Sales jump 19% for LP in Q2

Louisiana-Pacific Corporation received a nearly 20% boost to its top line in the second quarter, largely owing to increased demand and higher OSB pricing. Indeed, increases in OSB pricing sold in North America accounted for a $71.0 million increase in both operating results and Adjusted EBITDA.

Sales for the second quarter came in at $694.1 million, up 19.2% over last year.

Net income was $94.5 million (or $0.65 per diluted share), nearly triple the previous year's $31.7 million (or $0.22 per diluted share).

“LP’s strong financial results were driven by improved demand for our products and higher OSB pricing,” Chief Executive Officer Brad Southern said. “Siding and EWP both generated revenue growth in excess of 10 percent with OSB pricing higher by 26 percent.”

“I’m pleased to start my tenure as CEO on such a positive note,” added Southern, who became LP’s fifth CEO on July 1.

“Despite concerns about lot availability and labor shortages constraining new construction, we are encouraged by the year-over-year increase in single-family starts,” Southern said. “In the second half of the year, we will remain focused on sustainable improvements and growth in all of our businesses, including continued siding growth and launching of new specialty products.”