LP Building Solutions (NYSE: LPX) reported Q1 EPS of $3.01, $0.31 better than the analyst estimate of $2.70. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $937.19 million.

Key Highlights for the First Quarter

• Net sales increased by 74% to $1.0 billion
• LP® SmartSide® net sales increased by 49% to $283 million
• OSB net sales increased by $319 million to $539 million, $333 million of which was from higher OSB prices
• Net income attributed to LP was $320 million ($3.00 per diluted share)
• Cash provided by operating activities was $314 million
• Adjusted EBITDA(1) was $461 million
• Adjusted Diluted EPS(1) was $3.01 per share

"LP's Siding and OSB segments both set records for sales and EBITDA in the first quarter," said LP Chairman and Chief Executive Officer Brad Southern. "LP's operations, procurement, and logistics teams overcame supply chain challenges as well as extreme winter weather in the southeast to deliver outstanding results. Capacity expansion projects are underway at Houlton and Peace Valley in order to meet strong and growing demand for innovative SmartSide and Structural Solutions products."

Q2 2021 Outlook and 2021 Capital Expenditure Guidance

• SmartSide sales in the second quarter of 2021 to be more than 30% higher than the second quarter of 2020
• OSB sales in the second quarter of 2021 to be sequentially higher than the first quarter of 2021 by more than 30%
• Adjusted EBITDA(2) for the second quarter of 2021 to be greater than $580 million
• Given our current outlook, we expect capital expenditures for 2021 to be in the range of $230 million to $250 million, including $90 million to $95 million for the previously announced Houlton mill conversion, $30 million to $35 million for other strategic growth projects, $10 million for Peace Valley, and $100 million to $110 million for sustaining maintenance.

For earnings history and earnings-related data on LP Building Solutions (LPX) click here.