LP Building Solutions Reports Third Quarter 2023 Results and Reaffirms Full Year Siding Guidance
- Siding net sales decreased by 13% to $345 million
- Oriented Strand Board (OSB) net sales decreased by 14% to $335 million
- Consolidated net sales decreased by 15% to $728 million
- Income attributed to LP from continuing operations decreased by $11 million to $118 million
- Adjusted EBITDA was $190 million, a decrease of $10 million
- Cash provided by operating activities was $187 million
- None.
Key Highlights for Third Quarter 2023, Compared to Third Quarter 2022
- Siding Net sales decreased by
13% to$345 million - Oriented Strand Board (OSB) Net sales decreased by
14% to$335 million - Consolidated Net sales decreased by
15% to$728 million - Income attributed to LP from continuing operations decreased by
$11 million $118 million - Income attributed to LP from continuing operations per diluted share decreased
$0.11 $1.63 - Adjusted EBITDA(1) was
$190 million $10 million - Adjusted Diluted EPS(1) was
$1.62 $0.10 - Cash provided by operating activities was
$187 million
(1) This is a non-GAAP financial measure. See "Use of Non-GAAP Information," "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP Adjusted Diluted EPS" below.
Capital Allocation Update
- Paid
$49 million - Paid
$17 million - Declared a quarterly cash dividend of
$0.24 - Fully repaid all outstanding amount under the Amended Credit Facility as of September 30, 2023
- Cash and cash equivalents of
$160 million $550 million $710 million - Availability of
$200 million
"As expected, Siding sales volume, price, and net sales all increased sequentially compared to the second quarter, and we believe Siding inventories have normalized," said Brad Southern, Chair and Chief Executive Officer. "I want to thank all LP employees for their dedication and execution, and for the strong results they delivered in the third quarter."
Outlook
Our 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 under "Forward-Looking Statements."
- Siding full-year 2023 Net sales is expected to decrease year-over-year by approximately
10% - OSB fourth quarter 2023 Net sales is expected to be sequentially lower than the third quarter 2023 by approximately
30% , assuming that OSB prices published by Random Lengths remain unchanged from those published on October 27, 2023 (this is an assumption for modeling purposes and not a price forecast) - Under these assumptions, fourth quarter 2023 Adjusted EBITDA(2) is expected to be
$60 million $80 million - Given our current outlook, capital expenditures for 2023 are expected to be in the range of
$280 million $295 million $100 million $105 million $130 million $135 million $50 million $55 million
(2) This is a non-GAAP financial measure. With respect to Adjusted EBITDA for the fourth quarter of 2023, certain items that affect net income on a GAAP basis, such as business exit charges, product discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items, that would be required to be included in the comparable forecasted GAAP measures cannot be reasonably predicted at this time, and LP is unable to quantify such amounts that would be required to be included in the comparable forecasted GAAP measures, without unreasonable effort. As such, LP is unable to provide a reasonable estimate of GAAP net income, or a corresponding reconciliation of Adjusted EBITDA to net income.
Third Quarter 2023 Highlights
Net sales for the third quarter of 2023 decreased year-over-year by
Income attributed to LP from continuing operations for the third quarter of 2023 decreased year-over-year by
First Nine Months of 2023 Highlights
Net sales for the first nine months of 2023 decreased year-over-year by
Income attributed to LP from continuing operations for the first nine months of 2023 decreased year-over-year by
Segment Results
Siding
The Siding segment serves diverse end markets with a broad product offering of engineered wood siding, trim, and fascia, including LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building SolutionsTM (collectively referred to as Siding Solutions).
Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||
Net sales | $ 345 | $ 394 | (13) % | $ 996 | $ 1,083 | (8) % | |||||
Adjusted EBITDA | 71 | 90 | (21) % | 198 | 251 | (21) % | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||
Siding Solutions | 3 % | (16) % | 6 % | (14) % | |||
The effects of list price increases drove year-over-year increases in the average net selling price for the three and nine months ended September 30, 2023. The volume decreases for the three and nine months ended September 30, 2023 were driven by record results in the comparable periods and challenging new and existing home selling markets in the current periods.
Adjusted EBITDA decreased year-over-year by
Oriented Strand Board (OSB)
The OSB segment manufactures and distributes OSB structural panel products including our value-added OSB portfolio known as LP® Structural Solutions (which includes LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP NovaCore® Thermal Insulated Sheathing, LP® FlameBlock® Fire-Rated Sheathing, and LP® TopNotch® 350 Durable Sub-Flooring). OSB is manufactured using wood strands arranged in layers and bonded with resins.
Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||
Net sales | $ 335 | $ 388 | (14) % | $ 754 | $ 1,805 | (58) % | |||||
Adjusted EBITDA | 120 | 113 | 6 % | 161 | 1,021 | (84) % | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||
OSB - Structural Solutions | (5) % | (10) % | (46) % | (23) % | |||
OSB - Commodity | 18 % | (26) % | (47) % | (21) % | |||
The year-over-year Net sales decrease of
Adjusted EBITDA increased year-over-year by
LP's
Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||
Net sales | $ 45 | $ 53 | (16) % | $ 153 | $ 190 | (20) % | |||||
Adjusted EBITDA | 6 | 14 | (54) % | 31 | 65 | (53) % | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Average Net Selling Price | Unit Shipments | Average Net Selling Price | Unit Shipments | ||||
OSB - Structural Solutions | (7) % | (9) % | (13) % | (12) % | |||
Siding | 18 % | (32) % | 5 % | — % | |||
South America Net sales decreased year-over-year by
The year-over-year decreases in Adjusted EBITDA of
Conference Call
LP will hold a conference call to discuss this release today at 11 a.m. Eastern Time (8 a.m. Pacific Time). Investors will have the opportunity to listen to the conference call live by going to investor.lpcorp.com and clicking "Events Calendar" at least 15 minutes early to register and download and install any necessary audio software. For those who cannot listen to the live broadcast, the recorded webcast and accompanying presentation will be available to the public online in the "Past Events" section of investor.lpcorp.com.
About LP Building Solutions
As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood building products that meet the demands of builders, remodelers, and homeowners worldwide. LP's extensive offerings include innovative and dependable building products and accessories, such as Siding Solutions (LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building SolutionsTM), LP® Structural Solutions (LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP® FlameBlock® Fire-Rated Sheathing, LP NovaCore® Thermal Insulated Sheathing, and LP® TopNotch® 350 Durable Sub-Flooring), and oriented strand board (OSB). In addition to product solutions, LP provides industry-leading customer service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes while our stockholders build lasting value. Headquartered in
Forward-Looking Statements
This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the beliefs and assumptions of, and on information available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. Forward-looking statements can be identified by words such as "may," "will," "could," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "potential," "continue," "likely," or "future" or the negative or other variations thereof and include other statements regarding matters that are not historical facts. Examples of forward-looking statements include, among others, statements LP makes regarding plans for product development, forecasts of future costs and expenditures, possible outcomes of legal proceedings, capacity expansion, and other growth initiatives, and the adequacy of reserves for loss contingencies. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: changes in governmental fiscal and monetary policies, including tariffs and levels of employment; changes in general and global economic conditions, including impacts from global pandemics, rising inflation, supply chain disruptions, and ongoing military conflicts including the conflict between
Use of Non-GAAP Information
In evaluating our business, we utilize non-GAAP financial measures that fall within the meaning of SEC Regulation G and Regulation S-K Item 10(e), which we believe provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP financial measures do not have standardized definitions and are not defined by U.S. generally accepted accounting principles (GAAP). In this press release, we disclose Income attributed to LP from continuing operations before interest expense, provision for income taxes, depreciation and amortization, and excluding stock-based compensation expense, loss on impairment attributed to LP, business exit charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items, as Adjusted EBITDA from continuing operations (Adjusted EBITDA), which is a non-GAAP financial measure. We have included Adjusted EBITDA in this report because we view it as an important supplemental measure of our performance and believe that it is frequently used by interested persons in the evaluation of companies that have different financing and capital structures and/or tax rates. We also disclose Income attributed to LP from continuing operations, excluding loss on impairment attributed to LP, business exit charges, product-line discontinuance charges, interest expense outside of normal operations, other operating credits and charges, net, loss on early debt extinguishment, gain (loss) on acquisition, and pension settlement charges, and adjusting for a normalized tax rate as Adjusted Income (Adjusted Income). We also disclose Adjusted Diluted EPS, which is calculated as Adjusted Income divided by diluted shares outstanding. We believe that Adjusted Diluted EPS and Adjusted Income are useful measures for evaluating our ability to generate earnings and that providing these measures should allow interested persons to more readily compare the earnings for past and future periods. Reconciliations of Adjusted EBITDA, Adjusted Income and Adjusted Diluted EPS to their most directly comparable
Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS are not substitutes for the
During the nine months ended September 30, 2023, we updated our definitions of Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS to exclude other business exit charges not classified as discontinued operations. Business exit charges consist of inventory and other asset impairment and exit charges related to the exit of other businesses not individually significant. We consider business exit charges to be outside the performance of our ongoing core business operations and believe that presenting Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS excluding business exit charges provides increased transparency as to the operating costs of our current business performance. We did not revise prior years' Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS amounts because there were no significant costs similar in nature to these items.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
Three Months Ended | Nine Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net sales | $ 728 | $ 852 | $ 1,923 | $ 3,149 | |||
Cost of sales | (514) | (620) | (1,489) | (1,778) | |||
Gross profit | 214 | 232 | 434 | 1,370 | |||
Selling, general, and administrative expenses | (58) | (67) | (191) | (196) | |||
Impairment of long-lived assets, net | (1) | — | (25) | — | |||
Other operating credits and charges, net | 6 | 7 | (20) | 17 | |||
Income from operations | 161 | 172 | 198 | 1,191 | |||
Interest expense | (4) | (3) | (9) | (9) | |||
Investment income | 4 | 5 | 10 | 8 | |||
Other non-operating items | — | (3) | (17) | (11) | |||
Income before income taxes | 160 | 172 | 183 | 1,178 | |||
Provision for income taxes | (44) | (44) | (66) | (284) | |||
Equity in unconsolidated affiliate | 1 | 1 | 3 | 4 | |||
Income from continuing operations | 118 | 129 | 119 | 898 | |||
Income from discontinued operations, net of income taxes | — | 97 | — | $ 196 | |||
Net income | $ 118 | $ 226 | $ 119 | $ 1,093 | |||
Net loss attributed to non-controlling interest | — | — | — | 1 | |||
Net income attributed to LP | $ 118 | $ 226 | $ 119 | $ 1,094 | |||
Net income attributed to LP per share of common stock: | |||||||
Income per share continuing operations - basic | $ 1.63 | $ 1.75 | $ 1.65 | $ 11.23 | |||
Income per share discontinued operations - basic | — | 1.32 | — | 2.45 | |||
Net income attributed to LP per share - basic | $ 1.63 | $ 3.07 | $ 1.65 | $ 13.67 | |||
Income per share continuing operations - diluted | $ 1.63 | $ 1.74 | $ 1.65 | $ 11.16 | |||
Income per share discontinued operations - diluted | — | 1.31 | — | 2.43 | |||
Net income attributed to LP per share - diluted | $ 1.63 | $ 3.05 | $ 1.65 | $ 13.59 | |||
Average shares of common stock used to compute Net income per share: | |||||||
Basic | 72 | 74 | 72 | 80 | |||
Diluted | 72 | 74 | 72 | 80 | |||
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) |
(DOLLAR AMOUNTS IN MILLIONS) |
September 30, 2023 | December 31, 2022 | ||
ASSETS | |||
Cash and cash equivalents | $ 160 | $ 369 | |
Receivables | 181 | 127 | |
Inventories | 379 | 337 | |
Prepaid expenses and other current assets | 25 | 20 | |
Total current assets | 745 | 854 | |
Timber and timberlands | 32 | 40 | |
Property, plant, and equipment, net | 1,512 | 1,326 | |
Operating lease assets | 34 | 44 | |
Goodwill and other intangible assets | 27 | 36 | |
Investments in and advances to affiliates | 6 | 6 | |
Restricted cash | — | 14 | |
Other assets | 19 | 24 | |
Deferred tax asset | 4 | 7 | |
Total assets | $ 2,380 | $ 2,350 | |
LIABILITIES AND EQUITY | |||
Accounts payable and accrued liabilities | $ 264 | $ 317 | |
Income tax payable | 2 | 19 | |
Total current liabilities | 266 | 336 | |
Long-term debt | 347 | 346 | |
Deferred income taxes | 152 | 113 | |
Non-current operating lease liabilities | 35 | 41 | |
Other long-term liabilities | 53 | 53 | |
Contingency reserves, excluding current portion | 25 | 26 | |
Total liabilities | 878 | 916 | |
Redeemable noncontrolling interest | — | — | |
Stockholders' equity: | |||
Common stock | 88 | 88 | |
Additional paid-in capital | 460 | 462 | |
Retained earnings | 1,438 | 1,371 | |
Treasury stock | (387) | (388) | |
Accumulated comprehensive loss | (98) | (99) | |
Total stockholders' equity | 1,502 | 1,433 | |
Total liabilities and stockholders' equity | $ 2,380 | $ 2,350 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) |
(DOLLAR AMOUNTS IN MILLIONS) |
Three Months Ended | Nine Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ 118 | $ 226 | $ 119 | $ 1,093 | |||
Adjustments to net income: | |||||||
Depreciation and amortization | 30 | 34 | 87 | 99 | |||
Impairment of goodwill and long-lived assets | 1 | — | 25 | — | |||
Gain on sale of assets, net | (6) | (118) | (6) | (157) | |||
Pension loss due to settlement | — | 4 | 6 | 4 | |||
Deferred taxes | 34 | 1 | 44 | 27 | |||
Other adjustments, net | 7 | 18 | 48 | 29 | |||
Changes in assets and liabilities (net of acquisitions and divestitures): | |||||||
Receivables | (30) | 46 | (52) | (20) | |||
Inventories | 22 | (29) | (46) | (72) | |||
Prepaid expenses and other current assets | (5) | — | (5) | (11) | |||
Accounts payable and accrued liabilities | 10 | 9 | (36) | 40 | |||
Income taxes payable, net of receivables | 7 | 5 | (26) | 70 | |||
Net cash provided by operating activities | 187 | 195 | 157 | 1,103 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Property, plant, and equipment additions | (49) | (86) | (236) | (282) | |||
Acquisition of facility assets | — | — | (80) | — | |||
Proceeds from sales of assets | 8 | — | 9 | — | |||
Proceeds from divestiture of business | — | 206 | — | 265 | |||
Other investing activities, net | — | 1 | (4) | 3 | |||
Net cash (used in) provided by investing activities | (41) | 121 | (312) | (14) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Borrowing of long-term debt | 10 | — | 80 | — | |||
Repayment of long-term debt | (40) | — | (80) | — | |||
Payment of cash dividends | (17) | (16) | (52) | (53) | |||
Purchase of stock | — | (325) | — | (900) | |||
Other financing activities | — | — | (10) | (15) | |||
Net cash used in financing activities | (48) | (341) | (61) | (968) | |||
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS, | (9) | (9) | (6) | (11) | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash | 90 | (34) | (223) | 111 | |||
Cash, cash equivalents, and restricted cash at beginning of period | 71 | 516 | 383 | 371 | |||
Cash, cash equivalents, and restricted cash at end of period | $ 160 | $ 482 | $ 160 | $ 482 | |||
KEY PERFORMANCE INDICATORS
The following tables set forth: (1) housing starts, (2) our North American sales volumes, and (3) Overall Equipment Effectiveness (OEE). We consider these items to be key performance indicators because LP's management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions, and believes that the key performance indicators presented provide additional perspective and insights when analyzing the core operating performance of LP. These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the
We monitor housing starts, which is a leading external indicator of residential construction in
The following table sets forth housing starts for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Housing starts1: | |||||||
Single-Family | 258 | 242 | 708 | 812 | |||
Multi-Family | 104 | 144 | 369 | 414 | |||
362 | 386 | 1,077 | 1,225 | ||||
1Actual |
We monitor sales volumes for our products in our Siding, OSB and
The following table sets forth sales volumes for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||
Sales Volume | Siding | OSB | South | Total | Siding | OSB | South | Total | |
Siding Solutions (MMSF) | 398 | — | 6 | 405 | 471 | — | 9 | 480 | |
OSB - Structural Solutions (MMSF) | — | 412 | 115 | 528 | — | 460 | 127 | 587 | |
OSB - commodity (MMSF) | — | 401 | — | 401 | — | 544 | — | 544 | |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | ||||||||
Sales Volume | Siding | OSB | South | Total | Siding | OSB | South | Total | |
Siding Solutions (MMSF) | 1,158 | — | 25 | 1,183 | 1,340 | — | 25 | 1,365 | |
OSB - value added (MMSF) | — | 1,151 | 370 | 1,521 | — | 1,499 | 420 | 1,919 | |
OSB - commodity (MMSF) | — | 1,137 | — | 1,137 | — | 1,441 | — | 1,441 | |
We measure OEE of each of our mills to track improvements in the utilization and productivity of our manufacturing assets. OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality. It should be noted that other companies may present OEE differently and, therefore, as presented by us, OEE may not be comparable to similarly-titled measures reported by other companies. We believe that when used in conjunction with other metrics, OEE can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to more readily monitor operational improvements.
OEE for the three and nine months ended September 30, 2023 and 2022 for each of our segments is listed below:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Siding | 77 % | 76 % | 77 % | 75 % | |||
OSB | 74 % | 70 % | 75 % | 72 % | |||
74 % | 64 % | 74 % | 72 % | ||||
SELECTED SEGMENT INFORMATION |
(DOLLAR AMOUNTS IN MILLIONS) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net sales | |||||||
Siding | $ 345 | $ 394 | $ 996 | $ 1,083 | |||
OSB | 335 | 388 | 754 | 1,805 | |||
45 | 53 | 153 | 190 | ||||
Other | 4 | 17 | 21 | 72 | |||
Intersegment sales | — | (1) | — | (2) | |||
Total sales | $ 728 | $ 852 | $ 1,923 | $ 3,149 | |||
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA, NON-GAAP ADJUSTED INCOME, AND NON-GAAP ADJUSTED DILUTED EPS |
(DOLLAR AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net income | $ 118 | $ 226 | $ 119 | $ 1,093 | |||
Add (deduct): | |||||||
Net loss attributed to non-controlling interest | — | — | — | 1 | |||
Income from discontinued operations, net of income taxes | — | (97) | — | (196) | |||
Income attributed to LP from continuing operations | 118 | 129 | 119 | 898 | |||
Provision for income taxes | 44 | 44 | 66 | 284 | |||
Depreciation and amortization | 30 | 32 | 87 | 96 | |||
Stock-based compensation expense | 2 | 2 | 9 | 15 | |||
Loss on impairment attributed to LP | 1 | — | 1 | — | |||
Other operating credits and charges, net | (7) | (7) | 16 | (17) | |||
Business exit charges | 1 | — | 35 | — | |||
Interest expense | 4 | 3 | 9 | 9 | |||
Investment income | (4) | (5) | (10) | (8) | |||
Other non-operating items | — | (1) | 11 | 7 | |||
Pension settlement charges | — | 4 | 6 | 4 | |||
Adjusted EBITDA | $ 190 | $ 200 | $ 349 | $ 1,289 | |||
Siding | $ 71 | $ 90 | $ 198 | $ 251 | |||
OSB | 120 | 113 | 161 | 1,021 | |||
6 | 14 | 31 | 65 | ||||
Other | — | (7) | (15) | (19) | |||
Corporate | (7) | (11) | (26) | (29) | |||
Adjusted EBITDA | $ 190 | $ 200 | $ 349 | $ 1,289 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net income attributed to LP from continuing | $ 1.63 | $ 1.74 | $ 1.65 | $ 11.16 | |||
Net income | $ 118 | $ 226 | $ 119 | $ 1,093 | |||
Add (deduct): | |||||||
Net loss attributed to non-controlling interest | — | — | — | 1 | |||
Income from discontinued operations, net of income taxes | — | (97) | — | (196) | |||
Income attributed to LP from continuing operations | 118 | 129 | 119 | 898 | |||
Loss on impairment attributed to LP | 1 | — | 1 | — | |||
Other operating credits and charges, net | (7) | (7) | 16 | (17) | |||
Business exit charges | 1 | — | 35 | — | |||
Pension settlement charges | — | 4 | 6 | 4 | |||
Reported tax provision | 44 | 44 | 66 | 284 | |||
Adjusted income before tax | 157 | 170 | 242 | 1,171 | |||
Normalized tax provision at | (39) | (42) | (61) | (293) | |||
Adjusted Income | $ 117 | $ 127 | $ 182 | $ 878 | |||
Diluted shares outstanding | 72 | 74 | 72 | 80 | |||
Adjusted Diluted EPS | $ 1.62 | $ 1.72 | $ 2.51 | $ 10.91 | |||
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SOURCE LP Building Solutions
FAQ
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