Louisiana-Pacific Corporation (LP) (NYSE:LPX) reported today results for the third quarter of 2013, which included the following:
- Total sales for the third quarter of $507 million were higher by 10 percent compared to the year ago quarter.
- Income from continuing operations was $38 million ($0.26 per diluted share).
- Non-GAAP adjusted income from continuing operations was $19 million ($0.13 per diluted share).
- Adjusted EBITDA from continuing operations for the third quarter was $65 million compared to $75 million in the third quarter of 2012.
- Cash and cash equivalents were $670 million as of September 30, 2013.
“Each of our business segments generated positive adjusted EBITDA in the quarter,” CEO Curt Stevens said. “OSB prices continued to decline in the quarter which hurt our earnings while Siding and South America had better results than the same quarter last year.”
For the third quarter of 2013, LP reported income from continuing operations of $38 million, or $0.26 per diluted share, as compared to $31 million, or $0.22 per diluted share for the third quarter of 2012.
ORIENTED STRAND BOARD (OSB) SEGMENTLP’s OSB segment manufactures and distributes OSB structural panel products. The OSB segment reported net sales for the third quarter of 2013 of $245 million, an increase from $227 million of net sales in the third quarter of 2012. For the third quarter of 2013, the OSB segment reported operating income of $30 million compared to $49 million in the third quarter of 2012. For the third quarter, adjusted EBITDA from continuing operations for this segment decreased by $14 million compared to the third quarter of 2012. For the third quarter, sales volumes were higher by 15 percent and sales prices decreased by 5 percent compared to the same period in 2012. The decrease in sales price accounted for approximately $13 million of the decrease in both operating results and adjusted EBITDA from continuing operations.
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