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TheStreet Open House

LP Reports Third Quarter 2012 Results

Stock quotes in this article: LPX

SIDING SEGMENT

LP's Siding segment consists of 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 $134 million in the third quarter of 2012, an increase of 20 percent from $112 million in the year-ago third quarter. For the third quarter of 2012, the Siding segment reported operating income of $20 million compared to $12 million in the year-ago quarter. For the third quarter, LP reported $24 million in adjusted EBITDA from continuing operations for this segment, an increase of $9 million compared to the third quarter of 2011. The increase in OSB sales prices sold in this segment accounted for approximately $4 million increase in both operating results and adjusted EBITDA from continuing operations.

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 third quarter of 2012 totaled $62 million, an increase from a year ago. Operating losses were $3 million for both the third quarter of 2012 and 2011.

SOUTH AMERICA SEGMENT

The South American segment consists of OSB mills located in Chile and Brazil. South America sales in the third quarter of 2012 totaled $42 million, an increase of 16 percent from $36 million in the year-ago third quarter. For the third quarter of 2012, the South America segment reported operating income of $5 million. For the third quarter, LP reported $8 million in adjusted EBITDA from continuing operations for this segment, an increase compared to the third quarter of 2011.

COMPANY OUTLOOK

“While housing signs look very favorable, we are certainly cognizant of potential headwinds including a slowing global economy, an uncertain political and fiscal environment and slow job creation,” Stevens continued. “Our plan is to do what is necessary to be ready to satisfy increasing demand for our products which emerges within this broader context and respond accordingly.”

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