Lp reports first quarter 2015 results
Nashville, tenn.--(business wire)--louisiana-pacific corporation (lp) (nyse: lpx) reported today results for the first quarter of 2015, which included the following: sales for the first quarter of $472 million were higher by 6 percent compared to the year ago quarter. loss from continuing operations was $35 million ($0.24 per diluted share). non-gaap adjusted loss from continuing operations was $19 million ($0.13 per diluted share). adjusted ebitda from continuing operations for the first quarter was $6 million compared to $23 million in the first quarter of 2014. cash and cash equivalents were $468 million as of march 31, 2015. “though we were encouraged by the increase in housing permits, we saw only a slight upswing in north american housing activity in the first quarter,” said curt stevens, chief executive officer. “as a result, osb prices languished in the quarter on relatively flat volumes compared to last quarter, hurting our results. on the other hand, our more diversified siding business posted record results with increased sales in all of its segments including housing, retail, repair and remodel and non-residential structures.” oriented strand board (osb) segment lp’s osb segment manufactures and distributes osb structural panel products. the osb segment reported net sales for the first quarter of 2015 of $190 million, a 2 percent decrease from $195 million of net sales in the first quarter of 2014. for the first quarter of 2015, the osb segment reported an operating loss of $28 million compared to $2 million in the first quarter of 2014. for the first quarter of 2015, adjusted ebitda from continuing operations for this segment decreased by $25 million compared to the first quarter of 2014. for the first quarter of 2015 as compared to first quarter of 2014, sales volumes increased 14 percent and sales prices decreased by 13 percent. the decrease in selling price unfavorably impacted operating results and adjusted ebitda from continuing operations by approximately $29 million for the quarter as compared to the first quarter of 2014. siding segment lp’s siding segment consists of lp 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 $174 million in the first quarter of 2015, an increase of 21 percent from $144 million in the year-ago first quarter. for the first quarter of 2015, the siding segment reported operating income of $33 million compared to $19 million in the year-ago quarter. for the first quarter of 2015, the siding segment reported $38 million in adjusted ebitda from continuing operations, an increase of $15 million compared to the first quarter of 2014. engineered wood products segment (ewp) the ewp segment is comprised of i-joist (ij), laminated veneer lumber and laminated strand lumber (lvl and lsl). ewp sales in the first quarter of 2015 totaled $65 million, up 4 percent from the year-ago quarter. operating losses increased to $4 million for the first quarter of 2015 from $3 million in the first quarter of 2014. for the first quarter, the ewp segment showed a decrease of $2 million in adjusted ebitda from continuing operations as compared to the same quarter in 2014. south america segment the south american segment consists of facilities in chile and brazil. the segment reported sales in the first quarter of 2015 of $36 million, down 2 percent from $37 million in the first quarter of 2014. operating income was $2 million for the first quarter of 2015 compared to $4 million in the first quarter of 2014. for the first quarter, lp reported adjusted ebitda from continuing operations in this segment of $5 million, a decrease of $2 million as compared to the first quarter of 2014. company outlook “the planned conversion of our swan valley mill to siding is on track and will provide more product to this growing market,” continued stevens. “in osb and ewp, we are carefully watching customer inventories and managing our production to real demand. most of our customers are expecting a stronger upcoming building season and we will be ready to serve their increased needs.” lp is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. visit lp's web site at www.lpcorp.com for additional information on the company as well as reconciliation of non-gaap results. 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. three months endedmarch 31, three months endedmarch 31, three months endedmarch 31, increase in receivables three months endedmarch 31, (1) includes volumes produced by joint venture operations or under sales arrangements and sold to lp.
