Q3 2024 Louisiana-Pacific Corp Earnings Call Transcript
Key Points
- Louisiana-Pacific Corp (LPX) reported a 22% increase in siding sales, setting new records for sales and EBITDA.
- The company generated $722 million in net sales, with siding growth almost offsetting the impact of lower OSB prices.
- LPX maintained a strong balance sheet with nearly $900 million in liquidity.
- The company returned $91 million to shareholders through dividends and share repurchases.
- LPX published an environmental product declaration for its SmartSide trim and siding product portfolio, confirming its carbon-negative status.
- The new home construction market is slowing due to rising mortgage rates and seasonal weather changes.
- Housing starts have leveled at about 1.4 million, with a consensus for next year remaining flat.
- Repair and remodeling spending is still lower than last year, although the outlook is improving.
- The company faces potential risks from interest rates and affordability issues in the housing market.
- A maintenance project delay at the Houlton mill will impact fourth-quarter costs and production.
Good day, and thank you for standing by. Welcome to the Q3 2024 Louisiana-Pacific Corporation earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a Q&A session to ask a question.
During this session, you will need to press star one on your telephone. You will then hear an automated message. Advising your hand is raised. To withdraw your question. Please press star one again. Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to your first speaker today, Aaron hold Vice President, Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone.
Thank you for joining us to discuss LP's results for the third quarter of 2024, as well as our updated outlook for the fourth quarter and full year. Hosting the call with me this morning are Brad Southern LP's Chief Executive Officer, and Alan Haughie, LP's Chief Financial Officer.
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