Louisiana-Pacific reports $23 million net loss in Q2

Nashville, Tenn.-based Louisiana-Pacific reported a second quarter net loss of $23 million, compared with net earnings of $55 million in the second quarter of 2006.

Net sales for the quarter were $461.2 million, down 28 percent from $636.6 million in the same period last year.

"Our second quarter results reflect the continuing weakness in the housing sector," said CEO Rick Frost. "With new housing starts down compared to the same quarter last year, we saw lower demand for most of our building products and significantly lower OSB prices.”

Frost also pointed to the strengthening of the Canadian dollar, which negatively impacted the company’s operating results and caused a foreign exchange loss related to its debt.

Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.