America sales in the second quarter of 2012 totaled $43 million, an increase of 8 percent from $40 million in the year-ago second quarter. For the second quarter of 2012, the South America segment reported an operating income of $4 million. For the second quarter, LP reported $6 million in adjusted EBITDA from continuing operations for this segment, a slight decrease compared to the second quarter of 2011.

COMPANY OUTLOOK

“Going into the second half of the year, we remain cautiously optimistic. Though it appears that the general economy may be slowing, housing activity continues to improve,”concluded Stevens.

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