Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today results for the fourth quarter and year ended December 31, 2016, which included the following:
- Total net sales for the fourth quarter of $550 million, 19 percent higher than the year ago quarter. Total net sales for the year were $2.2 billion, 18 percent higher than the previous year.
- Income from continuing operations for the fourth quarter was $43 million ($0.29 per diluted share) and income of $150 million ($1.03 per diluted share) for the year.
- Non-GAAP adjusted income from continuing operations was $32.8 million ($0.23 per diluted share) for the fourth quarter and income of $130 million ($0.89 per diluted share) for the year.
- Adjusted EBITDA from continuing operations for the fourth quarter was $85 million compared to $34 million in the fourth quarter of 2015. For the year, EBITDA from continuing operations was $346 million compared to $67 million the previous year.
- Cash and cash equivalents were $659 million as of December 31, 2016.
“Our fourth quarter ended very strong which added to an outstanding 2016 for LP,” said Curt Stevens, CEO. “Siding revenues were nearly 20 percent higher in Q4 of this year compared to Q4 of last year while adjusted EBITDA for this business was over 50 percent higher. Coupled with over a 400 percent increase in OSB earnings this quarter compared to last year, the full year ended with an 18 percent increase in revenues, an EPS from continuing operations of $1.03 and adjusted EBITDA of $346 million,” Stevens added.
FOURTH QUARTER RESULTS
For the quarter ended December 31, 2016, LP reported net sales of $550 million, up from $463 million in the fourth quarter of 2015. For the fourth quarter, the company reported operating income of $56 million as compared to income of $1 million in 2015. For the fourth quarter of 2016, LP reported income from continuing operations of $43 million, or $0.29 per diluted share, compared to a loss of $7 million, or $0.05 per diluted share for the fourth quarter of 2015. Adjusted EBITDA from continuing operations for the fourth quarter of 2016 was $85 million compared to $34 million in the fourth quarter of 2015.
YEAR END RESULTS
For the year ended December 31, 2016, LP reported net sales of $2.2 billion. For the year ended 2016, the company reported an operating income of $204 million compared to a loss of $63 million in 2015. For 2016, LP reported an income from continuing operations of $150 million, or $1.03 per diluted share, compared to a loss of $86 million, or $0.60 per diluted share, for 2015. Adjusted EBITDA from continuing operations for the year was $346 million compared to $67 million for 2015.
ORIENTED STRAND BOARD (OSB) SEGMENT
LP's OSB segment manufactures and distributes OSB structural panel products. The OSB segment reported net sales for the fourth quarter of 2016 of $276 million, up 34 percent compared to $206 million of net sales in the fourth quarter of 2015. For the fourth quarter of 2016, the OSB segment reported operating income of $60 million compared to income of $11 million in the fourth quarter of 2015. For the fourth quarter, adjusted EBITDA from continuing operations for this segment was $74 million compared to $25 million in the fourth quarter of 2015. For the fourth quarter of 2016 as compared to the fourth quarter of 2015, sales volumes increased 15 percent and sales price increased 16 percent. The increase in selling price favorably impacted operating results and adjusted EBITDA from continuing operations by approximately $39 million for the quarter as compared to the fourth quarter of 2015.
For the full year, OSB reported sales of $1 billion, up 27 percent from the prior year and had operating income of $186 million compared to a loss of $46 million in 2015. Adjusted EBITDA for 2016 was $246 million compared to $12 million in 2015. For the year, sales volumes increased 3 percent and sales prices increased 25 percent. The increase in selling price favorably impacted operating results and adjusted EBITDA from continuing operations by approximately $204 million for the year as compared to 2015.
SIDING SEGMENT
LP’s Siding segment consists of SmartSide® siding as well as LP’s prefinished CanExel® siding line. These products are used in new construction as well as in the repair and remodeling markets. The Siding segment reported net sales of $169 million in the fourth quarter of 2016 compared to $141 million of net sales in the fourth quarter of 2015. For the fourth quarter of 2016, the Siding segment reported operating income of $22 million compared to $14 million in the fourth quarter of 2015. For the fourth quarter, adjusted EBITDA from continuing operations for this segment was $29 million compared to $19 million in the fourth quarter of 2015. The increase in OSB sales prices sold in this segment accounted for approximately $1 million of the increase in both operating results and adjusted EBITDA from continuing operations.
For the full year, Siding reported sales of $752 million, up 18 percent from the prior year and had operating income of $126 million compared to $93 million in 2015. Adjusted EBITDA from continuing operations for 2016 was $154 million compared to $114 million in 2015. The increase in OSB sales prices sold in this segment accounted for approximately $10 million of the increase in both operating results and adjusted EBITDA from continuing operations.
ENGINEERED WOOD PRODUCTS SEGMENT (EWP)
The EWP segment is comprised of I-Joist (IJ), Laminated Veneer Lumber and Laminated Strand Lumber (LVL and LSL). The EWP segment reported net sales in the fourth quarter of 2016 totaling $66 million, down 11 percent from the year-ago quarter. Operating loss decreased to $4 million for the fourth quarter of 2016 from break even in the fourth quarter of 2015. For the fourth quarter, the EWP segment showed a decrease of $4 million in adjusted EBITDA from continuing operations as compared to the same quarter of 2015.
For the full year, EWP reported sales of $297 million, up 4 percent from the prior year and an operating loss of $6 million in 2016 as compared to a loss of $7 million in 2015. Adjusted EBITDA for 2016 was $8 million for 2016 compared to $6 million in 2015.
SOUTH AMERICA
The South America segment is comprised of facilities in Chile and Brazil. The segment reported net sales in the fourth quarter of 2016 of $34 million, up 1 percent from the fourth quarter of 2015. Operating income was $2 million for the fourth quarter of 2016, a slight decrease from the fourth quarter of 2015. For the fourth quarter, LP reported adjusted EBITDA from continuing operations in this segment of $4 million compared to $5 million from the fourth quarter of 2015.
For the full year, South America reported sales of $137 million, up 1 percent from the prior year and operating income of $17 million compared to operating income of $10 million in 2015. Adjusted EBITDA for 2016 was $26 million compared to $18 million in 2015.
COMPANY OUTLOOK
“I am confident that housing will continue to grow over the next several years as household formations increase and both job and wage growth become stronger,” continued Stevens. “With our new leadership in place, our facilities running well and our sales force focused on growth, 2017 should be a good year for LP,” concluded Stevens.
About LP
Louisiana-Pacific Corporation is a leading manufacturer of quality engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial and light commercial construction. From manufacturing facilities in the U.S., Canada, Chile and Brazil, LP products are sold to builders and homeowners through building materials distributors and dealers and retail home centers. Founded in 1973, LP is headquartered in Nashville, Tennessee and traded on the New York Stock Exchange under LPX. For more information on the company as well as a reconciliation of non-GAAP results, visit www.lpcorp.com.
FORWARD LOOKING STATEMENTS
This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the availability, cost and other terms of capital; the efficiency and consequences of operations improvement initiatives and cash conservation measures; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals; and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES FINANCIAL AND QUARTERLY DATA (Dollar amounts in millions, except per share amounts) (Unaudited) | ||||||||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
| Net sales | $ | 550.0 | $ | 462.9 | $ | 2,233.4 | $ | 1,892.5 | ||||||||||||
| Income (loss) from operations | $ | 56.0 | $ | 1.4 | $ | 204.0 | $ | (63.3 | ) | |||||||||||
| Income (loss) from continuing operations before taxes and equity in income of unconsolidated affiliates | $ | 48.6 | $ | (5.0 | ) | $ | 164.9 | $ | (95.4 | ) | ||||||||||
| Non-GAAP adjusted income (loss) from continuing operations | $ | 32.8 | $ | 0.8 | $ | 129.5 | $ | (46.1 | ) | |||||||||||
| Income (loss) from continuing operations | $ | 42.7 | $ | (7.4 | ) | $ | 150.3 | $ | (86.0 | ) | ||||||||||
| Net income (loss) | $ | 42.2 | $ | (7.6 | ) | $ | 149.8 | $ | (88.1 | ) | ||||||||||
| Income (loss) from continuing operations per share - diluted | $ | 0.29 | $ | (0.05 | ) | $ | 1.03 | $ | (0.60 | ) | ||||||||||
| Net income (loss) per share - diluted | $ | 0.29 | $ | (0.05 | ) | $ | 1.03 | $ | (0.62 | ) | ||||||||||
| Weighted average shares of common stock outstanding - basic | 143.7 | 142.7 | 143.4 | 142.4 | ||||||||||||||||
| Weighted average shares of common stock outstanding - diluted | 145.5 | 142.7 | 145.3 | 142.4 | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES (AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS (UNAUDITED) | ||||||||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
| Net sales | $ | 550.0 | $ | 462.9 | $ | 2,233.4 | $ | 1,892.5 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||
| Cost of sales | 422.8 | 395.3 | 1,724.0 | 1,682.7 | ||||||||||||||||
| Depreciation and amortization | 26.8 | 24.0 | 112.8 | 101.9 | ||||||||||||||||
| Selling and administrative | 47.8 | 37.9 | 183.6 | 152.8 | ||||||||||||||||
| (Gain) loss on sale or impairment of long-lived assets, net | (9.4 | ) | 0.6 | (8.4 | ) | 2.1 | ||||||||||||||
| Other operating credits and charges, net | 6.0 | 3.7 | 17.4 | 16.3 | ||||||||||||||||
| Total operating costs and expenses | 494.0 | 461.5 | 2,029.4 | 1,955.8 | ||||||||||||||||
| Income (loss) from operations | 56.0 | 1.4 | 204.0 | (63.3 | ) | |||||||||||||||
| Non-operating income (expense): | ||||||||||||||||||||
| Interest expense, net of capitalized interest | (5.8 | ) | (8.1 | ) | (32.1 | ) | (31.2 | ) | ||||||||||||
| Investment income | 1.8 | 1.5 | 8.2 | 4.4 | ||||||||||||||||
| Other non-operating items | (3.4 | ) | 0.2 | (15.2 | ) | (5.3 | ) | |||||||||||||
| Total non-operating income (expense) | (7.4 | ) | (6.4 | ) | (39.1 | ) | (32.1 | ) | ||||||||||||
| Income (loss) from continuing operations before income taxes and equity in income of unconsolidated affiliates | 48.6 | (5.0 | ) | 164.9 | (95.4 | ) | ||||||||||||||
| Provision (benefit) for income taxes | 6.7 | 5.0 | 19.8 | (2.7 | ) | |||||||||||||||
| Equity in income of unconsolidated affiliates | (0.8 | ) | (2.6 | ) | (5.2 | ) | (6.7 | ) | ||||||||||||
| Income (loss) from continuing operations | 42.7 | (7.4 | ) | 150.3 | (86.0 | ) | ||||||||||||||
| Loss from discontinued operations before taxes | (0.8 | ) | (0.3 | ) | (0.8 | ) | (3.2 | ) | ||||||||||||
| Benefit for income taxes | (0.3 | ) | (0.1 | ) | (0.3 | ) | (1.1 | ) | ||||||||||||
| Loss from discontinued operations | (0.5 | ) | (0.2 | ) | (0.5 | ) | (2.1 | ) | ||||||||||||
| Net income (loss) | $ | 42.2 | $ | (7.6 | ) | $ | 149.8 | $ | (88.1 | ) | ||||||||||
| Net income (loss) per share of common stock (basic): | ||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.30 | $ | (0.05 | ) | $ | 1.05 | $ | (0.60 | ) | ||||||||||
| Loss from discontinued operations | (0.01 | ) | — | (0.01 | ) | (0.02 | ) | |||||||||||||
| Net income (loss) per share - basic | $ | 0.29 | $ | (0.05 | ) | $ | 1.04 | $ | (0.62 | ) | ||||||||||
| Net income (loss) per share of common stock (diluted): | ||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.29 | $ | (0.05 | ) | $ | 1.03 | $ | (0.60 | ) | ||||||||||
| Loss from discontinued operations | — | — | — | (0.02 | ) | |||||||||||||||
| Net income (loss) per share - diluted | $ | 0.29 | $ | (0.05 | ) | $ | 1.03 | $ | (0.62 | ) | ||||||||||
| Weighted average shares of stock outstanding - basic | 143.7 | 142.7 | 143.4 | 142.4 | ||||||||||||||||
| Weighted average shares of stock outstanding - diluted | 145.5 | 142.7 | 145.3 | 142.4 | ||||||||||||||||
CONSOLIDATED BALANCE SHEET LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES (AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS) (UNAUDITED) | ||||||||||
| December 31, | ||||||||||
| 2016 | 2015 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 659.3 | $ | 434.7 | ||||||
| Receivables, net of allowance for doubtful accounts of $1.0 million and $1.1 million at December 31, 2016 and 2015 | 108.3 | 96.4 | ||||||||
| Inventories | 234.6 | 222.0 | ||||||||
| Prepaid expenses and other current assets | 6.1 | 7.0 | ||||||||
| Assets held for sale | 8.2 | 9.0 | ||||||||
| Total current assets | 1,016.5 | 769.1 | ||||||||
| Timber and timberlands | 53.5 | 53.1 | ||||||||
| Property, plant and equipment, at cost | 2,410.8 | 2,392.5 | ||||||||
| Accumulated depreciation | (1,527.6 | ) | (1,530.1 | ) | ||||||
| Net property, plant and equipment, net | 883.2 | 862.4 | ||||||||
| Goodwill | 9.7 | 9.7 | ||||||||
| Notes receivable from asset sales | 22.2 | 432.2 | ||||||||
| Investments in and advances to affiliates | 6.2 | 7.7 | ||||||||
| Restricted cash | 13.2 | 14.3 | ||||||||
| Other assets | 22.4 | 23.0 | ||||||||
| Deferred tax asset | 4.3 | 4.8 | ||||||||
| Total assets | $ | 2,031.2 | $ | 2,176.3 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of long-term debt | $ | 2.6 | $ | 2.1 | ||||||
| Accounts payable and accrued liabilities | 191.5 | 139.6 | ||||||||
| Income taxes payable | 31.3 | — | ||||||||
| Current portion of contingency reserves | 3.4 | 1.3 | ||||||||
| Total current liabilities | 228.8 | 143.0 | ||||||||
| Long-term debt, excluding current portion | 374.4 | 751.8 | ||||||||
| Deferred income taxes | 27.7 | 99.5 | ||||||||
| Contingency reserves, excluding current portion | 12.7 | 15.5 | ||||||||
| Other long-term liabilities | 191.9 | 149.5 | ||||||||
| Stockholders’ equity: | ||||||||||
| Common stock | 153.4 | 153.0 | ||||||||
| Additional paid-in capital | 478.2 | 496.5 | ||||||||
| Retained earnings | 890.3 | 724.2 | ||||||||
| Treasury stock | (189.0 | ) | (210.6 | ) | ||||||
| Accumulated comprehensive loss | (137.2 | ) | (146.1 | ) | ||||||
| Total stockholders’ equity | 1,195.7 | 1,017.0 | ||||||||
| Total liabilities and stockholders’ equity | $ | 2,031.2 | $ | 2,176.3 | ||||||
CONDENSED CONSOLIDATED CASH FLOW STATEMENT LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES (Dollar amounts in millions) (Unaudited) | ||||||||||||||||||||
Quarter Ended |
Year Ended | |||||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
| Net income (loss) | $ | 42.2 | $ | (7.6 | ) | $ | 149.8 | $ | (88.1 | ) | ||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 26.8 | 24.0 | 112.8 | 101.9 | ||||||||||||||||
| Equity in income (loss) of unconsolidated affiliates, including dividends | 1.2 | 0.4 | 1.5 | (3.7 | ) | |||||||||||||||
| Other operating credits and charges, net | 6.0 | 3.7 | 17.4 | 16.3 | ||||||||||||||||
| (Gain) loss on sale or impairment of long-lived assets, net | (9.4 | ) | 0.6 | (8.4 | ) | 2.1 | ||||||||||||||
| Loss on early debt extinguishment | 4.1 | — | 17.3 | — | ||||||||||||||||
| Stock-based compensation related to stock plans | 3.6 | 2.0 | 13.0 | 9.3 | ||||||||||||||||
| Exchange (gain) loss on remeasurement | (1.1 | ) | (2.7 | ) | (2.0 | ) | 2.8 | |||||||||||||
| Cash settlements of warranty, net of accruals | (2.2 | ) | (2.8 | ) | (13.6 | ) | (8.5 | ) | ||||||||||||
| Pension expense (payments), net of contributions | 2.3 | 0.5 | 3.7 | 6.0 | ||||||||||||||||
| Non-cash interest expense, net | 2.2 | 0.1 | 3.8 | 0.8 | ||||||||||||||||
| Other adjustments, net | 0.2 | 0.4 | (1.1 | ) | 1.2 | |||||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||||||
| (Increase) decrease in receivables | 28.1 | 26.6 | (8.9 | ) | 10.6 | |||||||||||||||
| (Increase) decrease in inventories | (7.8 | ) | 8.9 | (11.0 | ) | 3.5 | ||||||||||||||
| Decrease in prepaid expenses | 2.9 | 3.2 | 1.0 | 2.2 | ||||||||||||||||
| Increase (decrease) in accounts payable and accrued liabilities | 0.5 | (30.7 | ) | 53.8 | (20.3 | ) | ||||||||||||||
| Increase (decrease) in deferred income taxes | 2.4 | 3.9 | 13.2 | (6.9 | ) | |||||||||||||||
| Net cash provided by operating activities | 102.0 | 30.5 | 342.3 | 29.2 | ||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
| Property, plant, and equipment additions | (46.1 | ) | (46.7 | ) | (124.8 | ) | (113.8 | ) | ||||||||||||
| Proceeds from asset sales | 0.2 | 0.1 | 0.3 | 0.5 | ||||||||||||||||
| Investment in and refunds from joint ventures | — | (0.6 | ) | — | 1.1 | |||||||||||||||
| Receipt of proceeds from notes receivable from asset sales | 410.0 | — | 410.0 | — | ||||||||||||||||
| (Increase) decrease in restricted cash under letters of credit | 1.3 | 2.0 | 1.2 | (3.9 | ) | |||||||||||||||
| Decrease in restricted cash for redemption of long-term debt | 93.4 | — | — | — | ||||||||||||||||
| Other investing activities, net | (0.1 | ) | 0.1 | (0.4 | ) | 0.2 | ||||||||||||||
| Net cash provided by (used in) investing activities | 458.7 | (45.1 | ) | 286.3 | (115.9 | ) | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
| Borrowings of long-term debt | — | — | 350.0 | — | ||||||||||||||||
| Repayment of long-term debt | (459.8 | ) | (0.1 | ) | (742.5 | ) | (2.3 | ) | ||||||||||||
| Payment of debt issuance fees | (0.2 | ) | — | (5.2 | ) | — | ||||||||||||||
| Taxes paid related to net share settlement of equity awards | (0.3 | ) | (0.7 | ) | (9.2 | ) | (6.1 | ) | ||||||||||||
| Sale of common stock, net of cash payments under equity plans | — | 0.3 | (0.1 | ) | 0.7 | |||||||||||||||
| Other financing activities, net | — | 3.3 | — | 3.3 | ||||||||||||||||
| Net cash provided (used in) in financing activities | (460.3 | ) | 2.8 | (407.0 | ) | (4.4 | ) | |||||||||||||
| Effect of exchange rate on cash and cash equivalents | (0.8 | ) | (1.2 | ) | 3.0 | (6.9 | ) | |||||||||||||
| Net increase (decrease) in cash and cash equivalents | 99.6 | (13.0 | ) | 224.6 | (98.0 | ) | ||||||||||||||
| Cash and cash equivalents at beginning of year | 559.7 | 447.7 | 434.7 | 532.7 | ||||||||||||||||
| Cash and cash equivalents at end of year | $ | 659.3 | $ | 434.7 | $ | 659.3 | $ | 434.7 | ||||||||||||
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES SELECTED SEGMENT INFORMATION (Dollar amounts in millions) (Unaudited) | ||||||||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||
| Dollar amounts in millions | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
| Net sales: | ||||||||||||||||||||
| OSB | $ | 275.8 | $ | 206.3 | $ | 1,027.7 | $ | 807.5 | ||||||||||||
| Siding | 169.0 | 141.2 | 752.3 | 636.4 | ||||||||||||||||
| Engineered Wood Products | 66.4 | 74.9 | 296.9 | 286.1 | ||||||||||||||||
| South America | 33.7 | 33.5 | 136.9 | 134.9 | ||||||||||||||||
| Other | 6.6 | 7.5 | 26.9 | 29.0 | ||||||||||||||||
| Intersegment sales | (1.5 | ) | (0.5 | ) | (7.3 | ) | (1.4 | ) | ||||||||||||
| $ | 550.0 | $ | 462.9 | $ | 2,233.4 | $ | 1,892.5 | |||||||||||||
| Operating profit (loss): | ||||||||||||||||||||
| OSB | $ | 59.5 | $ | 11.3 | $ | 186.2 | $ | (46.3 | ) | |||||||||||
| Siding | 22.2 | 13.9 | 126.1 | 93.2 | ||||||||||||||||
| Engineered Wood Products | (3.8 | ) | — | (5.8 | ) | (7.3 | ) | |||||||||||||
| South America | 1.7 | 3.0 | 17.0 | 9.8 | ||||||||||||||||
| Other | (0.6 | ) | (0.4 | ) | (1.6 | ) | (2.8 | ) | ||||||||||||
| Other operating credits and charges, net | (6.0 | ) | (3.0 | ) | (17.4 | ) | (16.3 | ) | ||||||||||||
| Gain (loss) on sale or impairment of long-lived assets | 9.4 | (0.6 | ) | 8.4 | (2.1 | ) | ||||||||||||||
| General corporate and other expenses, net | (25.6 | ) | (20.2 | ) | (103.7 | ) | (84.8 | ) | ||||||||||||
| Interest expense, net of capitalized interest | (5.8 | ) | (8.1 | ) | (32.1 | ) | (31.2 | ) | ||||||||||||
| Investment income | 1.8 | 1.5 | 8.2 | 4.4 | ||||||||||||||||
| Other non-operating income (expense) | (3.4 | ) | 0.2 | (15.2 | ) | (5.3 | ) | |||||||||||||
| Income (loss) from continuing operations before taxes | 49.4 | (2.4 | ) | 170.1 | (88.7 | ) | ||||||||||||||
| Provision (benefit) for income taxes | 6.7 | 5.0 | 19.8 | (2.7 | ) | |||||||||||||||
| Income (loss) from continuing operations | $ | 42.7 | $ | (7.4 | ) | $ | 150.3 | $ | (86.0 | ) | ||||||||||
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES SUMMARY OF PRODUCTION VOLUMES | |||||||||||||||
The following table sets forth production volumes for the quarter and year ended December 31, 2015 and 2014. | |||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Oriented strand board, million square feet 3/8" basis | 1,061 | 918 | 4,323 | 4,062 | |||||||||||
| Oriented strand board, million square feet 3/8" basis (produced by North America non-OSB segment mills) | 43 | 24 | 219 | 108 | |||||||||||
| Wood-based siding, million square feet 3/8" basis | 281 | 182 | 1,282 | 1,111 | |||||||||||
| Engineered I-Joist, million lineal feet(1) | 17 | 20 | 78 | 77 | |||||||||||
| Laminated veneer lumber (LVL), thousand cubic feet(1) and laminated strand lumber (LSL), thousand cubic feet | 2,053 | 2,444 | 9,552 | 9,502 | |||||||||||
(1) Includes volumes produced by joint venture operations or under sales arrangements and sold to L.P. | |||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170208005254/en/
Contacts:
Media Relations:
Mark Morrison,
615-986-5886
or
Investor Relations:
Becky Barckley/Mike
Kinney, 615-986-5600
