Louisiana-Pacific beats by $0.06, misses on revs :
- Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.01; revenues rose 7.1% year/year to $505 mln vs the $512.27 mln Capital IQ Consensus.
- "Despite a 7 percent drop in North American North Central (7/16" basis) benchmark OSB pricing, our focus on value-added products and improved logistics coupled with higher plant utilization allowed us to post improved sequential results. We are back on the growth track in Siding with sequential LP SmartSide siding volumes up 22 percent, setting a new quarterly record. In South America, the Adjusted EBITDA was more than 50 percent higher than the same quarter last year. "The first quarter was a pretty good quarter financially, but the better story is how we are set up for the second quarter and beyond. The Swan Valley siding ramp-up is ahead of plan and the Hanceville press rebuild completed in January is meeting expectations. OSB prices started to rise in March and have continued to increase so far this quarter, and the order intake for Siding is strong. With rising housing starts and robust repair / remodeling activity, the demand for our products should improve."
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