Louisiana-Pacific Earnings Call Transcripts
Fiscal Year 2026
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Siding returned to growth and drove record Q3 sales, while inflation and weak OSB demand constrained profitability. FY26 EBITDA guidance is $270 million–$280 million, with Q4 OSB expected to remain loss-making.
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Siding delivered strong price-driven results and share gains despite a flat housing market, while OSB faced significant pricing and demand headwinds. Liquidity remains robust, CapEx was reduced, and Siding growth investments continue, with leadership transition underway.
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Q1 2026 saw EBITDA above guidance despite lower volumes and OSB price weakness, with strong price realization and safety performance. Siding outperformed, especially ExpertFinish, while OSB faced significant headwinds. Full-year guidance was lowered due to ongoing macro uncertainty and high input costs.
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The meeting covered director elections, auditor ratification, and executive compensation, with all proposals approved by majority vote. No questions were raised during the Q&A, and final voting results will be disclosed via Form 8-K.
Fiscal Year 2025
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Siding delivered strong growth and margin expansion in 2025 despite a weak housing market, while OSB faced multi-year price lows but remained EBITDA positive. 2026 guidance anticipates a challenging Q1, with improvement expected as inventories normalize and new capacity comes online.
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Siding revenue grew 5% year-over-year, led by price and product mix, while total sales and EBITDA declined due to weak OSB prices. Guidance for Siding remains strong, with continued investment in ExpertFinish and a potential Maniwaki mill conversion, as the company navigates a soft housing market and CEO transition.
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Siding delivered record Q2 results, offsetting weak OSB pricing through volume and margin gains. Full-year Siding guidance is reaffirmed, while OSB faces negative EBITDA if low prices persist. Capex was reduced, with strong liquidity supporting ongoing Siding growth and innovation.
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The meeting covered director elections, auditor ratification, and executive compensation, with all proposals receiving majority approval. Stockholders participated via web portal, and a Q&A session followed the business proceedings.
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Despite economic volatility and tariff headwinds, Siding achieved record growth, margin expansion, and strong order files, offsetting OSB weakness. Full-year guidance for Siding was raised, with robust liquidity and continued investment in capacity and innovation.
Fiscal Year 2024
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Q4 2024 capped a record year for siding, with 17% annual sales growth and a 25% EBITDA margin. 2025 guidance calls for 7–9% siding revenue growth, continued margin strength, and major capacity investments, while OSB performance is expected to remain steady.
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Siding sales and EBITDA set new records in Q3, offsetting OSB price declines, with strong cash flow supporting increased CapEx and shareholder returns. Full-year EBITDA guidance was raised, and a price increase is planned for 2025 amid stable market conditions and ongoing capacity expansion.
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Q2 2024 saw 33% net sales growth, margin expansion, and record Siding and OSB results, with Siding EBITDA margin reaching 25%. Full-year guidance was raised for Siding, while OSB faces headwinds from price declines. Strong cash flow enabled significant shareholder returns.