Lp reports fourth quarter and year end 2013 results
Nashville, tenn.--(business wire)--louisiana-pacific corporation (lp) (nyse: lpx) reported today results for the fourth quarter and year ended december 31, 2013, which included the following: total sales for the fourth quarter of $480 million, 6 percent higher than the year ago quarter, and total sales for the year were $2.1 billion, 23 percent higher than the previous year. loss from continuing operations for the fourth quarter was $19 million ($0.14 per diluted share) and income of $177 million ($1.23 per diluted share) for the year. non-gaap adjusted loss from continuing operations was $7 million ($0.05 per diluted share) for the fourth quarter and income of $129 million ($0.90 per diluted share) for the year. adjusted ebitda from continuing operations for the fourth quarter was $24 million compared to $71 million in the fourth quarter of 2012. for the year, ebitda from continuing operations was $330 million compared to $200 million the previous year. cash and cash equivalents were $657 million as of december 31, 2013. “each of our segments recorded positive adjusted ebitda in the fourth quarter and combined to generate $330 million of ebitda for the full year of 2013,” said curt stevens, ceo. “at about 920,000 housing starts in 2013, lp shipped record volumes of our smartside siding and a variety of value-added osb products. this performance bodes well for the future as housing continues to improve.” fourth quarter results for the quarter ended december 31, 2013, lp reported net sales of $480 million, up from $454 million in the fourth quarter of 2012. for the fourth quarter, the company reported an operating loss of $22 million as compared to operating income of $47 million in 2012. for the fourth quarter of 2013, lp reported loss from continuing operations of $19 million, or $0.14 per diluted share, compared to income of $49 million, or $0.34 per diluted share, for the fourth quarter of 2012. adjusted ebitda from continuing operations for the fourth quarter of 2013 was $24 million compared to $71 million in the fourth quarter of 2012. year end results for the year ended december 31, 2013, lp reported net sales of $2.1 billion compared to $1.7 billion in 2012. for the year ended 2013, the company reported operating income of $203 million compared to $104 million in 2012. for 2013, lp reported income from continuing operations of $177 million, or $1.23 per diluted share, compared to $30 million, or $0.20 per diluted share, for 2012. adjusted ebitda from continuing operations for the year was $330 million compared to $200 million for 2012. oriented strand board (osb) segment lp’s osb segment manufactures and distributes osb structural panel products. lp is currently operating 10 facilities and has indefinitely curtailed one other facility due to market conditions. the osb segment reported net sales for the fourth quarter of 2013 of $230 million, down 5 percent compared to $243 million of net sales in the fourth quarter of 2012. for the fourth quarter of 2013, the osb segment reported an operating profit of $7 million compared to $58 million in the fourth quarter of 2012. for the fourth quarter, adjusted ebitda from continuing operations for this segment was $23 million compared to $68 million in the fourth quarter of 2012. for the fourth quarter of 2013 as compared to the fourth quarter of 2012, sales volumes increased 17 percent and sales price decreased 20 percent. the decrease in selling price unfavorably impacted operating results and adjusted ebitda from continuing operations by approximately $55 million for the quarter as compared to the fourth quarter of 2012. for the full year, osb reported sales of $1 billion, up 31 percent from the prior year and had operating income of $230 million compared to $124 million in 2012. adjusted ebitda for 2013 was $285 million compared to $166 million in 2012. for the year, sales volumes increased 11 percent and sales prices increased 20 percent. the increase in selling price favorably impacted operating results and adjusted ebitda from continuing operations by approximately $170 million for the year as compared to 2012. 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 $138 million in the fourth quarter of 2013, an increase of 19 percent from $117 million in the year-ago fourth quarter. for the fourth quarter of 2013, the siding segment reported operating income of $16 million compared to $11 million in the year-ago quarter. for the fourth quarter, siding reported $20 million in adjusted ebitda from continuing operations, an increase of $5 million as compared to the fourth quarter of 2012. the decrease in osb sales prices sold in this segment accounted for approximately $2 million reduction in both operating results and adjusted ebitda from continuing operations. for the full year, siding reported sales of $574 million, up 15 percent from the prior year and had operating income of $86 million compared to $67 million in 2012. adjusted ebitda for 2013 was $103 million compared to $83 million in 2012. the increase in osb sales prices sold in this segment accounted for approximately $8 million increase in both operating results and adjusted ebitda from continuing operations. engineered wood products segment (ewp) the ewp segment is comprised of lp solidstart® i-joist (ij), laminated veneer lumber and laminated strand lumber (lvl and lsl). ewp segment sales in the fourth quarter of 2013 totaled $72 million, up 39 percent from $52 million in the year-ago quarter. operating losses decreased 20 percent to $4 million for the fourth quarter of 2013 from $5 million for the fourth quarter of 2012. for the fourth quarter, ewp segment showed an increase of $2 million in adjusted ebitda from continuing operations as compared to the same quarter of 2012. for the full year, ewp reported sales of $268 million, up 25 percent from the prior year and operating losses of $14 million in 2013 and 2012. adjusted ebitda for 2013 was a loss of $1 million as compared to a loss of $2 million in 2012. south america the south america segment is comprised of its facilities in chile and brazil. the south america segment reported sales in the fourth quarter of 2013 of $41 million, down 3 percent from $42 million in the fourth quarter of 2012. operating income was $2 million for the fourth quarter of 2013, a decrease of $5 million from the fourth quarter of 2012. for the fourth quarter, lp reported adjusted ebitda from continuing operations in this segment of $5 million, an decline of $5 million as compared to the fourth quarter of 2012. for the full year, south america reported sales of $172 million, up 2 percent from the prior year and operating income of $20 million compared to an operating income of $18 million in 2012. adjusted ebitda for 2013 was $31 million compared to $30 million in 2012. company outlook “the consensus forecast for 2014 housing starts is up nearly 20 percent to a little over 1.1 million,” continued stevens. “all of lp’s businesses are well-positioned to capitalize on this growth by providing more quality products to our customers to meet their needs. and, following regulatory approvals, we are looking forward to welcoming ainsworth into our company to accelerate our growth,” concluded stevens. about lp 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 a 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. louisiana-pacific corporation and subsidiaries financial and quarterly data (dollar amounts in millions, except per share amounts) (unaudited) quarter endeddecember 31, year endeddecember 31, consolidated statements of income louisiana-pacific corporation and subsidiaries (amounts in millions except per share amounts(unaudited) consolidated balance sheet louisiana-pacific corporation and subsidiaries (amounts in millions except per share amounts) (unaudited) condensed consolidated cash flow statement louisiana-pacific corporation and subsidiaries (dollar amounts in millions) (unaudited) quarter endeddecember 31, year endeddecember 31, louisiana-pacific corporation and subsidiaries selected segment information (dollar amounts in millions) (unaudited) louisiana-pacific corporation and subsidiaries summary of production volumes (1) the following table sets forth production volumes for the quarter and year ended december 31, 2013 and 2012. laminated veneer lumber (lvl), thousand cubic feet(1) and laminated strand lumber (lsl), thousand cubic feet (1) includes volumes produced by joint venture operations or under sales arrangements and sold to lp.
