LP reports drop in sales for Q2/2022

Quelle:
LP/Fordaq
Besucher:
260
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Louisiana-Pacific Corporation (LP) reported its financial results for the three and six months ended June 30, 2022. Net sales for the 2Q 2022 decreased year-over-year by $38 million (or 3%). This included a $105 million (or 14%) decrease in OSB revenue (22% lower OSB prices on 10% higher volumes, primarily driven by the Peace Valley mill restart), offset partially by Siding Solutions revenue growth of $68 million (or 24%).

Income from continuing operations for the 2Q 2022 decreased year-over-year by $138 million (or 28%) to $348 million, or $4.28 per diluted share. This reflects a $174 million decrease in Adjusted EBITDA, $13 million of insurance recoveries received in 2022, and a decrease in the provision for income tax of $27 million driven by lower pre-tax income in the current year.

Income from discontinued operations for the 2Q 2022 increased year-over-year by $26 million to $37 million, or $0.46 per diluted share, primarily due to better realization of EWP prices.

Net sales for the first six months of 2022 increased year-over-year by $235 million (or 11%). This included a $100 million (or 8%) increase in OSB revenue (11% higher volumes, primarily driven by the Peace Valley mill restart on 3% lower OSB prices) and Siding Solutions growth of $116 million (or 20%).

Income from continuing operations attributed to LP for the first six months of 2022 decreased year-over-year by $33 million (or 4%) to $770 million, or $9.19 per diluted share. The decrease primarily reflects a $30 million decrease in Adjusted EBITDA.

Income from discontinued operations for the first six months of 2022 increased year-over-year by $85 million to $99 million, or $1.18 per diluted share, primarily due to better realization of EWP prices and a $39 million gain associated with the sale of LP's 50% equity interest in two joint ventures that produce I-joists.

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