Menu
November 5, 2014
LP Reports Third Quarter 2014 Results
Louisiana-Pacific Corporation reported today results for the third quarter of 2014.
NASHVILLE, Tenn. (November 5, 2014) – Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the third quarter of 2014.
- Sales for the third quarter of $518 million were higher by 2 percent compared to the year ago quarter.
- Loss from continuing operations was $18 million ($0.13 per diluted share).
- Non-GAAP adjusted loss from continuing operations was $16 million ($0.12 per diluted share).
- Adjusted EBITDA from continuing operations for the third quarter was $12 million compared to $65 million in the third quarter of 2013.
- Cash and cash equivalents were $580 million as of September 30, 2014.
“LP’s financial results continue to be negatively affected by poor OSB pricing,” said Curt Stevens, CEO. “We have seen higher demand for most of our products but less than anticipated due to the anemic housing recovery.”
For the third quarter of 2014, LP reported a loss from continuing operations of $18 million, or $0.13 per diluted share, as compared to income from continuing operations of $38 million, or $0.26 per diluted share for the third quarter of 2013. Reductions in OSB pricing accounted for $44 million decrease in both operating results and adjusted EBITDA from continuing operations.
YEAR TO DATE RESULTS
For the nine months ended September 30, 2014, LP reported net sales of $1.5 billion compared to $1.6 billion in the first nine months of 2013. For the first nine months of 2014, LP reported loss from continuing operations of $30 million, or $0.22 per diluted share, compared to income of $197 million, or $1.36 per diluted share, for the same period in 2013. Adjusted EBITDA from continuing operations for the first nine months of 2014 was $61 million compared to $306 million for 2013. Reductions in OSB pricing accounted for $282 million decrease in both operating results and adjusted EBITDA from continuing operations.
ORIENTED STRAND BOARD (OSB) SEGMENT
LP’s OSB segment manufactures and distributes OSB structural panel products. The OSB segment reported net sales for the third quarter of 2014 of $233 million, a 5 percent decrease from $245 million of net sales in the third quarter of 2013. For the third quarter of 2014, the OSB segment reported an operating loss of $16 million compared to operating income of $30 million in the third quarter of 2013. For the third quarter, adjusted EBITDA from continuing operations for this segment decreased by $46 million compared to the third quarter of 2013. For the third quarter, sales volumes were higher by 13 percent and sales prices decreased by 16 percent compared to the same period in 2013. The decrease in sales price accounted for approximately $44 million of the decrease in both operating results and adjusted EBITDA from continuing operations.
SIDING SEGMENT
LP’s Siding segment consists of SmartSide® siding as well as LP’s prefinished CanExel® siding line. These products are used in new construction as well as in the repair and remodeling markets. The Siding segment reported net sales of $163 million in the third quarter of 2014, an increase of 10 percent from $149 million in the year-ago third quarter. For the third quarter of 2014, the Siding segment reported operating income of $21 million compared to $23 million in the year-ago quarter. For the third quarter, the Siding segment reported $26 million in adjusted EBITDA from continuing operations, a decrease of $1 million compared to the third quarter of 2013.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of LP SolidStart® I-Joist (IJ), Laminated Veneer Lumber and Laminated Strand Lumber (LVL and LSL). These products are principally used in new construction. EWP sales in the third quarter of 2014 totaled $82 million, an increase from $72 million reported in the third quarter of 2013. Operations were about breakeven for the third quarter of 2014 compared to a loss of $2.0 million in the third quarter of 2013. The EWP segment reported an improvement in adjusted EBITDA from continuing operations of $3 million as compared to the same quarter in 2013.
SOUTH AMERICA SEGMENT
The South American segment consists of OSB mills located in Chile and Brazil. South America sales in the third quarter of 2014 totaled $36 million, down from $42 million in the year-ago third quarter. For the third quarter of 2014, the South America segment reported a decrease in operating income of $5 million compared to the third quarter of 2013. South America segment reported $2 million in adjusted EBITDA from continuing operations in the third quarter a reduction from $8 million in 2013.
STOCK BUYBACK
On October 31, 2014, LP’s Board of Directors authorized LP to repurchase up to $100 million of the LP’s common stock. The purchases may be made from time to time as market conditions warrant and subject to regulatory considerations.
COMPANY OUTLOOK
“I expect housing to continue to increase but probably at a rate below the 20 percent pace in the current consensus forecasts,” continued Stevens. “For LP, we will base our preliminary 2015 planning on 1.1 million housing starts,” he concluded.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP’s web site at www.lpcorp.com for additional information on the company as well as reconciliation of non-GAAP results.
About LP Building Solutions - As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood building products that meet the demands of builders worldwide. Its extensive offerings include innovative and dependable building products and accessories, such as LP® SmartSide® Trim & Siding, LP Structural Solutions portfolio (LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP® TechShield® Radiant Barrier, LP® FlameBlock® Fire-Rated Sheathing and more), oriented strand board (OSB), LP® TopNotch® Sub-Flooring, LP® Outdoor Building Solutions®, and LP Elements® Performance Fencing. In addition to product solutions, LP provides industry-leading service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes. Headquartered in Nashville, Tennessee, LP operates 26 plants across the U.S., Canada, Chile and Brazil. For more information, visit LPCorp.com.
FORWARD LOOKING STATEMENTS
This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the availability, cost and other terms of capital; the efficiency and consequences of operations improvement initiatives and cash conservation measures; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals; and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES FINANCIAL AND QUARTERLY DATA (Dollar amounts in millions, except per share amounts) (Unaudited) |
|||||||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
| Net sales | $ | 518.1 | $ | 507.4 | $ | 1,481.3 | $ | 1,605.5 | |||||||||||
| Income (loss) from operations | $ | (14.6 | ) | $ | 47.6 | $ | (28.7 | ) | $ | 224.7 | |||||||||
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | $ | (23.3 | ) | $ | 41.9 | $ | (49.5 | ) | $ | 236.8 | |||||||||
| Non-GAAP adjusted income (loss) from continuing operations | $ | (16.3 | ) | $ | 19.4 | $ | (27.6 | ) | $ | 136.6 | |||||||||
| Income (loss) from continuing operations | $ | (18.3 | ) | $ | 37.5 | $ | (30.4 | ) | $ | 196.5 | |||||||||
| Net income (loss) | $ | (20.4 | ) | $ | 38.1 | $ | (32.5 | ) | $ | 197.5 | |||||||||
| Net income (loss) per share - basic | $ | (0.14 | ) | $ | 0.27 | $ | (0.23 | ) | $ | 1.42 | |||||||||
| Net income (loss) per share - diluted | $ | (0.14 | ) | $ | 0.26 | $ | (0.23 | ) | $ | 1.37 | |||||||||
| Average shares of stock outstanding - basic | 140.8 | 140.0 | 140.9 | 139.1 | |||||||||||||||
| Average shares of stock outstanding - diluted | 140.8 | 144.0 | 140.9 | 144.1 | |||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES(Dollar amounts in millions, except per share amounts) (Unaudited) |
||||||||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
| Net sales | $ | 518.1 | $ | 507.4 | $ | 1,481.3 | $ | 1,605.5 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||
| Cost of sales | 477.0 | 416.3 | 1,326.9 | 1,221.7 | ||||||||||||||||
| Depreciation and amortization | 26.9 | 25.8 | 77.4 | 65.0 | ||||||||||||||||
| Selling and administrative | 31.9 | 33.5 | 108.7 | 103.6 | ||||||||||||||||
| (Gain) loss on sale or impairment of long-lived assets, net | (3.6 | ) | 0.3 | (4.1 | ) | (0.4 | ) | |||||||||||||
| Other operating credits and charges, net | 0.5 | (16.1 | ) | 1.1 | (9.1 | ) | ||||||||||||||
| Total operating costs and expenses | 532.7 | 459.8 | 1,510.0 | 1,380.8 | ||||||||||||||||
| Income (loss) from operations | (14.6 | ) | 47.6 | (28.7 | ) | 224.7 | ||||||||||||||
| Non-operating income (expense): | ||||||||||||||||||||
| Interest expense, net of capitalized interest | (8.3 | ) | (7.6 | ) | (23.4 | ) | (28.0 | ) | ||||||||||||
| Investment income | 0.9 | 1.7 | 4.4 | 8.3 | ||||||||||||||||
| Other non-operating items | (1.3 | ) | 0.2 | (1.8 | ) | 31.8 | ||||||||||||||
| Total non-operating income (expense) | (8.7 | ) | (5.7 | ) | (20.8 | ) | 12.1 | |||||||||||||
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | (23.3 | ) | 41.9 | (49.5 | ) | 236.8 | ||||||||||||||
| Provision (benefit) for income taxes | (3.6 | ) | 4.4 | (15.9 | ) | 51.6 | ||||||||||||||
| Equity in income of unconsolidated affiliates | (1.4 | ) | — | (3.2 | ) | (11.3 | ) | |||||||||||||
| Income (loss) from continuing operations | (18.3 | ) | 37.5 | (30.4 | ) | 196.5 | ||||||||||||||
| Income (loss) from discontinued operations before taxes | (3.2 | ) | 1.0 | (3.2 | ) | 1.6 | ||||||||||||||
| Provision (benefit) for income taxes | (1.1 | ) | 0.4 | (1.1 | ) | 0.6 | ||||||||||||||
| Income (loss) from discontinued operations | (2.1 | ) | 0.6 | (2.1 | ) | 1.0 | ||||||||||||||
| Net income (loss) | $ | (20.4 | ) | $ | 38.1 | $ | (32.5 | ) | $ | 197.5 | ||||||||||
| Income (loss) per share of common stock (basic): | ||||||||||||||||||||
| Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.27 | $ | (0.22 | ) | $ | 1.41 | ||||||||||
| Income (loss) from discontinued operations | (0.01 | ) | — | (0.01 | ) | 0.01 | ||||||||||||||
| Net income (loss) per share | $ | (0.14 | ) | $ | 0.27 | $ | (0.23 | ) | $ | 1.42 | ||||||||||
| Net income (loss) per share of common stock (diluted): | ||||||||||||||||||||
| Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0.26 | $ | (0.22 | ) | $ | 1.36 | ||||||||||
| Income (loss) from discontinued operations | (0.01 | ) | — | (0.01 | ) | 0.01 | ||||||||||||||
| Net income (loss) per share | $ | (0.14 | ) | $ | 0.26 | $ | (0.23 | ) | $ | 1.37 | ||||||||||
| Average shares of stock outstanding - basic | 140.8 | 140.0 | 140.9 | 139.1 | ||||||||||||||||
| Average shares of stock outstanding - diluted | 140.8 | 144.0 | 140.9 | 144.1 | ||||||||||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES (Dollar amounts in millions) (Unaudited) |
||||||||||
| September 30, 2014 | December 31, 2013 | |||||||||
| ASSETS | ||||||||||
| Cash and cash equivalents | $ | 579.9 | $ | 656.8 | ||||||
| Receivables | 142.6 | 78.1 | ||||||||
| Inventories | 218.3 | 224.4 | ||||||||
| Other current assets | 9.4 | 7.7 | ||||||||
| Deferred income taxes | 23.2 | 50.9 | ||||||||
| Assets held for sale | 9.3 | 16.3 | ||||||||
| Total current assets | 982.7 | 1,034.2 | ||||||||
| Timber and timberlands | 67.1 | 71.6 | ||||||||
| Property, plant and equipment, at cost | 2,299.4 | 2,294.6 | ||||||||
| Accumulated depreciation | (1,443.4 | ) | (1,407.8 | ) | ||||||
| Net property, plant and equipment | 856.0 | 886.8 | ||||||||
| Goodwill | 9.7 | 9.7 | ||||||||
| Notes receivable from asset sales | 432.2 | 432.2 | ||||||||
| Restricted cash | 10.3 | 11.3 | ||||||||
| Investments in and advances to affiliates | 6.4 | 3.2 | ||||||||
| Other assets | 45.2 | 44.3 | ||||||||
| Total assets | $ | 2,409.6 | $ | 2,493.3 | ||||||
| LIABILITIES AND EQUITY | ||||||||||
| Current portion of long-term debt | $ | 2.3 | $ | 2.3 | ||||||
| Accounts payable and accrued liabilities | 171.9 | 161.9 | ||||||||
| Current portion of contingency reserves | 2.0 | 2.0 | ||||||||
| Total current liabilities | 176.2 | 166.2 | ||||||||
| Long-term debt, excluding current portion | 759.2 | 762.7 | ||||||||
| Contingency reserves, excluding current portion | 12.6 | 13.3 | ||||||||
| Other long-term liabilities | 127.8 | 136.1 | ||||||||
| Deferred income taxes | 142.1 | 188.7 | ||||||||
| Stockholders’ equity: | ||||||||||
| Common stock | 152.0 | 152.0 | ||||||||
| Additional paid-in capital | 506.3 | 508.0 | ||||||||
| Retained earnings | 855.2 | 887.7 | ||||||||
| Treasury stock | (225.7 | ) | (232.2 | ) | ||||||
| Accumulated comprehensive loss | (96.1 | ) | (89.2 | ) | ||||||
| Total stockholders’ equity | 1,191.7 | 1,226.3 | ||||||||
| Total liabilities and stockholders’ equity | $ | 2,409.6 | $ | 2,493.3 | ||||||
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES (Dollar amounts in millions) (Unaudited) |
||||||||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income (loss) | $ | (20.4 | ) | $ | 38.1 | $ | (32.5 | ) | $ | 197.5 | ||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 26.9 | 25.8 | 77.4 | 65.0 | ||||||||||||||||
| Income from unconsolidated affiliates | (1.4 | ) | — | (3.2 | ) | (11.3 | ) | |||||||||||||
| (Gain) loss on sale or impairment of long-lived assets, net | (3.6 | ) | 0.3 | (4.1 | ) | (0.4 | ) | |||||||||||||
| Gain on acquisition | — | — | — | (35.9 | ) | |||||||||||||||
| Gain on sale of discontinued operation | — | (1.7 | ) | — | (1.7 | ) | ||||||||||||||
| Early debt extinguishment | — | 0.8 | — | 0.8 | ||||||||||||||||
| Payment of long-term deposit | — | (17.1 | ) | — | (17.1 | ) | ||||||||||||||
| Other operating credits and charges, net | 0.5 | (16.1 | ) | 1.1 | (9.1 | ) | ||||||||||||||
| Stock-based compensation related to stock plans | 2.4 | 2.4 | 6.9 | 6.6 | ||||||||||||||||
| Exchange loss on remeasurement | (2.4 | ) | (0.4 | ) | (1.1 | ) | (0.5 | ) | ||||||||||||
| Cash settlement of contingencies | (1.2 | ) | — | (1.2 | ) | (0.4 | ) | |||||||||||||
| Cash settlements of warranties, net of accruals | 0.1 | (3.4 | ) | (4.9 | ) | (7.7 | ) | |||||||||||||
| Pension contributions, net of expense | (5.1 | ) | (0.1 | ) | (3.8 | ) | 2.5 | |||||||||||||
| Non-cash interest expense, net | 0.7 | 1.2 | 1.3 | 1.8 | ||||||||||||||||
| Other adjustments, net | — | 0.3 | 0.4 | 1.2 | ||||||||||||||||
| Changes in assets and liabilities, net of acquisition: | ||||||||||||||||||||
| Increase in receivables | (0.2 | ) | (7.9 | ) | (67.4 | ) | (25.8 | ) | ||||||||||||
| (Increase) decrease in inventories | 15.6 | 15.8 | 4.3 | (12.3 | ) | |||||||||||||||
| (Increase) decrease in other current assets | (2.5 | ) | 1.7 | (1.8 | ) | (4.3 | ) | |||||||||||||
| Increase in accounts payable and accrued liabilities | 24.1 | 17.1 | 18.1 | 26.0 | ||||||||||||||||
| Increase (decrease) in deferred income taxes | (6.0 | ) | 2.4 | (19.8 | ) | 47.9 | ||||||||||||||
| Net cash provided by (used in) operating activities | 27.5 | 59.2 | (30.3 | ) | 222.8 | |||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Property, plant and equipment additions | (12.6 | ) | (17.7 | ) | (54.8 | ) | (43.3 | ) | ||||||||||||
| Investments in and refunds from joint ventures | — | — | — | 13.9 | ||||||||||||||||
| Proceeds from sales of assets | 12.0 | 15.0 | 12.8 | 16.7 | ||||||||||||||||
| Acquisitions, net of cash | — | — | — | (67.4 | ) | |||||||||||||||
| Receipt of proceeds from notes receivable | — | 91.4 | — | 91.4 | ||||||||||||||||
| (Increase) decrease in restricted cash under letters of credit/credit facility | (0.1 | ) | (0.7 | ) | 0.9 | 0.7 | ||||||||||||||
| Net cash provided by (used in) investing activities | (0.7 | ) | 88.0 | (41.1 | ) | 12.0 | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
| Repayment of long-term debt | (1.1 | ) | (109.5 | ) | (2.2 | ) | (113.1 | ) | ||||||||||||
| Taxes paid related to net share settlement of equity awards | — | — | (1.5 | ) | (12.0 | ) | ||||||||||||||
| Other, net | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||
| Net cash used in financing activities | (1.1 | ) | (109.6 | ) | (3.7 | ) | (125.2 | ) | ||||||||||||
| EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | (0.5 | ) | 1.2 | (1.8 | ) | (1.0 | ) | |||||||||||||
| Net increase (decrease) in cash and cash equivalents | 25.2 | 38.8 | (76.9 | ) | 108.6 | |||||||||||||||
| Cash and cash equivalents at beginning of period | 554.7 | 630.7 | 656.8 | 560.9 | ||||||||||||||||
| Cash and cash equivalents at end of period | $ | 579.9 | $ | 669.5 | $ | 579.9 | $ | 669.5 | ||||||||||||
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES SELECTED SEGMENT INFORMATION (Dollar amounts in millions) (Unaudited) |
||||||||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| Dollar amounts in millions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
| Net sales: | ||||||||||||||||||||
| OSB | $ | 233.4 | $ | 245.4 | $ | 652.0 | $ | 838.3 | ||||||||||||
| Siding | 163.2 | 149.0 | 476.4 | 435.5 | ||||||||||||||||
| Engineered Wood Products | 82.1 | 71.8 | 229.1 | 196.1 | ||||||||||||||||
| South America | 36.0 | 41.5 | 114.5 | 130.9 | ||||||||||||||||
| Other | 3.5 | 3.9 | 11.2 | 10.3 | ||||||||||||||||
| Intersegment Sales | (0.1 | ) | (4.2 | ) | (1.9 | ) | (5.6 | ) | ||||||||||||
| $ | 518.1 | $ | 507.4 | $ | 1,481.3 | $ | 1,605.5 | |||||||||||||
| Operating profit (loss): | ||||||||||||||||||||
| OSB | $ | (16.4 | ) | $ | 30.2 | $ | (23.8 | ) | $ | 223.7 | ||||||||||
| Siding | 20.8 | 22.5 | 65.9 | 70.3 | ||||||||||||||||
| Engineered Wood Products | (0.3 | ) | (2.0 | ) | (8.4 | ) | (10.6 | ) | ||||||||||||
| South America | 0.3 | 5.3 | 8.5 | 17.8 | ||||||||||||||||
| Other | (2.2 | ) | (2.1 | ) | (4.2 | ) | (6.1 | ) | ||||||||||||
| Other operating credits and charges, net | (0.5 | ) | 16.1 | (1.1 | ) | 9.1 | ||||||||||||||
| Other operating credits and charges associated with unconsolidated affiliates | — | — | — | (2.7 | ) | |||||||||||||||
| Gain (loss) on sale or impairment of long-lived assets | 3.6 | (0.3 | ) | 4.1 | 0.4 | |||||||||||||||
| General corporate and other expenses, net | (18.5 | ) | (22.1 | ) | (66.5 | ) | (65.9 | ) | ||||||||||||
| Foreign currency gains (losses) | (1.3 | ) | 1.0 | (1.8 | ) | (3.3 | ) | |||||||||||||
| Gain on acquisition | — | — | — | 35.9 | ||||||||||||||||
| Early debt extinguishment | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||||
| Investment income | 0.9 | 1.7 | 4.4 | 8.3 | ||||||||||||||||
| Interest expense, net of capitalized interest | (8.3 | ) | (7.6 | ) | (23.4 | ) | (28.0 | ) | ||||||||||||
| Income (loss) from continuing operations before taxes | (21.9 | ) | 41.9 | (46.3 | ) | 248.1 | ||||||||||||||
| Provision (benefit) for income taxes | (3.6 | ) | 4.4 | (15.9 | ) | 51.6 | ||||||||||||||
| Income (loss) from continuing operations | $ | (18.3 | ) | $ | 37.5 | $ | (30.4 | ) | $ | 196.5 | ||||||||||
|
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES SUMMARY OF PRODUCTION VOLUMES (1) The following table sets forth production volumes for the quarter and nine months ended September30, 2014 and 2013. |
|||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||
| Oriented strand board, million square feet 3/8" basis(1) | 1,141 | 996 | 3,172 | 2,888 | |||||||||||
| Oriented strand board, million square feet 3/8" basis (produced by wood-based siding mills) | — | 42 | 45 | 126 | |||||||||||
| Wood-based siding, million square feet 3/8" basis | 295 | 251 | 835 | 768 | |||||||||||
| Engineered I-Joist, million lineal feet(1) | 19 | 19 | 60 | 56 | |||||||||||
| Laminated veneer lumber (LVL), thousand cubic feet(1) and laminated strand lumber (LSL), thousand cubic feet | 2,340 | 1,976 | 7,011 | 5,838 | |||||||||||
|
(1) Includes volumes produced by joint venture operations or under sales arrangements and sold to LP. |
|||||||||||||||
Source: Louisiana-Pacific Corporation
Louisiana-Pacific Corporation
Media Relations:
Mary Cohn, 615-986-5886
or
Investor Relations:
Becky Barckley, 615-986-5600
or
Mike Kinney, 615-986-5600