LP Q1 earnings jump 65%
LP Building Products reported first quarter 2018 net sales of $691 million, a 13% increase from first quarter 2017 net sales of $611 million.
The Nashville, Tenn.-based building products manufacturer also reported a first quarter net income of $91 million — a 65% jump from a net income of $55 million for the same period a year ago.
The company’s Siding segment reported net sales of $227 million, increasing 6% for the quarter while sales in the OSB grew 17% to $313 million for the period. Sales in the EWP segment were up 23% to $101 million for the quarter. South American sales of $42 million were up nearly 11%.
“Our results benefited from higher OSB prices and we delivered strong performances in our engineered wood products and South American operations,” LP CEO Brad Southern said.
Southern noted that LP’s Siding segment is expected to see sales growth of 12% to 14% for the remainder of the year. “We expect the strength in the housing market to continue in the second quarter and the demand for our products to remain robust.”
The Nashville, Tenn.-based building products manufacturer also reported a first quarter net income of $91 million — a 65% jump from a net income of $55 million for the same period a year ago.
The company’s Siding segment reported net sales of $227 million, increasing 6% for the quarter while sales in the OSB grew 17% to $313 million for the period. Sales in the EWP segment were up 23% to $101 million for the quarter. South American sales of $42 million were up nearly 11%.
“Our results benefited from higher OSB prices and we delivered strong performances in our engineered wood products and South American operations,” LP CEO Brad Southern said.
Southern noted that LP’s Siding segment is expected to see sales growth of 12% to 14% for the remainder of the year. “We expect the strength in the housing market to continue in the second quarter and the demand for our products to remain robust.”