RTTNews | Aug 3, 2021 06:49AM EDT

06:48 Tuesday, August 3, 2021 (RTTNews.com) - Louisiana-Pacific Corporation (LPX) on Tuesday announced net income of $498 million or $4.90 per share in the second quarter, higher than 33 million or $0.29 per share in the same quarter a year ago, particularly helped by a sharp increase in sales.

Excluding items, earnings were $4.74 per share, that beat the average estimate of eight analysts polled by Thomson Reuters at $4.18 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 142% year-over-year to $1.325 billion from $548 million, helped by growth in Siding Solutions revenue and the higher OSB prices. The consensus estimate was for $1.17 billion.

During the second quarter, Siding Solutions net sales increased 39% to $288 million and OSB net sales grew by $574 million to $778 million.

Looking forward to the third quarter, the company sees Siding Solutions revenue to be about 10% higher than last year and OSB revenue to be sequentially lower than the second quarter by about 10%.

Read the original article on RTTNews ( https://www.rttnews.com/3215123/louisiana-pacific-q2-earnings-surge-as-sales-soar.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved