LP sales more than double as OSB business soars18 August 2021
Louisiana-Pacific Corporation reported a 142% increase in net sales for Q2, 2021 to US$1.3bn compared to the same period in the prior year.
The company reported OSB prices increasing by US$554m over the prior year. Its siding solutions division saw revenue rise by US$81m (or 39%) and engineered wood product revenue increased by US$79m (99%) over the prior year, primarily due to increased pricing to offset increased input costs.
Net income attributed to LP for the second quarter of 2021 increased by US$465m over the prior year to US$498m.
Adjusted EBITDA for the second quarter of 2021 increased by US$587m over the prior year to US$684m primarily due to the growth in Siding Solutions and the higher OSB prices partially offset by increases in raw material prices, freight costs, and maintenance projects.
OSB sales volume increased by 8% for Q2, primarily due to the non-occurrence of last year’s COVID-related downtime. OSB sales volume was flat for the six months ended June 30, 2021.