Louisiana-Pacific Corporation (LP) reported its financial results for the three and six months ended June 30, 2021. Net sales for the 2Q 2021 increased by $777 million (or 142%) over the prior year to $1.3 billion.
Net income attributed to LP for the 2Q 2021 increased by $465 million over the prior year to $498 million ($4.90 per diluted share). Adjusted EBITDA for the 2Q 2021 increased by $587 million over the prior year to $684 million primarily due to the growth in Siding Solutions and the higher OSB prices partially offset by increases in raw material prices, freight costs, and maintenance projects.
"All of LP's segments overcame tightening supply chains to set records for sales and EBITDA in the 2Q 2021, resulting in $4.74 in adjusted diluted earnings per share," said LP Chair and CEO Brad Southern. "Siding sales grew by 39% and higher OSB prices resulted in extraordinary cash flow. The Siding capacity expansion project at Houlton is underway and on schedule, and Peace Valley pressed its first OSB board since restarting in late June."
Net sales for the first six months of 2021 increased by $1.2 billion (or 107%) over the prior year to $2.3 billion.
Net income attributed to LP for the first six months of 2021 increased by $752 million over the prior year to $818 million ($7.85 per diluted share) primarily due to the growth in Siding Solutions and higher OSB prices. Adjusted EBITDA for the first six months of 2021 increased by $965 million over the prior year to $1.1 billion, primarily due to growth in Siding Solutions revenue and higher OSB prices.
Louisiana-Pacific Corporation manufactures engineered wood building products.
