Louisiana-Pacific Corporation (LP) (LPX) reported net sales for the second quarter were $811 million, a 17 percent increase compared with the year ago quarter. Income from continuing operations was $163 million, $1.11 per diluted share.
“Our strong results this quarter demonstrate clear progress against our strategy to transform Louisiana-Pacific into a leading building solutions company,” said Brad Southern, LP Chief Executive Officer. “In fact, this was the best second quarter for LP since 2004. We remain focused on executing on our key growth initiatives and delivering increased value to shareholders, including capital returns in the form of a new $150 million share repurchase authorization.”
For the second quarter of 2018, LP reported net sales of $811 million, up from $694 million in the second quarter of 2017. LP reported income from continuing operations of $163 million, or $1.11 per diluted share, as compared with $95 million, or 65 cents per diluted share for the second quarter of 2017.
For the six months ended June 30, LP reported net sales of $1.5 billion compared with $1.3 billion in the first six months of 2017. LP reported income from continuing operations of $258 million, or $1.76 per diluted share, compared with $150 million, or $1.02 per diluted share, for the same period in 2017.
The Siding segment – which has plants in Two Harbors, Hayward and Tomahawk – reported net sales of $262 million in the second quarter, an increase of $31 million from $231 million in the second quarter of 2017. For the second quarter of 2018, the Siding segment reported operating income of $63 million compared to $49 million in the second quarter of 2017. For the first six months, Siding reported sales of $489 million, up 10 percent from the prior year and had an operating income of $108 million compared to $90 million in 2017.