US panels and engineered wood producer Louisiana-Pacific has posted first quarter losses from continuing operations of US$23m.

The company, which increased its sales 12% to US$332m, saw its largest division – OSB – record an operating loss of US$9m (2010: US$5m).

OSB sales volumes were up by 18% but prices decreased 5%, accounting for a US$7m dip in operating results.

The siding division’s sales rose 18% to US$106m, with operating profits up to US$13m (2010: US$9m).

The engineered wood products division recorded flat sales at US$48m. Operating losses decreased 17% to US$6m. Higher LSL prices and volumes offset lower volumes in LVL and I-joists.