Louisiana-Pacific (LPX) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales were $724 million, flat year-over-year, as 11% Siding growth offset a 15% decline in OSB; net income was $91 million, down from $108 million.

• Siding segment achieved 11% net sales growth, 17% Adjusted EBITDA growth, robust order files, and margin expansion, supported by new product launches and strong demand.

• OSB segment net sales fell 15% and Adjusted EBITDA dropped 40% due to lower prices and volumes, with mix shift to commodity further reducing results.

• Integration under a new CCO-COO structure aims to ensure strategic continuity and execution.

• $20 million in dividends paid and $61 million in share repurchases during Q1.

Financial highlights

• Gross profit for Q1 2025 was $197 million, down from $214 million; operating income was $120 million, compared to $145 million a year ago.

• Adjusted EBITDA was $162 million, down from $182 million year-over-year.

• Adjusted Diluted EPS was $1.27, down from $1.53; diluted EPS was $1.30, down from $1.48.

• Ending cash balance was $256 million, with $1 billion in liquidity including an undrawn $750 million revolver.

• Cash from operations was $64 million; capital expenditures totaled $64 million.

Outlook and guidance

• Full-year Siding revenue expected at ~$1.7 billion (>9% growth), with Adjusted EBITDA margin above 25%.

• Q2 Siding revenue projected at $445–$455 million (9–10% growth), with EBITDA margin around 26%.

• OSB full-year Adjusted EBITDA guidance: $110–$145 million, assuming flat commodity prices.

• Full-year capital expenditures projected at ~$410 million, split between growth and maintenance.

• Estimated incremental tariff costs of $12 million in 2025, mostly impacting Siding.