Despite Q4 slip, LP net income surges in 2013
Louisiana-Pacific's net income shot up to over five times its 2012 totals in 2013, even though the company posted a loss in the fourth quarter.
Net sales for the quarter ended Dec. 31 were $479.7 million, up from year-ago figures of $453.9 million. For the full year, sales were up 23.3% at $2.09 billion.
Net income for LP came in at a loss of $20.4 million for the quarter, compared to 2012's fourth-quarter income of $46.1 million. However, LP more than made up for it over the course of 2013, generating $177.1 million in income over 2012's $28.8 million.
“Each of our segments recorded positive adjusted EBITDA in the fourth quarter and combined to generate $330 million of EBITDA for the full year of 2013,” said Curt Stevens, CEO. “At about 920,000 housing starts in 2013, LP shipped record volumes of our SmartSide siding and a variety of value-added OSB products. This performance bodes well for the future as housing continues to improve.”