LP profits on the rise in first quarter
First quarter sales at Louisiana-Pacific Corporation (LP) edged upward 1% to $585 million from first quarter 2019 sales of $582 million.
The building products manufacturer also reported a net income of $33 million for the first quarter, up 22% from a net income of $27 million for the same period last year.
Siding sales fell 3% to $212 million during the quarter as oriented strand board (OSB) sales increased 6% to $220 million. Engineered wood product (EWP) sales rose 10% to $99 million. South American sales fell 20% to $36 million.
During the quarter, LP reduced mill operating schedules to balance production and demand. The action was in response to the impact the COVID-19 crisis.
###
The Bottom Line: Sales rise slightly while profits shoot up 22% to $33 million in the first quarter.
What the CEO said: “We delivered a strong first quarter, but since early March, we have focused on ensuring the safety of our employees and the continuity of our business as the COVID-19 pandemic progresses,” said LP CEO Brad Southern. “We cannot know the duration of the disruption, exactly how our industry will be impacted, or the timing or nature of the recovery. What we do know is that LP has a strong balance sheet, operational agility, and an experienced leadership team that has successfully managed through past crises.”
Company info: The full first quarter report from LP can be read here.
The building products manufacturer also reported a net income of $33 million for the first quarter, up 22% from a net income of $27 million for the same period last year.Siding sales fell 3% to $212 million during the quarter as oriented strand board (OSB) sales increased 6% to $220 million. Engineered wood product (EWP) sales rose 10% to $99 million. South American sales fell 20% to $36 million.
During the quarter, LP reduced mill operating schedules to balance production and demand. The action was in response to the impact the COVID-19 crisis.
###
The Bottom Line: Sales rise slightly while profits shoot up 22% to $33 million in the first quarter.
What the CEO said: “We delivered a strong first quarter, but since early March, we have focused on ensuring the safety of our employees and the continuity of our business as the COVID-19 pandemic progresses,” said LP CEO Brad Southern. “We cannot know the duration of the disruption, exactly how our industry will be impacted, or the timing or nature of the recovery. What we do know is that LP has a strong balance sheet, operational agility, and an experienced leadership team that has successfully managed through past crises.”
Company info: The full first quarter report from LP can be read here.