Louisiana-Pacific Corp. (NYSE: LPX) reported Q1 EPS of $0.13, $0.01 better than the analyst estimate of $0.12. Revenue for the quarter came in at $582 million versus the consensus estimate of $602.78 million.

• Net sales for the first quarter of $582 million, 16 percent lower than the prior year.
• SmartSide® sales increased 13 percent compared to the first quarter of 2018.
• Overall OSB price realization dropped 29 percent.
• Net income attributed to LP for the first quarter was $27 million ($0.20 per diluted share).
• Non-GAAP adjusted income from continuing operations was $17 million ($0.13 per diluted share).
• Adjusted EBITDA for the first quarter was $58 million.

Strategic Update and Execution of Capital Allocation Plan

• LP re-affirms its long-term SmartSide Strand revenue growth target of 12-14 percent.
• Reporting $8 million in operational improvements and supply chain optimization towards 2021 target of $75 million.
• Paid $438 million in the first quarter as part of share repurchase programs.
• Paid $17 million quarterly cash dividend and announced an additional $0.135 per share dividend.

“Although the first quarter results were impacted by increasing macro environment headwinds, our transformation into a leading building solutions company continues,” said Brad Southern, LP Chief Executive Officer. “Our first quarter results include 13 percent revenuegrowth in LP SmartSide® Trim & Siding, the launch of two new innovative products, LP SmartSide Smooth Trim & Siding and LP WeatherLogic™, and we increased our volume of Structural Solutions (value-added OSB) to 40 percent of total OSB sold.”

2019 Guidance

LP’s guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below in LP’s “Forward-Looking Statements.”

• Given its current outlook, LP expects capital expenditures for 2019 to be in the range of $150 million to $180 million.
• LP is maintaining its long-term growth target of 12-14 percent on SmartSide Strand sales growth but is guiding to the lower end of the range for 2019 based upon projected flat housing starts.

For earnings history and earnings-related data on Louisiana-Pacific Corp. (LPX) click here.