Louisiana-Pacific Posts Profit In Q3; Names Brad Southern COO - Quick Facts

(RTTNews) - Louisiana-Pacific Corp. (LPX), a manufacturer of building products, reported that its third-quarter net income was $66 million or $0.45 per share, compared to a net loss of $26.5 million or $0.19 per share last year.

Adjusted EBITDA from continuing operations was $111 million, compared to $11 million in the third quarter of 2015.

LP reported net sales of $596 million, up from $465 million last year.

On average, analysts polled by Thomson Reuters expected earnings of $0.37 per share on sales of $600.78 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company said that housing starts, particularly single family, should continue to grow over the next several years.

The company's transaction with Norbord is expected to increase flexibility to add future siding capacity and the continued focus on value-added products will improve over-the-cycle margins.

Further, the company announced that the Board of Directors has appointed Executive Vice President Brad Southern to the newly created position of chief operating officer.

Southern will continue to oversee the oriented strand board or OSB operations, a post he has held since 2014. General managers from the company's siding and engineered wood products, as well as sales and marketing and manufacturing services will report to Southern, who in turn will report to CEO Curt Stevens.

Southern joined LP in 1999 as controller for the specialty business. He became general manager of the Siding business in 2004. He held that job until moving to OSB in 2014.