Sales for the 1Q 2016 of $505 million were higher by 7% compared to the year ago quarter.
“The 1Q established a good to start to the year for LP,” said Curt Stevens, CEO. “Despite a 7% drop in North American North Central (7/16" basis) benchmark OSB pricing, our focus on value-added products and improved logistics coupled with higher plant utilization allowed us to post improved sequential results. We are back on the growth track in Siding with sequential LP® SmartSide® siding volumes up 22 percent, setting a new quarterly record. In South America, the Adjusted EBITDA was more than 50% higher than the same quarter last year.”
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers.
