Louisiana-Pacific Corporation (LP) (LPX) reported today results for the fourth quarter and year ended Dec. 31.
Total fourth quarter net sales were $711 million, 29 percent higher than the year ago quarter. Total net sales for the year were $2.7 billion, 22 percent higher than the previous year.
Income from continuing operations for the fourth quarter was $131 million ($0.89 per diluted share). For the full year, it was $391 million ($2.67 per diluted share).
“Our consistent performance enabled investment in growth initiatives, including $150 million into our existing plants and new capacity, and the reinstatement of our quarterly dividend,” said Brad Southern, LP Chief Executive Officer. “We finished the year with a robust balance sheet and made continued progress on our goal of transforming LP into a leading building solutions company. We enter 2018 with strong momentum, and stand well-positioned to drive shareholder value.”
LP manufactures siding in Two Harbors, Hayward and Tomahawk, That business segment reported net sales of $213 million in the fourth quarter of 2017 compared with $169 million of net sales in the fourth quarter of 2016. For the fourth quarter of 2017, the siding segment reported operating income of $45 million compared with $22 million in the fourth quarter of 2016.
For the full year, siding reported sales of $884 million, up 18 percent from the prior year, and had operating income of $187 million compared with $126 million in 2016. Adjusted EBITDA from continuing operations for 2017 was $219 million compared with $154 million in 2016. The increase in OSB sales price sold in this segment accounted for approximately $14 million of the increase in both operating results and adjusted EBITDA from continuing operations.
Louisiana-Pacific declared a 13-cent-per-share dividend payable on March 13 for shareholders of record Feb. 26.