Louisiana-Pacific Corporation (LP) reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance across its segments. For the three months ended September 30, 2024, net sales totaled $722 million, a slight decrease from $728 million in the same period of 2023. However, for the nine months, net sales increased significantly to $2,261 million, up from $1,923 million year-over-year.
Gross profit for the third quarter was $193 million, down from $214 million in 2023, while for the nine months, gross profit rose to $669 million from $434 million. Income from operations for the third quarter was $116 million, compared to $161 million in the prior year, but for the nine months, it increased to $455 million from $198 million. Net income for the third quarter was $90 million, down from $118 million in 2023, while for the nine months, net income surged to $358 million from $119 million.
The Siding segment showed strong performance, with net sales for the third quarter reaching $420 million, a 22% increase from $345 million in 2023. For the nine months, Siding segment sales were $1,196 million, up 20% from $996 million. Adjusted EBITDA for this segment also improved significantly, reaching $123 million for the third quarter, up from $71 million, and $318 million for the nine months, compared to $198 million in the previous year.
Conversely, the OSB segment faced challenges, with third-quarter net sales declining to $253 million from $335 million in 2023, although nine-month sales increased to $917 million from $754 million. Adjusted EBITDA for the OSB segment fell sharply to $33 million from $120 million in the third quarter, but increased to $249 million for the nine months, up from $161 million.
The LPSA segment reported a modest increase in third-quarter sales to $47 million, while nine-month sales decreased to $140 million from $153 million. Adjusted EBITDA for LPSA improved to $9 million for the third quarter but decreased to $29 million for the nine months.
LP's cash and cash equivalents rose to $346 million as of September 30, 2024, compared to $222 million at the end of 2023. The company also reported total assets of $2,576 million, up from $2,437 million, and total liabilities increased to $910 million from $880 million. The company has maintained a strong financial position, with no outstanding borrowings under its Amended Credit Facility.
Strategically, LP ceased manufacturing operations of Entekra Holdings, LLC in Q2 2023 and sold substantially all of its net assets in Q2 2024, resulting in a $16 million distribution to LP. The company continues to monitor economic conditions and their potential impact on future performance, particularly in light of inflation and interest rate fluctuations.
About LOUISIANA-PACIFIC CORP
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