LPX · Louisiana-Pacific Corporation

Louisiana-Pacific Corporation's Q1 2026 results reflect challenges in a volatile macroeconomic environment, with consolidated net sales dropping 26% year-over-year to $574 million, driven by declines across segments. Siding net sales fell 10% to $360 million, as 9% higher prices from annual increases and favorable mix were outweighed by 18% lower volumes, leading to a $35 million EBITDA headwind despite $27 million pricing benefit; segment Adjusted EBITDA dipped 5% to $101 million. OSB faced steeper pressure, with net sales down 37% to $168 million from lower prices (-21% to -31%) and volumes (-12% to -18%), swinging Adjusted EBITDA to a $12 million loss from $54 million profit, contributing $66 million price and $10 million volume impacts. Other operations saw $8 million sales decline and $9 million EBITDA drop. Net income of $27 million ($0.39/share) declined $64 million, cushioned by a $16 million tax benefit. CEO Jason Ringblom highlighted team resilience in meeting guided ranges amid volatility. Guidance signals caution: Q2 siding sales ~4% decline to $435-445 million with 26% margins, OSB EBITDA loss of $10 million; full-year siding ~2% decline to $1.65-1.67 billion, 25-26% margins, OSB $40 million loss, consolidated Adjusted EBITDA $345-360 million. Capex of $61 million in Q1 supports $390 million full-year plan ($200 million growth, $190 million maintenance), with $21 million dividends paid and $900 million liquidity providing flexibility.