LP Building Solutions Reports First Quarter 2021 Results, Provides Second Quarter Outlook, and Announces an Additional $1 Billion Share Repurchase Authorization

By Louisiana Pacific Corporation5 days ago

NASHVILLE, Tenn., May 4, 2021 /PRNewswire/ -- Louisiana-Pacific Corporation (LP) (NYSE: LPX) today reported its quarter ended March 31, 2021 financial results.

Key Highlights for the First Quarter

  • Net sales increased by 74% to $1.0 billion
  • LP SmartSide net sales increased by 49% to $283 million
  • OSB net sales increased by $319 million to $539 million, $333 million of which was from higher OSB prices
  • Net income attributed to LP was $320 million ($3.00 per diluted share)
  • Cash provided by operating activities was $314 million
  • Adjusted EBITDA(1) was $461 million
  • Adjusted Diluted EPS(1) was $3.01 per share
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(1) This is a non-GAAP financial measure. See Use of Non-GAAP Information and Reconciliation of Net Income to Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP Adjusted Diluted EPS

Capital Allocation Update

  • Paid $122 million in the quarter to repurchase 2.4 million shares of LP common stock
  • As of May 3, 2021, $32 million remaining under the $300 million share repurchase authorization
  • Paid $17 million in cash dividends
  • Cash and cash equivalents of $658 million as of March 31, 2021
  • Declared a quarterly cash dividend of $0.16 per share
  • Announces additional authorization of $1 billion to repurchase LP common stock

LP's Siding and OSB segments both set records for sales and EBITDA in the first quarter, said LP Chairman and Chief Executive Officer Brad Southern. LP's operations, procurement, and logistics teams overcame supply chain challenges as well as extreme winter weather in the southeast to deliver outstanding results. Capacity expansion projects are underway at Houlton and Peace Valley in order to meet strong and growing demand for innovative SmartSide and Structural Solutions products.

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