LP profits soar in Q3

Louisiana-Pacific Corporation (LP) reported third quarter net sales rose 32% to $795 million from net sales of $603 million in the third quarter 2019.

The Nashville, Tenn.-based building products manufacturer and building solutions provider also posted a net income of $177 million, soaring from a net income of $2 million during the same period a year ago.

Sales in LP’s siding segment increased 10% to $268 million for the three months ended Sept.30. SmartSide siding revenue increased 22% with volume rising 19% and prices growing 3%.

Oriented strand board (OSB) sales soared 87% to $368 million during the period, driven by higher selling prices. 

Engineered wood products (EWP) sales decreased by 2% to $103 million.

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The Bottom Line: Profits at LP jump by $175 million in the third quarter as sales rise 32%.

What the CEO said: “Q3 was a record quarter for SmartSide sales, with revenue growth of 22% above Q3 2019," said LP CEO Brad Southern. "LP is almost a year ahead of pace to achieve our transformation targets for growth and efficiency. Most importantly, we accomplished this sustainably and safely.”

Company info: The full third quarter 2020 financial report from LP is available here.