Q3 loss widens for LP
Nashville, Tenn.-based Louisiana-Pacific reported a third-quarter net loss of $32 million compared with a loss of $12.5 million for the same quarter last year.
Sales for the three-month period ended Sept. 30 were $322.5 million, up 3.8% from $310.5 million as reported for the same period last year.
“In the third quarter, we saw a transition to a housing market without tax credits,” said CEO Rick Frost. “The channel adjusted inventories downward with very slow building activity in July and August. Activity did increase slightly in September.”
Sales in the OSB segment were $140 million in the third quarter, up 14% compared with $123 million for the same quarter in 2009, with an operating loss of $5 million compared with a loss of $6 million last year.
LP’s Siding segment reported net sales of $104 million for the third quarter, down 8% from $113 million in the same quarter last year with an operating income of $9 million, down 43.7% from last year.
Sales in the Engineered Wood Products segment were $38 million, a decrease of 21% from $48 million in the year-ago quarter, with an operating loss of $5 million compared with a loss of $6 million last year.
“Our outlook for the short term has not changed much from last quarter. We continue to believe the recovery in housing construction will be erratic,” Frost said. “The timing and strength of the upturn will be determined by the speed with which vacant homes for sale are sold and household formations occur enabled by job recovery.”
Lowe’s announces military discounts
Lowe’s will offer all active, reserve, honorably discharged and retired military personnel and their immediate family members a 10% discount on in-store U.S. purchases made during the Veterans Day holiday. The discount is available Nov. 11 to 15.
The discount is available on in-stock and special order purchases up to $5,000. To qualify, individuals must present a valid military ID or other proof of service. Excluded from the discount are sales via Lowes.com, previous sales, and purchases of services or gift cards.
The retailer will also give away bumper stickers that say “Thank You” to our troops. A limited quantity of “Thank You” stickers, with an image of the American flag, will be available in-store during the Veterans Day weekend.
Unemployment rate stuck at 9.6%
The all-important jobs picture showed some improvement in October, but the unemployment rate remains stuck at 9.6%.