Louisiana-Pacific Swings To Profit In Q2, Beats Estimates

(RTTNews) - Louisiana-Pacific Corp. (LPX) Wednesday reported a swing to profit, on higher sales, compared to loss last year.

Currently, shares are at $86.01, down 8.47 percent, while the stock finished at $91.81 yesterday.

The quarterly earnings were $160 million or $2.23 per share, while the company reported loss of $20 million a year ago. On an adjusted basis, earnings were $2.09 per share.

The results reflected a $48 million changes in business exit charges and credits, and $16 million of prior year settlements of OSB patent-related claims. The second quarter results were partially offset by a $31 million increase in the provision for income taxes.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $1.93 per share. Analysts estimates usually exclude special items.

The building products manufacturer's revenue for the quarter increased to $814 million from $611 million in the previous year. Analysts were expecting $797.26 million.