For the 4Q 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 4Q 2012. Adjusted EBITDA from continuing operations for the 4Q 2013 was $24 million compared to $71 million in the 4Q 2012.
“Each of our segments recorded positive adjusted EBITDA in the 4Q 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.”
“The consensus forecast for 2014 housing starts is up nearly 20% 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 Mr. Stevens.
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.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers.