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LP reports doubling net sales in Q3
November 4, 2021 By Louisiana-Pacific Corporation
Louisiana-Pacific Corporation reported its financial results for the three and nine months ended September 30, 2021.
Net sales for the third quarter of 2021 increased by $424 million (or 53%) over the prior year to $1.2 billion. Siding Solutions revenue increased by $49 million (or 19%) and OSB prices increased by $225 million over the prior year period. EWP revenue increased by $98 million (or 95%) over the prior year period, primarily due to increased pricing to offset increased input costs. Additionally, South America revenue increased by $31 million (or 69%) over the prior year period due to price increases.
Net income attributed to LP for the third quarter of 2021 increased by $188 million over the prior year period to $365 million ($3.87 per diluted share) primarily due to the growth in Siding Solutions revenue and higher OSB prices, partially offset by increases in income taxes, raw material prices, freight costs, and maintenance projects. Adjusted EBITDA for the third quarter of 2021 increased by $249 million over the prior year period to $522 million.
Read the full Q3 report here.
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