LP sales sizzle in second quarter

LP Building Solutions reported second quarter net sales jumped 142% to $1.3 billion from sales of $548 billion in the second quarter 2020.

Siding net sales increased 32% to $291 million for the second quarter. Driven by higher prices, OSB sales soared 281% to $778 million. 

Engineered wood product sales (EWP) also rose significantly to $158 million, a 99% increase over the previous second quarter.

The building products manufacturer and building solutions provider reported a net income attributable to LP of $498 million blowing well past a net income of $33 million in same quarter a year ago.

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The Bottom Line: LP earnings sizzle and reach $498 million while sales jump 142%.

What the CEO said: "All of LP's segments overcame tightening supply chains to set records for sales and EBITDA in the second quarter of 2021, resulting in $4.74 in adjusted diluted earnings per share," said LP Chair and CEO Brad Southern. "Siding sales grew by 39% and higher OSB prices resulted in extraordinary cash flow.”

Company info: Click here to read the full second quarter 2021 financial report from LP Building Solutions.