Building materials manufacturer Louisiana-Pacific Corp. (NYSE: LPX), Nashville, TN, reported sales for the third quarter of $518 million, an increase of 2 percent compared to the same period a year ago.
The company reported a net loss of $20.4 million, compared to a profit of $38.1 million for the same quarter a year ago.
The oriented strand board segment reported sales for the third quarter of $233 million, a decrease of 5 percent year-over-year. Sales for the siding segment increased 10 percent to $163 million. The engineered wood products segment reported sales of $82 million, an increase of 13.9 percent from a year ago. The South America segment had sales of $36 million, a decrease of 14 percent.
Year-to-date sales were $1.5 billion, down 7.7 percent over the prior-year period. The company reported a loss of $32.5 million, compared to a profit of $197.5 million in the first nine months of 2013.
"LP’s financial results continue to be negatively affected by poor OSB pricing,” said CEO Curt Stevens. “We have seen higher demand for most of our products but less than anticipated due to the anemic housing recovery.”