OSB sales fuel big Q3 for LP

Louisiana-Pacific Corp. (LP Building Solutions) reported third quarter sales jumped 53% to $1.2 billion from third quarter 2020 sales of $795 million.

Siding segment sales increased 16% to $312 million for the quarter as OSB roared 63% to $600 million.

The Nashville, Tenn.-based company noted that increases in OSB net sales compared to the corresponding prior quarter was largely the result of substantially higher prices. 

Sales in the engineered wood products segment soared 95% to $201 million. South American revenue increased 69% to $76 million.

Profits also sizzled as the company posted a net income of $365 million for the period compared to a net income of $177 million in the prior third quarter.

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The Bottom Line: The building products and solutions provider sees profits more than double to $365 million in the third quarter.

What the CEO said: "As expected, the third quarter saw a significant correction in OSB prices and ongoing headwinds from raw material prices and availability," said LP Chair and CEO Brad Southern. "Despite these challenges, LP earned $522 million in EBITDA and $3.87 per share as Siding sales grew by 19%, EWP and South America delivered record quarters, and OSB continued to generate exceptional cash flow."
Company info: Click here to read LP’s full third quarter 2021 financial report.