Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the fourth quarter and year ended December 2012, which included the following:
- Total sales for the fourth quarter of $459 million, 47 percent higher than the year ago quarter, and total sales for the year were $1.7 billion, 27 percent higher than the previous year.
- Income from continuing operations for the fourth quarter was $49 million ($0.34 per diluted share) and $32 million ($0.22 per diluted share) for the year.
- Non-GAAP adjusted income from continuing operations was $26 million ($0.18 per diluted share) and $49 million ($0.35 per diluted share).
- Adjusted EBITDA from continuing operations for the fourth quarter was $71 million compared to a loss of $12 million in the fourth quarter of 2011. For the year, EBITDA from continuing operations was $203 million compared to a loss of $5 million the previous year.
- Cash and cash equivalents were $561 million as of December 31, 2012.
“We are very pleased that LP is reporting both a profitable fourth quarter and a profitable 2012,” said CEO Curt Stevens. “The U.S. housing recovery picked up momentum in the fourth quarter, with annual housing starts at a seasonally adjusted rate of 954,000 in December. This increase in demand resulted in better OSB pricing and good performance in our Siding segment.”
FOURTH QUARTER RESULTS
For the quarter ended December 31, 2012, LP reported net sales of $459 million, up from $312 million in the fourth quarter of 2011. For the fourth quarter, the company reported operating income of $47 million as compared to an operating loss in the fourth quarter of 2011 of $26 million.For the fourth quarter of 2012, LP reported income from continuing operations of $49 million, or $0.34 per diluted share, as compared to a loss from continuing operations of $57 million, or $0.42 per diluted share, for the fourth quarter of 2011. Adjusted EBITDA from continuing operations for the fourth quarter of 2012 was $71 million compared to a loss of $12 million in the fourth quarter of 2011.
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