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Louisiana-Pacific Corp. (NYSE: LPX), Nashville, TN, reported sales for the second quarter of $573 million, an increase of 34 percent compared to the same period a year ago. Profit was $94.1 million, compared to a year-ago loss of $37.3 million.
“This was another good quarter for LP as the U.S. housing market continues to recover,” said Curt Stevens, CEO. “While OSB prices moderated during the second quarter, this segment showed good earnings. Strong demand in siding and South America also added to our results.”
The oriented strand board segment reported sales for the second quarter of $306 million, an increase of 57 percent from the second quarter of 2012. Operating income of $95 million compared to $17 million in the second quarter of 2012.
The siding segment reported sales of $153 million in the second quarter, an increase of 11 percent from the year-ago second quarter. Operating income of $27 million compared to $19 million in the year-ago quarter.
Engineered wood products sales were $61 million, an increase of 17.3 percent from the same period a year ago. Operating losses were $5 million, compared to $3 million in the second quarter of 2012.
South America sales in the second quarter were $44 million, an increase of 4 percent from the year-ago second quarter. Operating income of $6 million compared to $4 million reported a year ago.
“Housing starts appear to have been constrained by weather, labor and financing issues in the second quarter. We will continue to be agile in our operations as the weather improves and builders address these issues,” Stevens said. “The consensus projection for housing starts for this year is a 25 percent increase over 2012, with starts projected to increase at least another 25 percent in 2014.”
For the first six months, sales for LP were $1.1 billion, an increase of 40.7 percent compared to the same period a year ago. Profit was $159.4 million, compared to a year-ago loss of $48.6 million.