Louisiana-Pacific Corporation (LP) (NYSE: LPX), a leading
manufacturer of high-performance building products, today reported
its financial results for the three months ended March 31,
2024.
Key Highlights for First Quarter 2024, Compared to First
Quarter 2023
- Siding net sales increased by 9% to $361 million
- Oriented Strand Board (OSB) net sales increased by 65% to $313
million
- Consolidated net sales increased by 24% to $724 million
- Net income was $108 million, an increase of $85 million
- Net income per diluted share was $1.48 per share, an increase
of $1.19 per share
- Adjusted EBITDA(1) was $182 million, an increase of $116
million
- Adjusted Diluted EPS(1) was $1.53 per diluted share, an
increase of $1.19 per diluted share
- Cash provided by operating activities was $105 million, an
increase of $223 million
(1)
This is a non-GAAP financial measure. See
“Use of Non-GAAP Information,” “Reconciliation of Net Income to
Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP
Adjusted Diluted EPS" below.
Capital Allocation Update
- Invested $41 million in capital expenditures during the first
quarter
- Paid $19 million in cash dividends during the first
quarter
- For the year-to-date period ending May 8, 2024, LP paid $50
million to repurchase 0.6 million common shares ($13 million during
the three months ended March 31, 2024), leaving $150 million
remaining under the under the pre-existing share repurchase program
authorized in May 2022
- Additional authorization of $250 million to repurchase LP
common stock, bringing total authorized for stock repurchases to
$400 million as of May 8, 2024
- Announced a quarterly cash dividend of $0.26 per share
- As of March 31, 2024, total liquidity of approximately $800
million
“The first quarter saw robust demand for Siding and OSB, with
increased volume, including record ExpertFinish and BuilderSeries
volume, higher commodity prices, and improved operating efficiency
driving margin expansion,” said LP Chairperson and Chief Executive
Officer Brad Southern. "While macro uncertainties remain, strong
demand for SmartSide and Structural Solutions has continued in the
second quarter. As such, we are increasing our second quarter and
full-year outlook.”
Outlook
The Company is providing financial guidance for the second
quarter of 2024 and full year 2024 as set forth in the table below.
Guidance is based on current plans and expectations and is subject
to a number of known and unknown uncertainties and risks, including
those set forth below under “Forward-Looking Statements.”
Second Quarter 2024
Full Year 2024
Siding Net sales year-over-year growth
20% to 25%
11% to 13%
Siding Adjusted EBITDA(2)
$95 million to $105 million
$340 million to $360 million
OSB Adjusted EBITDA(2)(3)
$125 million to $135 million
$315 million to $325 million
Consolidated Adjusted EBITDA(2)(3)(4)
$220 million to $240 million
$655 million to $685 million
Capital Expenditures(5)
$200 million to $220 million
(2)
This is a non-GAAP financial measure.
Reconciliation of Siding Adjusted EBITDA, OSB Adjusted EBITDA, and
consolidated Adjusted EBITDA guidance to the closest corresponding
GAAP measure on a forward-looking basis is not available without
unreasonable efforts. Our inability to reconcile these measures
results from the inherent difficulty in forecasting generally and
quantifying certain projected amounts that are necessary for such
reconciliation. In particular, sufficient information is not
available to calculate certain adjustments required for such
reconciliation, such as business exit charges, product-line
discontinuance charges, other operating credits and charges, net,
loss on early debt extinguishment, investment income, and other
non-operating items, that would be required to be included in the
comparable forecasted U.S. GAAP measures. The Company expects that
these adjustments may potentially have a significant impact on
future GAAP financial results.
(3)
For purposes of calculating the full year
2024 OSB Adjusted EBITDA and full year 2024 consolidated Adjusted
EBITDA amounts in the table above, the third and fourth quarters of
2024 Adjusted EBITDA is assumed to be at our cycle average run rate
of $200 million per year.
(4)
For purposes of calculating the second
quarter of 2024 and full year 2024 consolidated Adjusted EBITDA, LP
South America Adjusted EBITDA fully offsets Corporate and Other
Adjusted EBITDA.
(5)
Capital expenditures related to strategic
growth and sustaining maintenance projects are expected to be
between $50 million to $60 million and $150 million to $160
million, respectively.
First Quarter 2024 Highlights
Net sales for the first quarter of 2024 increased year-over-year
by $141 million (or 24%). Siding revenue increased $30 million (or
9%), due to 5% higher prices and 4% higher volumes. OSB revenue
increased $124 million (or 65%), driven by 36% higher prices and
21% higher volumes. This was partially offset by decreases in the
LP South America (LPSA) segment and Other revenue of $8 million and
$5 million, respectively.
Net income increased year-over-year by $85 million to $108
million ($1.48 per diluted share) primarily due to an increase in
Adjusted EBITDA of $116 million, partially offset by a $40 million
increase in the provision for income taxes. The year-over-year
increase in Adjusted EBITDA includes $62 million due to higher OSB
selling prices, a $29 million increase from higher OSB sales
volumes, and a $19 million impact from higher Siding net sales.
Segment Results
Siding
The Siding segment serves diverse end markets with a broad
product offering including LP® SmartSide® Trim & Siding, LP®
SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap
Siding, and LP® Outdoor Building SolutionsTM (collectively referred
to as Siding Solutions). Siding products consist of a full line of
engineered wood siding, trim, and fascia.
Segment sales and adjusted EBITDA for this segment were as
follows (dollar amounts in millions):
Three Months Ended March
31,
2024
2023
% Change
Net sales
$
361
$
331
9
%
Adjusted EBITDA
90
67
34
%
Three Months Ended March 31,
2024 versus 2023
Average Net
Selling Price
Unit
Shipments
Siding Solutions
5
%
4
%
The year-over-year net sales increase for the Siding segment of
$30 million for the three months ended March 31, 2024 reflects
increased sales volumes and list price increases.
First quarter 2024 Adjusted EBITDA increased year-over-year by
$23 million, including the impact of the net sales increase and a
$10 million decrease in costs, including freight, raw materials,
and labor, partially offset by a $7 million increase in mill
overhead.
Oriented Strand Board (OSB)
The OSB segment manufactures and distributes OSB structural
panel products, including the innovative value-added OSB product
portfolio known as LP® Structural Solutions (which includes LP®
TechShield® Radiant Barrier, LP WeatherLogic® Air & Water
Barrier, LP Legacy® Premium Sub-Flooring, LP NovaCore® Thermal
Insulated Sheathing, LP FlameBlock® Fire-Rated Sheathing, and LP
TopNotch® 350 Durable Sub-Flooring). OSB is manufactured using wood
strands arranged in layers and bonded with resins.
Segment sales and adjusted EBITDA for this segment were as
follows (dollar amounts in millions):
Three Months Ended March
31,
2024
2023
% Change
Net sales
$
313
$
189
65
%
Adjusted EBITDA
90
5
1,829
%
Three Months Ended March 31,
2024 versus 2023
Average Net
Selling Price
Unit
Shipments
OSB - Structural Solutions
24
%
36
%
OSB - Commodity
49
%
9
%
The year-over-year net sales increase for the OSB segment of
$124 million for the three months ended March 31, 2024 reflects a
$62 million increase in OSB prices and a $56 million increase in
sales volumes.
First quarter 2024 Adjusted EBITDA increased year-over-year by
$86 million, reflecting the impact of higher OSB prices and sales
volumes, partially offset by higher mill-related costs.
LPSA
The LPSA segment manufactures and distributes LP OSB structural
panel and Siding Solutions products in South America and certain
export markets. This segment also sells and distributes a variety
of companion products to support the region’s transition to wood
frame construction. The LPSA segment carries out manufacturing
operations in Chile and Brazil and operates sales offices in
Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru.
Segment sales and adjusted EBITDA for this segment were as
follows (dollar amounts in millions):
Three Months Ended March
31,
2024
2023
% Change
Net sales
$
47
$
55
(15
)%
Adjusted EBITDA
10
12
(19
)%
Three Months Ended March 31,
2024 versus 2023
Average Net
Selling Price
Unit
Shipments
OSB - Structural Solutions
(19
)%
2
%
Siding
(14
)%
3
%
The year-over-year net sales decrease for the LPSA segment of $8
million for the three months ended March 31, 2024 reflects lower
average selling prices and unfavorable currency fluctuations,
partially offset by higher sales volumes.
First quarter 2024 Adjusted EBITDA decreased year-over-year by
$2 million, reflecting lower average selling prices and unfavorable
currency fluctuations, partially offset by lower raw material
costs.
Conference Call
LP will hold a conference call to discuss this release today at
11 a.m. Eastern Time (8 a.m. Pacific Time). Investors will have the
opportunity to listen to the conference call live by going to
investor.lpcorp.com. For those who cannot listen to the live
broadcast, the recorded webcast and accompanying presentation will
be available to the public online in the "Past Events" section of
investor.lpcorp.com.
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, remodelers, and homeowners worldwide. LP's
extensive offerings include innovative and dependable building
products and accessories, such as Siding Solutions (LP® SmartSide®
Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding,
LP BuilderSeries® Lap Siding, and LP® Outdoor Building
SolutionsTM), LP® Structural Solutions (LP® TechShield® Radiant
Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy®
Premium Sub-Flooring, LP® FlameBlock® Fire-Rated Sheathing, LP
NovaCore® Thermal Insulated Sheathing, and LP® TopNotch® 350
Durable Sub-Flooring), and oriented strand board (OSB). In addition
to product solutions, LP provides industry-leading customer service
and warranties. Since its founding in 1972, LP has been Building a
Better World™ by helping customers construct beautiful, durable
homes while our stockholders build lasting value. Headquartered in
Nashville, Tennessee, LP operates 22 plants across the U.S.,
Canada, Chile, and Brazil, in certain cases, through foreign
subsidiaries, and operates additional facilities through a joint
venture. 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. These statements
are based upon the beliefs and assumptions of, and on information
available to, our management; assumptions upon which such
forward-looking statements are based are also forward-looking
statements. Forward-looking statements can be identified by words
such as “may,” “will,” “could,” “should,” “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “project,” “target,”
“potential,” “continue,” “likely,” or “future,” as well as similar
expressions, or the negative or other variations thereof and
include other statements regarding matters that are not historical
facts. Examples of forward-looking statements include, among
others, statements LP makes regarding statements concerning plans
for product development, forecasts of future costs and
expenditures, possible outcomes of legal proceedings, capacity
expansion and other growth initiatives, the adequacy of reserves
for loss contingencies, and any statements regarding the Company's
financial outlook. Factors that could cause actual results to
differ materially from those expressed or implied by the
forward-looking statements include, but are not limited to, the
following: changes in governmental fiscal and monetary policies,
including tariffs and levels of employment; changes in general and
global economic conditions, including impacts from global
pandemics, rising inflation, supply chain disruptions, and new or
ongoing military conflicts including the conflict between Russia
and Ukraine and the conflict in Israel and the surrounding areas;
the commodity nature of a segment of our products and the prices
for those products, which are determined in significant part by
external factors such as total industry capacity and wider industry
cycles affecting supply and demand trends; changes in the cost and
availability of capital; changes in the cost and availability of
financing for home mortgages; changes in the level of home
construction and repair and remodel activity; changes in
competitive conditions and prices for our products; changes in the
relationship between supply of and demand for building products;
changes in the financial or business conditions of third-party
wholesale distributors and dealers of building products; changes in
the relationship between the supply of and demand for raw
materials, including wood fiber and resins, used in manufacturing
our products; changes in the cost and availability of energy,
primarily natural gas, electricity, and diesel fuel; changes in the
cost and availability of transportation, including transportation
services provided by third parties; our dependence on third-party
vendors and suppliers for certain goods and services critical to
our business; operational and financial impacts from manufacturing
our products internationally; difficulties in the development,
launch or production ramp-up of new products; our ability to
attract and retain qualified executives, management and other key
employees; the need to formulate and implement effective succession
plans from time to time for key members of our management team;
impacts from public health issues (including global pandemics) on
the economy, demand for our products or our operations, including
the actions and recommendations of governmental authorities to
contain such public health issues; our ability to identify and
successfully complete and integrate acquisitions, divestitures,
joint ventures, capital investments and other corporate strategic
transactions; unplanned interruptions to our manufacturing
operations, such as explosions, fires, inclement weather, natural
disasters, accidents, equipment failures, labor shortages or
disruptions, transportation interruptions, supply interruptions,
public health issues (including pandemics and quarantines), riots,
civil insurrection or social unrest, looting, protests, strikes,
and street demonstrations; changes in global or regional climate
conditions, the impacts of climate change, and potential government
policies adopted in response to such conditions; changes in other
significant operating expenses; changes in currency values and
exchange rates between the U.S. dollar and other currencies,
particularly the Canadian dollar, Brazilian real, Chilean peso, and
Argentine peso; changes in, and compliance with, general and
industry-specific laws and regulations, including environmental and
health and safety laws and regulations, the U.S. Foreign Corrupt
Practices Act and anti-bribery laws, laws related to our
international business operations, and changes in building codes
and standards; changes in tax laws and interpretations thereof;
changes in circumstances giving rise to environmental liabilities
or expenditures; warranty costs exceeding our warranty reserves;
challenges to or exploitation of our intellectual property or other
proprietary information by our competitors or other third parties;
the resolution of existing and future product-related litigation,
environmental proceedings and remediation efforts, and other legal
or environmental proceedings or matters; the effect of covenants
and events of default contained in our debt instruments; the amount
and timing of any repurchases of our common stock and the payment
of dividends on our common stock, which will depend on market and
business conditions and other considerations; cybersecurity events
affecting our information technology systems or those of our
third-party providers and the related costs and impact of any
disruption on our business; and acts of public authorities, war,
political or civil unrest, natural disasters, fire, floods,
earthquakes, inclement weather, and other matters beyond our
control. For additional information about factors that could cause
actual results, events, and circumstances to differ materially from
those described in the forward-looking statements, please refer to
LP’s filings with the Securities and Exchange Commission (SEC). We
urge you to consider all of the risks, uncertainties, and factors
identified above or discussed in such reports carefully in
evaluating the forward-looking statements in this news release. We
cannot assure you that the results reflected in or implied by any
forward-looking statement will be realized or even if substantially
realized, that those results will have the forecasted or expected
consequences and effects for or on our operations or financial
performance. The forward-looking statements made today are as of
the date of this news release. Except as required by law, LP
undertakes no obligation to update any such forward-looking
statements to reflect new information, subsequent events, or
circumstances.
Use of Non-GAAP Information
In evaluating our business, we utilize non-GAAP financial
measures that fall within the meaning of SEC Regulation G and
Regulation S-K Item 10(e), which we believe provide users of the
financial information with additional meaningful comparison to
prior reported results. Non-GAAP financial measures do not have
standardized definitions and are not defined by U.S. generally
accepted accounting principles (GAAP). In this press release, we
disclose income attributed to LP before interest expense, provision
for income taxes, depreciation and amortization, and excluding
stock-based compensation expense, loss on impairment attributed to
LP, business exit charges, product-line discontinuance charges,
other operating credits and charges, net, loss on early debt
extinguishment, investment income, pension settlement charges, and
other non-operating items, as Adjusted EBITDA (Adjusted EBITDA),
which is a non-GAAP financial measure. We have included Adjusted
EBITDA in this report because we view it as an important
supplemental measure of our performance and believe that it is
frequently used by interested persons in the evaluation of
companies that have different financing and capital structures
and/or tax rates. We also disclose income attributed to LP,
excluding loss on impairment attributed to LP, business exit
charges, product-line discontinuance charges, interest expense
outside of normal operations, other operating credits and charges,
net, loss on early debt extinguishment, gain (loss) on acquisition,
and pension settlement charges, and adjusting for a normalized tax
rate, as Adjusted Income (Adjusted Income). We also disclose
Adjusted Diluted EPS, which is calculated as Adjusted Income
divided by diluted shares outstanding. We believe that Adjusted
Diluted EPS and Adjusted Income are useful measures for evaluating
our ability to generate earnings and that providing these measures
should allow interested persons to more readily compare the
earnings for past and future periods. Reconciliations of Adjusted
EBITDA, Adjusted Income and Adjusted Diluted EPS to their most
directly comparable U.S. GAAP financial measure, Net income, are
presented below.
Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS are
not substitutes for the U.S. GAAP measures of net income, income
attributed to LP, and income attributed to LP per diluted share or
for any other U.S. GAAP measures of operating performance. It
should be noted that other companies may present similarly titled
measures differently, and therefore, as presented by us, these
measures may not be comparable to similarly titled measures
reported by other companies. Adjusted EBITDA, Adjusted Income, and
Adjusted Diluted EPS have material limitations as performance
measures because they exclude items that are actually incurred or
experienced in connection with the operation of our business.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
LOUISIANA-PACIFIC CORPORATION AND
SUBSIDIARIES
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE
AMOUNTS)
Three Months Ended March
31,
2024
2023
Net sales
$
724
$
584
Cost of sales
(511
)
(483
)
Gross profit
214
101
Selling, general, and administrative
expenses
(69
)
(66
)
Impairment of long-lived assets, net
—
—
Other operating credits and charges,
net
1
(5
)
Income from operations
145
30
Interest expense
(4
)
(3
)
Investment income
6
5
Other non-operating income (expense)
1
(8
)
Income before income taxes
148
23
Provision for income taxes
(41
)
(1
)
Equity in unconsolidated affiliate
1
—
Net income
$
108
$
22
Net income attributed to non-controlling
interest
—
(1
)
Net income attributed to LP
$
108
$
21
Net income attributed to LP per share
of common stock:
Basic
$
1.49
$
0.29
Diluted
$
1.48
$
0.29
Average shares of common stock used to
compute Net income per share:
Basic
72
72
Diluted
72
72
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
LOUISIANA-PACIFIC CORPORATION AND
SUBSIDIARIES
(AMOUNTS IN MILLIONS)
March 31, 2024
December 31, 2023
ASSETS
Cash and cash equivalents
$
244
$
222
Receivables, net
180
155
Inventories
398
378
Prepaid expenses and other current
assets
19
23
Total current assets
842
778
Property, plant, and equipment, net
1,533
1,540
Timber and timberlands
31
32
Operating lease assets, net
24
25
Goodwill and other intangible assets
27
27
Investments in and advances to
affiliates
6
5
Other assets
20
20
Deferred tax asset
5
11
Total assets
$
2,487
$
2,437
LIABILITIES AND EQUITY
Accounts payable and accrued
liabilities
$
242
$
254
Income tax payable
11
5
Total current liabilities
254
259
Long-term debt
347
347
Deferred income taxes
162
162
Non-current operating lease
liabilities
24
25
Other long-term liabilities
57
61
Contingency reserves, excluding current
portion
25
25
Total liabilities
869
880
Stockholders’ equity:
Common stock
88
88
Additional paid-in capital
465
465
Retained earnings
1,555
1,479
Treasury stock
(386
)
(386
)
Accumulated comprehensive loss
(104
)
(89
)
Total stockholders’ equity
1,617
1,557
Total liabilities and stockholders’
equity
$
2,487
$
2,437
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOW (UNAUDITED)
LOUISIANA-PACIFIC CORPORATION AND
SUBSIDIARIES
(AMOUNTS IN MILLIONS)
Three Months Ended March
31,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
108
$
22
Adjustments to net income:
Depreciation and amortization
31
28
Pension loss due to settlement
—
6
Deferred taxes
9
(2
)
Foreign currency remeasurement and
transaction gains
(1
)
—
Other adjustments, net
5
9
Changes in assets and liabilities (net of
acquisitions and divestitures):
Receivables
(47
)
(8
)
Inventories
(23
)
(76
)
Prepaid expenses and other current
assets
1
(2
)
Accounts payable and accrued
liabilities
—
(66
)
Income taxes payable, net of
receivables
22
(30
)
Net cash provided by (used in)
operating activities
105
(119
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Property, plant, and equipment
additions
(41
)
(114
)
Proceeds from sales of assets
—
1
Net cash used in investing
activities
(41
)
(113
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Payment of cash dividends
(19
)
(17
)
Repurchase of common stock
(13
)
—
Other financing activities
(6
)
(10
)
Net cash used in financing
activities
(39
)
(27
)
EFFECT OF EXCHANGE RATE ON CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
(3
)
3
Net increase (decrease) in cash, cash
equivalents, and restricted cash
22
(257
)
Cash, cash equivalents, and restricted
cash at beginning of period
222
383
Cash, cash equivalents, and restricted
cash at end of period
$
244
$
126
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES KEY PERFORMANCE
INDICATORS
The following tables present summary data relating to: (i)
housing starts within the United States, (ii) our sales volumes,
and (iii) our OEE performance. We consider the following items to
be key performance indicators for our business because LP’s
management uses these metrics to evaluate our business and trends
in our industry, measure our performance, and make strategic
decisions. We believe that the key performance indicators presented
may provide additional perspective and insights when analyzing our
core operating performance. These key performance indicators should
not be considered superior to, as a substitute for, or as an
alternative to, and should be considered in conjunction with, the
financial measures that were prepared in accordance with U.S. GAAP.
These measures may not be comparable to similarly titled
performance indicators used by other companies.
We monitor housing starts, which is a leading external indicator
of residential construction in the United States that correlates
with the demand for many of our products. We believe that housing
starts is a useful measure for evaluating our results and that
providing this measure should allow interested persons to more
readily compare our sales volume for past and future periods to an
external indicator of product demand. Other companies may present
housing start data differently, and therefore, as presented by us,
our housing start data may not be comparable to similarly titled
performance indicators reported by other companies.
The following table sets forth housing starts for the three
months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March
31,
2024
2023
Housing starts1:
Single-Family
239
188
Multi-Family
80
127
319
315
1
Actual U.S. housing starts data, in
thousands, reported by the U.S. Census Bureau as published through
April 16, 2024.
We monitor sales volumes for our products in our Siding, OSB,
and LPSA segments, which we define as the number of units of our
products sold within the applicable period. Evaluating sales volume
by product type helps us identify and address changes in product
demand, broad market factors that may affect our performance, and
opportunities for future growth. It should be noted that other
companies may present sales volume data differently, and therefore,
as presented by us, sales volume data may not be comparable to
similarly titled measures reported by other companies. We believe
that sales volumes can be a useful measure for evaluating and
understanding our business.
The following table sets forth sales volumes for the three
months ended March 31, 2024 and 2023:
Three Months Ended March 31,
2024
Three Months Ended March 31,
2023
Sales Volume
Siding
OSB
LPSA
Total
Siding
OSB
LPSA
Total
Siding Solutions (MMSF)
399
—
12
411
383
—
11
394
OSB - Structural Solutions (MMSF)
—
443
130
573
—
327
127
454
OSB - commodity (MMSF)
—
415
—
415
—
382
—
382
We measure OEE of each of our mills to track improvements in the
utilization and productivity of our manufacturing assets. OEE is a
composite metric that considers asset uptime (adjusted for capital
project downtime and similar events), production rates, and
finished product quality. We believe that when used in conjunction
with other metrics, OEE can be a useful measure for evaluating our
ability to generate profits, and that providing this measure should
allow interested persons to monitor operational improvements. We
use a best-in-class target across all LP sites that allows us to
optimize capital investments, focus maintenance and reliability
improvements, and improve overall equipment efficiency. It should
be noted that other companies may present OEE data differently, and
therefore, as presented by us, OEE data may not be comparable to
similarly titled measures reported by other companies.
OEE for the three months ended March 31, 2024 and 2023 for each
of our segments is listed below:
Three Months Ended March
31,
2024
2023
Siding
78 %
76 %
OSB
78 %
76 %
LPSA
76 %
76 %
LOUISIANA-PACIFIC CORPORATION AND
SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(AMOUNTS IN MILLIONS)
Three Months Ended March
31,
2024
2023
NET SALES BY BUSINESS SEGMENT
Siding
$
361
$
331
OSB
313
189
LPSA
47
55
Other
3
8
Total sales
$
724
$
584
LOUISIANA-PACIFIC CORPORATION AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME TO NON-GAAP
ADJUSTED EBITDA
(AMOUNTS IN MILLIONS)
Three Months Ended March
31,
2024
2023
Net income
$
108
$
22
Add (deduct):
Net income attributed to non-controlling
interest
—
(1
)
Income attributed to LP
108
21
Provision for income taxes
41
1
Depreciation and amortization
31
28
Stock-based compensation expense
6
4
Other operating credits and charges,
net
—
5
Business exit charges
(1
)
—
Interest expense
4
3
Investment income
(6
)
(5
)
Pension settlement charges
—
6
Other non-operating items
(1
)
3
Adjusted EBITDA
$
182
$
66
SEGMENT ADJUSTED EBITDA
Siding
$
90
$
67
OSB
90
5
LPSA
10
12
Other
(1
)
(9
)
Corporate
(7
)
(9
)
Adjusted EBITDA
$
182
$
66
LOUISIANA-PACIFIC CORPORATION AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME TO NON-GAAP
ADJUSTED INCOME AND ADJUSTED DILUTED EPS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE
AMOUNTS)
Three Months Ended March
31,
2024
2023
Net income per share - diluted
$
1.48
$
0.29
Net income
$
108
$
22
Add (deduct):
Net income attributed to non-controlling
interest
—
(1
)
Income attributed to LP
108
21
Other operating credits and charges,
net
—
5
Business exit charges
(1
)
—
Pension settlement charges
—
6
Reported tax provision
41
1
Adjusted income before tax
148
33
Normalized tax provision at 25%
(37
)
(8
)
Adjusted Income
$
111
$
25
Diluted shares outstanding
72
72
Adjusted Diluted EPS
$
1.53
$
0.34
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508562098/en/
Investor Contact: Aaron Howald 615.986.5792
Aaron.Howald@lpcorp.com
Media Contact: Breeanna Straessle 615.986.5886
Media.Relations@lpcorp.com
Louisiana Pacific (NYSE:LPX)
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