RTTNews | Nov 2, 2021 06:36AM EDT

06:35 Tuesday, November 2, 2021 (RTTNews.com) - Louisiana-Pacific Corporation (LPX) on Tuesday reported higher earnings in the third quarter with more than 50% revenue growth.

Net income in the third quarter increased to $365 million or $3.87 per share from $177 million or $1.57 per share in the same quarter a year ago, driven primarily by growth in Siding Solutions revenue and higher Oriented Strand Board (OSB) prices.

On average eight analysts polled by Thomson Reuters expect the company to report earnings of $3.42 per share. Analysts' estimates typically exclude special items.

Net sales increased by 53% to $1.219 billion from $795 million last year. The consensus estimate was for $1.11 billion.

Looking forward, the company sees about 5% revenue increase year-over-year in the fourth quarter. Analysts see revenue decline of 0.10% for the quarter.

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