Mixed Q4 results for LP Building Solutions

LP Building Solutions reported fourth quarter sales jumped 15% to $992 million from fourth quarter 2020 sales of $860 million. 

During the quarter, siding solutions sales increased 9% to $279 million as OSB sales were up 10% to $470 million.

Full year 2021 sales soared 63% to $4.6 billion. This includes siding solution sales rising 27% to $1.2 billion and OSB sales hitting $2.4 billion compared to sales of $1.2 billion in the prior year.

During the quarter, net income attributable to LP dropped to $191 million from a net income of $256 million for the fourth quarter last year.

The Nashville, Tenn.-based company’s full year net income soared to $1.373 billion from a net 2020 income of $499 million.

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The Bottom Line: Profits fade in the fourth quarter but sales rise 15% to $992 million.

What the CEO said: "The last quarter of 2021 was a strong finish to a remarkable year despite ongoing logistics challenges and raw material inflation," said LP Chairman and CEO Brad Southern. "To meet customer demand for our specialty products and accelerate our strategic transformation, LP plans to invest over $400 million in capital projects in 2022, growing our capacity to produce SmartSide, ExpertFinish, and value-added Structural Solutions products."

Company info: Click here for LP Building Solutions’ full fourth quarter 2021 financial report.