Louisiana-Pacific Corp. (NYSE: LPX) reported Q1 EPS of $0.34, $0.03 better than the analyst estimate of $0.31. Revenue for the quarter came in at $585 million versus the consensus estimate of $577.54 million.

Key Highlights

• First quarter net sales increased by one percent to $585 million
• First quarter net income attributed to LP increased by 22% to $33 million ($0.29 per diluted share)
• First quarter Adjusted Diluted EPS(1) increased by $0.21 to $0.34 per share
• First quarter Adjusted EBITDA(1) increased by 43% to $83 million
• LP announces a quarterly cash dividend of $0.145 per share

“We delivered a strong first quarter, but since early March, we have focused on ensuring the safety of our employees and the continuity of our business as the COVID-19 pandemic progresses,” said LP Chief Executive Officer Brad Southern. “We cannot know the duration of the disruption, exactly how our industry will be impacted, or the timing or nature of the recovery. What we do know is that LP has a strong balance sheet, operational agility, and an experienced leadership team that has successfully managed through past crises. I am confident that our ongoing strategic transformation has positioned LP to respond to the evolving challenges and emerging business opportunities presented by the COVID-19 crisis.”

“Liquidity will be critical during the pandemic and subsequent recovery,” said LP Chief Financial Officer Alan Haughie. “In order to reinforce an already strong balance sheet, we have drawn on our revolving line of credit, significantly reduced capital spending, and taken steps to manage working capital by reducing inventories, all measures which can be adjusted up or down as the situation develops. Nobody knows yet how the pandemic will unfold. However, we have confidence that LP is well positioned to preserve liquidity and respond to economic opportunities which may present themselves in the eventual recovery.”

2020 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 related to the COVID-19 pandemic and set forth below in “Forward-Looking Statements.”

• Given its current outlook, LP expects capital expenditures for 2020 to be less than $70 million.
• No share repurchases in 2020.
• LP suspends its SmartSide® Strand sales growth guidance for 2020.

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