LOUISIANA-PACIFIC REPORTS BEST QUARTER EVER
LOUISIANA-PACIFIC REPORTS BEST QUARTER EVER PORTLAND, Ore., Oct. 19 /PRNewswire/ -- Louisiana-Pacific Corp.
(L-P) (NYSE: LPX) today reported the best quarterly results in its history.
The company earned a record $55.7 million in the third quarter, up 111 percent from the $26.5 million earned in the third quarter of 1991. Record sales of $641.4 million represent a 43-percent increase over 1991 third quarter sales of $449.5 million. On a per-share basis, the company earned $1.03 a share in the third quarter of 1992, compared to 49 cents a share in the comparable quarter last year. Both per-share figures reflect a three-for-two stock split paid by L-P in June of this year. "Our emphasis on innovative, affordable building materials made from plentiful, noncontroversial timber sources led us to this record performance," said Harry A. Merlo, Louisiana-Pacific's chairman and president. "As environmental and political pressures put traditional timber sources off limits, supplies of conventional wood products have tightened and their prices have increased. Many of the products we've developed in the past decade - particularly our Inner-Seal(R) line of oriented strand board construction panels, siding, trim and engineered I-joists - have gained market share as a result." Merlo said that L-P's strong earnings came in a climate of only modest homebuilding activity and pulp markets that remain weak. Showing continued strength were the do-it-yourself and remodeling markets for building materials. The company's pulp segment, which typically accounts for about 10-15 percent of L-P's revenues, turned in a modest loss in the quarter. Merlo said that construction panels were in tight supply throughout the quarter and manufacturers were hard pressed to meet the surge in demand caused by Hurricane Andrew. "We worked very hard to try to help meet the needs of those faced with the task of rebuilding their homes and held to pre-storm pricing in the areas affected by the hurricane," Merlo said. In the first nine months of 1992 Louisiana-Pacific earned $135.8 million on sales of $1.7 billion. This compares with 1991 nine- month earnings of $47.1 million on sales of $1.3 billion. On a per- share basis, the company earned $2.51 through nine months of this year, compared to 87 cents in the same period last year. Louisiana-Pacific is a major building products company known for its innovation in developing high-performance, affordable, environmentally sound construction materials. LOUISIANA-PACIFIC CORP. (Dollar amounts in millions except per share) Percent Quarter Ended Sept. 30: 1992 1991 Change Net sales $641.4 $449.5 +42.7 Income before taxes 92.7 42.4 Net income 55.7 26.5 +110.2 Net income per share 1.03 0.49 Average shares outstanding 54.2 54.0 Percent Nine Months Ended Sept. 30: 1992 1991 Change Net sales $1,656.0 $1,296.9 +27.7 Income before taxes 219.1 73.6 Net income 135.8 47.1 +188.3 Net income per share 2.51 0.87 Average shares outstanding 54.2 54.0 SALES BY QUARTER (In millions) 1st 2nd 3rd 4th Year 1991 $362.4 $485.0 $449.5 $405.2 $1,702.1 1992 475.5 539.1 641.4 EARNINGS BY QUARTER (In millions) 1st 2nd 3rd 4th Year 1991 $ (8.6) $ 29.2 $ 26.5 $ 8.8 $ 55.9 1992 36.0 44.1 55.7 EARNINGS PER SHARE BY QUARTER 1st 2nd 3rd 4th Year 1991 $ (0.16) $ 0.54 $ 0.49 $ 0.16 $ 1.03 1992 0.67 0.81 1.03 -0- 10/19/92 P /CONTACT: Barry Lacter of Louisiana-Pacific, office: 503-221-0800 or 503-796-0208, or home: 503-657-5790/ (LPX) CO: Louisiana-Pacific Corp. ST: Oregon IN: PAP SU: ERN
SW -- SE004 -- 1375 10/19/92 08:56 EDT
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|Date:||Oct 19, 1992|
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