PR Newswire
NASHVILLE, Tenn., Aug. 2, 2023
NASHVILLE, Tenn., Aug. 2, 2023 /PRNewswire/ -- Louisiana-Pacific Corporation (LP) (NYSE: LPX), a leading manufacturer of high-performance building products, today reported its financial results for the three and six months ended June 30, 2023.
(1) | This is a non-GAAP financial measure. See "Use of Non-GAAP Information", "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP Adjusted Diluted EPS" below. |
Capital Allocation Update
"LP earned $93 million in EBITDA in the quarter while operating with exceptional safety and efficiency," said Brad Southern, Chair & Chief Executive Officer. "As the housing outlook continues to improve, I am confident that LP's strategy positions us well for long-term growth."
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Outlook
Our guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under "Forward-Looking Statements."
(2) | This is a non-GAAP financial measure. With respect to Adjusted EBITDA for the second quarter of 2023, certain items that affect net income on a GAAP basis, such as business exit charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items, that would be required to be included in the comparable forecasted GAAP measures cannot be reasonably predicted at this time, and LP is unable to quantify such amounts that would be required to be included in the comparable forecasted GAAP measures, without unreasonable effort. As such, the Company is unable to provide a reasonable estimate of GAAP net income, or a corresponding reconciliation of Adjusted EBITDA to net income. |
Second Quarter 2023 Highlights
Net sales for the second quarter of 2023 decreased year-over-year by $519 million (or 46%). This included a decrease in OSB segment revenue of $444 million or 66%, driven by 57% lower average selling prices and 21% lower volumes. Siding segment revenue decreased $37 million or 10%, due to 16% lower volume offset by 6% higher prices. The remaining decrease in net sales was related to decreases in South America segment and other revenue of $18 million and $20 million, respectively.
Income (loss) attributed to LP from continuing operations for the second quarter of 2023 decrease year-over-year by $367 million (or 106%) to $(20) million, or $(0.28) per diluted share. This primarily reflects a $398 million decrease in Adjusted EBITDA, $34 million of business exit charges (of which, $30 million were non-cash charges) related to an off-site framing operation (Entekra Holdings, LLC), and $16 million of settlements of OSB patent-related claims, partially offset by a $95 million lower income tax provision.
First Six Months of 2023 Highlights
Net sales for the first six months of 2023 decreased year-over-year by $1,102 million (or 48%). This included a decrease in OSB revenue of $998 million or 70%, due to 61% lower prices and 24% lower volume. Siding segment revenue decreased $38 million or 5%, due to 13% lower volume offset by 8% higher prices. The remaining decrease in net sales was related to decreases in South America segment and other revenue of $29 million and $38 million, respectively.
Income attributed to LP from continuing operations for the first six months of 2023 decreased year-over-year by $768 million (or 100%) to $1 million, or $0.02 per diluted share. The decrease primarily reflects a $930 million decrease in Adjusted EBITDA, $34 million of business exit charges (of which, $30 million were non-cash charges) related to an off-site framing operation (Entekra Holdings, LLC), and $16 million of settlements of OSB patent-related claims, partially offset by a $218 million lower income tax provision.
Segment Results
Siding
The Siding segment serves diverse end markets with a broad product offering of engineered wood siding, trim, and fascia, including LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building SolutionsTM (collectively referred to as Siding Solutions).
Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
| Three Months Ended June 30, | | Six Months Ended June 30, | ||||||||
| 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change |
Net sales | $ 320 | | $ 358 | | (10) % | | $ 651 | | $ 689 | | (5) % |
Adjusted EBITDA | 59 | | 78 | | (24) % | | 126 | | 160 | | (21) % |
| Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | ||||
| Average Net Selling Price | | Unit Shipments | | Average Net Selling Price | | Unit Shipments |
Siding Solutions | 6 % | | (16) % | | 8 % | | (13) % |
The effects of list price increases drove year-over-year increases in the average net selling price for the three and six months ended June 30, 2023. The volume decreases for the three and six months ended June 30, 2023 were driven by challenging new and existing home selling markets and elevated levels of channel inventory compared to the prior periods.
Adjusted EBITDA decreased year-over-year by $19 million in the second quarter of 2023, reflecting the net impact of lower volumes, $6 million of raw material inflation, and $6 million of discretionary investments in support of future growth, including siding mill conversions and sales and marketing costs, partially offset by higher average selling prices. The year-over-year decrease in Adjusted EBITDA of $34 million for the six months ended June 30, 2023, reflects the net impact of lower volumes, $20 million of raw material inflation, and $9 million of discretionary investments in support of future growth, including siding mill conversions and sales and marketing costs, partially offset by higher average selling prices.
Oriented Strand Board (OSB)
The OSB segment manufactures and distributes OSB structural panel products including our value-added OSB portfolio known as LP® Structural Solutions (which includes LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP NovaCore® Thermal Insulated Sheathing, LP® FlameBlock® Fire-Rated Sheathing), and LP® TopNotch® Sub-Flooring). OSB is manufactured using wood strands arranged in layers and bonded with resins.
Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
| Three Months Ended June 30, | | Six Months Ended June 30, | ||||||||
| 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change |
Net sales | $ 229 | | $ 673 | | (66) % | | $ 418 | | $ 1,417 | | (70) % |
Adjusted EBITDA | 37 | | 403 | | (91) % | | 42 | | 908 | | (95) % |
| Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | ||||
| Average Net Selling Price | | Unit Shipments | | Average Net Selling Price | | Unit Shipments |
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