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Louisiana-Pacific Corp. (NYSE: LPX), Nashville, TN, reported sales for the second quarter were $447 million, up 67 percent from second quarter 2009. Profit was $22.3 million, compared to a year ago loss of $29.2 million.
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The increase is total sales was driven by higher oriented strand board (OSB) prices while U.S. housing starts increased 12 percent from second quarter 2009 levels.
"Our results for this quarter reflect the higher OSB pricing and increased volume of shipments in all product lines compared to the same quarter last year," CEO Rick Frost said. "Unfortunately, demand began to taper significantly in the second half of May and this weakness continued into June. Jobs, consumer confidence, inventory of vacant homes for sale and the overall state of the economy have had a downward pull on housing."
For the six months ended June 30, 2010, sales were $744 million, an increase of 57 percent over the first six months of 2009. The supplier of building materials recorded a loss of $0.2 million, compared to a year-ago loss of $59.7 million.