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LP Reports Second Quarter 2013 Results

Stocks in this article: LPX

Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the second quarter of 2013, which included the following:

  • Total sales for the second quarter of $573 million were higher by 34 percent compared to the year ago quarter.
  • Income from continuing operations was $94 million ($0.65 per diluted share).
  • Non-GAAP adjusted income from continuing operations was $59 million ($0.41 per diluted share).
  • Adjusted EBITDA from continuing operations for the second quarter was $122 million compared to $37 million in the second quarter of 2012.
  • Cash and cash equivalents were $631 million as of June 30, 2013.

“This was another good quarter for LP as the U.S. housing market continues to recover,” said Curt Stevens, CEO. “While OSB prices moderated during the second quarter, this segment showed good earnings. Strong demand in Siding and South America also added to our results.”

For the second quarter of 2013, LP reported income from continuing operations of $94 million, or $0.65 per diluted share, as compared to a loss from continuing operations of $37 million, or $0.27 per diluted share for the second quarter of 2012. The results for the second quarter of 2013 included a gain on acquisition of $36 million.

ORIENTED STRAND BOARD (OSB) SEGMENT

LP’s OSB segment manufactures and distributes OSB structural panel products. The OSB segment reported net sales for the second quarter of 2013 of $306 million, an increase from $195 million of net sales in the second quarter of 2012. For the second quarter of 2013, the OSB segment reported operating income of $95 million compared to $17 million in the second quarter of 2012. For the second quarter, LP realized an increase of $80 million in adjusted EBITDA from continuing operations for this segment compared to the second quarter of 2012. For the second quarter, sales volumes were higher by 2 percent and sales prices increased by 59 percent compared to the same period in 2012. The increase in sales price accounted for approximately $110 million increase in both operating results and adjusted EBITDA from continuing operations.

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