Louisiana-Pacific posts quarterly profit of $22 million

Louisiana-Pacific Corp. (LP) has posted a quarterly net income of $22 million in its second quarter, improving from its $29 million loss a year ago.

The company posted net sales of $447 million for the quarter, up 67% from a year ago, helped largely by the 12% jump in U.S. housing starts quarter-over-quarter.

LP has been charging higher prices for their panel boards and saw increased shipments in all product lines.

Looking ahead, however, Chief Executive Rick Frost warned of lingering uncertainties in the housing market. "Demand began to taper significantly in the second half of May and this weakness continued into June," he said. "Jobs, consumer confidence, inventory of vacant homes for sale and the overall state of the economy have had a downward pull on housing."

Source: Louisiana-Pacific swings to quarterly profit (Market Watch)