Lousiana-Pacific soars to record after beat-and-raise report

Louisiana-Pacific

05/11/2024 15:23

(Updates stock activity)
** Louisiana-Pacific's  LPX.N  shares jump nearly 11% and rising
for fifth straight day Tues after wood products firm posts qtrly
beat and boosts outlook
    ** LPX rises as much as 10.8% to $112.06, surpassing prior
intraday record high of $109.73 hit on Oct 1. Shares last up
7.6% at $108.85
** Co early Tues reported Q3 rev of $722 mln, down 1% y/y, and
adj EPS of $1.22, both above LSEG estimates of ~$680 mln in rev
and earnings of 88 cents/sh
    ** "...Siding segment set new records for net sales and
Adjusted EBITDA, and the OSB (Oriented Strand Board) segment
delivered a solid quarter in a challenging price environment
with operational efficiency, cost control, and outstanding
safety,” CEO Brad Southern said in statement
    ** Co raises consolidated full-yr adj core profit (EBITDA)
guidance to $655-$675 mln, up from prior forecast of $580-$620
mln
    ** 10 analysts cover LPX and recommendation breakdown is 3
"buy", 5 "hold" and 2 "sell" ratings and median PT is $110 -
LSEG data shows
    ** With move on the session, stock up ~54% YTD following
~20% gain in 2023

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))