LP Q4 sales soar
Louisiana-Pacific Corporation reported fourth quarter 2017 net sales soared 29% to $711 million compared to 2016 net sales of $550 million.
For the full year, net sales increased 22% to $2.7 billion from net sales of $2.2 billion a year ago.
The Nashville, Tenn.-based building products manufacturer also reported a fourth quarter 2017 net income of $130.5 million, more than doubling a net income of $42.2 million in 2016.
“2017 was a strong year for LP, with double-digit growth across all of our business segments,” said Brad Southern, LP CEO.
Southern said LP’s performance resulted in the company investing in growth initiatives, including pumping $150 million into existing plants along with adding additional manufacturing capacity.
During the fourth quarter, LP’s siding segment reported sales of $213 million – a 26% increase from sales of $169 in the same period last year.
OSB segment sales rose 30% to $358 million during the period from sales of $276 million in the fourth quarter 2016. The EWP segment saw sales in the fourth quarter total $92 million, up 38% from the year-ago.
HBSDealer Stock Watch: More Bulls than Bears
The S&P 500, Dow 30 and Nasdaq all gained more than 1% during trading Monday, beginning the week on a good note. Among the industry gainers were BXC, up 3.3%; LPX, up 3.6%; and SWK, up 2.5%. On the list below, gainers beat decliners 21-9.
Sellick Equipment opens new 126,000-sq.-ft. manufacturing facility
Sellick Equipment Limited has cut the ribbon on a new $21 million manufacturing facility in Harrow, Ontario, Canada.
The forklift manufacturer’s state-of-the-art, 126,000 square-foot factory has been designed for new product innovation, improvement to quality control, and flexibility in product design, the company said.
To ensure higher quality standards, all areas of the manufacturing process were upgraded including a new machining center consisting of computer controlled laser cutting, milling, and turning machines along with automated storage and retrieval systems for raw materials and aftermarket parts. The factory also includes the latest in metal preparation and paint line to enhance product longevity.
“Our long term plan is to increase the business through new product,” said company president Howard Sellick. “The skies the limit on what we can produce in this new facility.”
Nearing its 50th year in business, Sellick Equipment Limited continues to produce a wide variety of rough terrain forklifts; each custom built to meet the customer’s application and supported by a dedicated dealer network throughout North America.
Sellick Equipment Limited is subsidiary of Avis Industrial Corporation of Upland, Ind.