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Louisiana-Pacific Swings To Profit In Q1 But Falls Below Street

Construction company Louisiana-Pacific Corp. (LPX) Tuesday reported a profit for the first quarter versus a loss last year citing mainly a recovery of building activity across all regions of the U.S. which translated into improved demand for its products and higher oriented strand board or OSB pricing. Earnings from continuing operations excluding certain items per share however, were lower than what analysts had expected.

For the quarter the firm reported net income of $65.3 million versus a loss of $11.3 million last year. On a per share basis earnings totaled $0.45 versus a loss of $0.08 last year.

The company further posted earnings excluding items from continuing operations of $0.41 per share for the period. Thirteen analysts on average polled by Thomson Reuters estimated earnings per share of $0.45 for the quarter. Analysts estimates typically exclude one-time items.

Revenue for the quarter was $537.5 million, up from $361.5 million last year. Analysts were looking for revenue of $558.30 million for the quarter.

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