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Louisiana-Pacific Posts Q1 Loss

Construction company Louisiana-Pacific Corp. (LPX: Quote) posted a loss in the first quarter of $14.2 million or $0.10 per share. This compares to a year-ago profit of $65.1 million or $0.45 per share.

On a non-GAAP basis, adjusted loss from continuing operations was $7 million or $0.05 per share. On average, ten analysts polled by Thomson Reuters expected loss per share of $0.07 for the quarter. Analysts' estimates typically exclude one-time items.

Total sales in the quarter fell 16 percent to $445 million. Analysts expected the company to generate revenues of $464.78 million.

Curt Stevens, CEO, said in a statement, "The severe weather across much of North America in the first quarter took a toll on building activity and logistics. The rail transportation systems in both the U.S. and Canada were in disarray in Q1, which caused unplanned downtime at our operations, increased inventory and late shipments and negatively affected our reported results."

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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