Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade LPX now with 

Building products company Louisiana-Pacific Corp. (LPX: Quote), 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.

Register
To receive FREE breaking news email alerts for Louisiana Pacific and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.