LP sales increase 10% in third quarter
Nashville, Tenn.-based Louisiana-Pacific Corp. (LP) reported third-quarter sales of $507 million, up 10% from the same quarter last year.
The company said OSB prices continued to decline in the quarter, resulting in lower eanrings. LP reported income from continuing operations of $38 million, up from $31 million in last year's third quarter.
"Each of our business segments generated positive adjusted EBITDA in the quarter," said CEO Curt Stevens.
He added: "We saw the pace of improvement in the housing market slow over the summer. However, the pace of permit activity, builder confidence and a slightly better economy should allow housing starts to grow in coming quarters."
The company's engineered wood products segment saw sales increase to $72 million, up from $62 million in the third quarter of 2012.
In the siding segment, sales of $149 million increased 11% from $134 million.