LOUISIANA-PACIFIC REPORTS STRONG FIRST-QUARTER RESULTS
LOUISIANA-PACIFIC REPORTS STRONG FIRST-QUARTER RESULTS PORTLAND, Ore, April 14 /PRNewswire/ -- Louisiana-Pacific Corp.
(L-P) (NYSE: LPX) today reported strong first-quarter performance.
The company earned $36.0 million on sales of $475.5 million in the first quarter. This compares with a loss in the first quarter of 1991 of $8.6 million on sales of $362.4 million. On a per-share basis L-P earned $1.00 in the first quarter of this year, compared with a loss of 24 cents in the first quarter of 1991. "Price levels of nearly all of our building products rose sharply in the first quarter as demand improved and dealers become more confident that 1992 would be a good year for the building industry," said Harry A. Merlo, Louisiana-Pacific's chairman and president. "The higher prices also reflect tightening supply caused by constraints on timber harvesting. We're fortunate that so many of the products we produce are made from noncontroversial timber sources that are not subject to the growing restrictions on harvesting." Merlo said that the good first-quarter numbers came despite curtailed production in the South. Unusually heavy rains throughout the winter limited logging at many of L-P's Southern locations, dropping first-quarter production levels there to about 55 percent of capacity. Strength in the building products segment contrasted with continued doldrums in the pulp market. Louisiana-Pacific's pulp segment, which typically accounts for 10-15 percent of the company's revenues, turned in a modest loss in the quarter. "Although we don't expect a rapid pulp recovery, we are seeing signs that the market has turned the corner," Merlo said. Louisiana-Pacific is a major forest products company known for its innovation in developing high-performance, affordable, environmentally sound building materials. LOUISIANA-PACIFIC CORP. (Amounts in millions except per share) Percent Quarter Ended March 31: 1992 1991 Change Net sales $ 475.5 $ 362.4 + 31.2 Income (loss) before taxes 56.7 (13.0) Net income (loss) 36.0 (8.6) Net income (loss) per share 1.00 (.24) Average shares outstanding 36,020 35,990 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 -- -- -- -- EARNINGS BY QUARTER (In millions) 1st 2nd 3rd 4th Year 1991 $ (8.6) $ 29.2 $ 26.5 $ 8.8 $ 55.9 1992 36.0 -- -- -- -- EARNINGS PER SHARE BY QUARTER 1st 2nd 3rd 4th Year 1991 $ (.24) $ 0.81 $ 0.74 $ 0.24 $ 1.55 1992 1.00 -- -- -- -- -0- 4/14/92 P /CONTACT: Barry Lacter of Louisiana-Pacific, 503-221-0800, or home, 503-657-5790/ (LPX) CO: Louisiana-Pacific Corp. ST: Oregon IN: PAP SU: ERN
SC -- SE003 -- 8090 04/14/92 09:12 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 14, 1992|
|Previous Article:||FIRST BANK SYSTEM REPORTS FIRST QUARTER RESULTS|
|Next Article:||TJ INTERNATIONAL ANNOUNCES SURGE IN SALES, CUTS LOSS IN HALF|