Nashville, Tenn.-based Louisiana-Pacific reported a second quarter net loss of $23 million, compared with net earnings of $55 million in the second quarter of 2006.
Net sales for the quarter were $461.2 million, down 28 percent from $636.6 million in the same period last year.
"Our second quarter results reflect the continuing weakness in the housing sector," said CEO Rick Frost. "With new housing starts down compared to the same quarter last year, we saw lower demand for most of our building products and significantly lower OSB prices.”
Frost also pointed to the strengthening of the Canadian dollar, which negatively impacted the company’s operating results and caused a foreign exchange loss related to its debt.