logo
Share SHARE
FONT-SIZE Plus   Neg

Louisiana-Pacific Swings To Profit, But Misses Estimate - Update

Building products company Louisiana-Pacific Corp. (LPX), Friday reported a swing to fourth-quarter profit, reflecting strong sales of its structural products as well as other businesses. Nonetheless, the company's earnings missed Street estimates, while sales exceeded expectations.

Moving forward, the company sees an improvement in business conditions.

The Nashville, Tennessee-based company reported fourth-quarter net income of $46 million or $0.32 per share, compared with net loss of $57 million or $0.42 per last year.

Excluding items, adjusted earnings from continuing operations for the quarter were $26 million or $0.18 per share. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter jumped 47 percent to $458.7 million from $312 million in the prior year. Analysts on consensus estimated revenues of $443.79 million.

At OSB segment, which makes structural panel products, sales jumped 86 percent from last year. The company said that it has indefinitely curtailed three facilities at the segment due to market conditions, but has plans to restart one facility in early 2013.

Siding segment sales grew 25 percent, and its Engineered Wood Products Segment gained 11 percent.

"At the recent International Builders' Show, builders were very upbeat. Despite some potential challenges associated with credit availability, the federal deficit and job growth, they expressed a great deal of confidence that housing starts will continue to improve in 2013," said CEO Curt Stevens.

Louisiana-Pacific is trading at $19.91, down 2.82%, on a volume of 1.8 million shares on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Discount-store operator Target, Inc. on Tuesday reported a 43 percent decline in profit in the fourth quarter from last year, reflecting lower sales and weaker margins. In addition, the prior-year period's results included a one-time gain. Adjusted earnings per share for the latest quarter missed analysts' expectations. Grocery store chain Trader Joe's has voluntarily recalled three of the brand's unsweetened apple sauce products, because of the potential presence of glass pieces in the jars. The recalled products include Trader Joe's First Crush Unsweetened Gravenstein Apple Sauce and Organic Unsweetened Apple Sauce sold in all stores. The company has about 460 stores in nearly 40 states. Amazon-owned Twitch plans to start selling game downloads from players' live broadcasts. The platform will allow its around 17,000 game-broadcasting partners to sell games and in-game content directly from their pages when they are live-streaming gameplay, starting this spring.
comments powered by Disqus
Follow RTT