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Louisiana-Pacific Corp. (NYSE: LPX), Nashville, TN, reported sales for the first quarter of $471.7 million, an increase of 6 percent year-over-year. The company reported a loss of $34.5 million, compared to a loss of $14.2 million in the prior year quarter.
In the first quarter, oriented strand board segment sales were down 2 percent year-over-year to $190 million while siding segment sales were up 21 percent to $174 million and engineered wood products segment sales were up 4 percent to $65 million.
“Though we were encouraged by the increase in housing permits, we saw only a slight upswing in North American housing activity in the first quarter,” said CEO Curt Stevens. “As a result, OSB prices languished in the quarter on relatively flat volumes compared to last quarter, hurting our results. On the other hand, our more diversified Siding business posted record results with increased sales in all of its segments including housing, retail, repair and remodel and non-residential structures.”