NEW YORK (TheStreet) -- Shares of Louisiana-Pacific (LPX) were gaining 6.3% to $17.33 on heavy trading volume Tuesday after the building materials manufacturer beat analysts' estimates for earnings and revenue in the first quarter.
Louisiana-Pacific reported a loss of 13 cents a share for the first quarter, above analysts' estimates of a loss of 19 cents a share for the quarter. Revenue grew 6.1% year over year to $472 million, above analysts' estimates of $458.19 million.
"OSB prices languished in the quarter on relatively flat volumes compared to last quarter, hurting our results," CEO Curt Stevens said. "On the other hand, our more diversified Siding business posted record results with increased sales in all of its segments including housing, retail, repair and remodel and non-residential structures."
About 2.7 million shares of Louisiana-Pacific were traded by 11:16 a.m. Tuesday, above the company's average trading volume of about 2.4 million shares a day.
TheStreet Ratings team rates LOUISIANA-PACIFIC CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LOUISIANA-PACIFIC CORP (LPX) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."