LP Q1 sales up 7% to US$505m
17 May 2016For Q1, 2016, Louisiana-Pacific Corporation (LP) reported net income of US$10m, as compared to a net loss of US$35m for the Q1, 2015.
Adjusted EBITDA from continuing operations for the first three months of 2016 was US$52m compared to US$6m for 2015.
Sales for Q1, 2016 of US$505m were higher by 7% compared to the year ago quarter.
"The Q1 established a good to start to the year for LP," said Curt Stevens, CEO. "Despite a 7% drop in North American North Central (7/16in basis) benchmark OSB pricing, our focus on value-added products and improved logistics coupled with higher plant utilisation allowed us to post improved sequential results. We are back on the growth track in Siding with sequential LP SmartSide siding volumes up 22%, setting a new quarterly record. In South America, the Adjusted EBITDA was more than 50% higher than the same quarter last year."
