Income from continuing operations of $66M, or $0.45 per diluted share vs. a loss of $25M, or $0.17 per diluted share in the same quarter a year ago.
Adjusted EBITDA from continuing operations of $111M vs. $11M in year earlier period.
Revenue by segment: Oriented Strand Board +41%; Siding +23.4; Engineered Wood Products +8%; South America +18%.
Cash and cash equivalents were $560M as of September 30, 2016.
"Housing starts, particularly single family, should continue to grow over the next several years," CEO Curt Stevens declared. "The transaction we announced this morning with Norbord will increase our flexibility to add future siding capacity and the continued focus on value-added products will improve our over-the-cycle margins."
Louisiana-Pacific Corporation (NYSE:LPX) announces that the Board of Directors has appointed EVP Brad Southern to the newly created position of chief operating officer for the purpose of implementing its orderly management succession plan.
Southern will continue to oversee the oriented strand board operations, a post he has held since 2014. General managers from the company’s siding and engineered wood products, as well as sales and marketing and manufacturing services will report to Southern, who in turn will report to CEO Curt Stevens.
Southern joined LP in 1999 as controller for the specialty business. He held a number of increasingly complex operating roles and became general manager of the Siding business in 2004. He held that job until moving to OSB in 2014.
“Brad was the primary architect of the siding segment strategy that we put in place during the housing downturn,” Stevens said. “That strategy has played a large role in the phenomenal growth we have seen in siding. Since heading up OSB, he’s been instrumental in improving our operating performance there, too.”
Adjusted income from continuing operations of $40M, or $0.28 per diluted share vs. a loss of $11.7M in the same quarter a year ago.
Adjusted EBITDA from continuing operations of $99M vs. $16M in year earlier period.
Revenue by segment: Oriented Strand Board +20%; Siding +26; Engineered Wood Products +8%; South America +5%.
"While I now expect 2016 housing starts to be up less than 10% over last year, this muted recovery actually bodes well for the future as there will likely be a long period of improving housing activity," CEO Curt Stevens declared.
Cash and cash equivalents were $475M as of June 30, 2016.
Adjusted income from continuing operations of $1M, or $0.01 per diluted share vs. a loss of $46M, or $0.32 per diluted share in the same quarter a year ago.
Adjusted EBITDA from continuing operations of $34M vs. -$17M in the fourth quarter of 2014.
Revenue by segment: Oriented Strand Board +2%; Siding flat; Engineered Wood Products +14%; South America -7%.
Cash and cash equivalents were $435M as of Dec. 31, 2015.
"Given LPs lower inventories and what we perceive as lower channel inventories, this additional activity (U.S. housing starts) should lead to higher shipments and firmer pricing," CEO Curt Stevens declared.
RBC Capital upgrades Louisiana-Pacific (LPX +2.7%) to Top Pick from Outperform, raising its price target on the stock to $22 from $20.
"LP commented that the OSB price gains were likely driven by poor weather (constraining supply) and the inventory drawdown in H115," said RBC analyst Paul Quinn. "With the help of a mild fall, LP believes the rally could continue into 2016. CEO Stevens highlighted that he expects higher activity levels in all segments based on conversations with customers."