Adjusted EBITDA from continuing operations for the 1Q was $121 million compared to $21 million in the 1Q 2012.
For the 1Q 2013, LP reported income from continuing operations of $65 million, or $0.45 per diluted share, as compared to a loss from continuing operations of $11 million, or $0.08 per diluted share for the 1Q 2012.
“LP’s strong financial results were driven by a broad recovery of building activity across all regions of the U.S., which led to improved demand for our products and increased OSB pricing,” CEO Curt Stevens said. “In addition, our South America segment continued to perform well.”
“I am confident that all of the work we have done to prepare for the housing upturn will allow us to meet customer demand,” concluded Stevens.
LP’s OSB segment reported net sales for the 1Q 2013 of $287 million, an increase from $149 million of net sales in the 1Q 2012. For the 1Q 2013, the OSB segment reported operating income of $98 million compared to break-even results in the 1Q 2012. 1Q sales volumes were higher by 12% and sales prices increased by 82% compared to the same period in 2012. The increase in sales price accounted for approximately $124 million increase in both operating results and adjusted EBITDA from continuing operations.
The Engineered Wood Products (EWP) segment is comprised of I-Joist (IJ), Laminated Veneer Lumber and Laminated Strand Lumber (LVL and LSL). These products are principally used in new construction. EWP sales in the 1Q 2013 totaled $63 million, an increase from $49 million reported a year ago. Operating losses were $4 million for the 1Q 2013 compared to $3 million in the 1Q 2012.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers.