Wood products giant Louisiana-Pacific swung to a third-quarter loss of $68 million compared with earnings of $9.5 million in the same period last year. Sales fell 10.3 percent to $472.5 million from $527 million in the same period last year.
“Both the continued deterioration in the market for new residential construction and the rising Canadian dollar drove our third-quarter operating results down,” said CEO Rick Frost. “In addition, the negative near-term housing forecast led us to curtail production at several operations and to permanently close two mills.”
Most recently, LP opted to permanently shut down operations at its St. Michel-des-Saints, Quebec, oriented strand board (OSB) mill. Operations at the plant had been halted since August 2006.
Based in Nashville, Tenn., LP is a supplier of building materials to the retail, wholesale, home-building and industrial sectors.