Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the fourth quarter and year ended December 31, 2013, which included the following:
- Total sales for the fourth quarter of $480 million, 6 percent higher than the year ago quarter, and total sales for the year were $2.1 billion, 23 percent higher than the previous year.
- Loss from continuing operations for the fourth quarter was $19 million ($0.14 per diluted share) and income of $177 million ($1.23 per diluted share) for the year.
- Non-GAAP adjusted loss from continuing operations was $7 million ($0.05 per diluted share) for the fourth quarter and income of $129 million ($0.90 per diluted share) for the year.
- Adjusted EBITDA from continuing operations for the fourth quarter was $24 million compared to $71 million in the fourth quarter of 2012. For the year, EBITDA from continuing operations was $330 million compared to $200 million the previous year.
- Cash and cash equivalents were $657 million as of December 31, 2013.
“Each of our segments recorded positive adjusted EBITDA in the fourth quarter and combined to generate $330 million of EBITDA for the full year of 2013,” said Curt Stevens, CEO. “At about 920,000 housing starts in 2013, LP shipped record volumes of our SmartSide siding and a variety of value-added OSB products. This performance bodes well for the future as housing continues to improve.”
FOURTH QUARTER RESULTS
For the quarter ended December 31, 2013, LP reported net sales of $480 million, up from $454 million in the fourth quarter of 2012. For the fourth quarter, the company reported an operating loss of $22 million as compared to operating income of $47 million in 2012.For the fourth quarter of 2013, LP reported loss from continuing operations of $19 million, or $0.14 per diluted share, compared to income of $49 million, or $0.34 per diluted share, for the fourth quarter of 2012. Adjusted EBITDA from continuing operations for the fourth quarter of 2013 was $24 million compared to $71 million in the fourth quarter of 2012.
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