Louisiana-Pacific (LPX) Q4 2024 earnings summary

Executive summary

• FY 2024 net sales reached $2.94 billion, up 14% year-over-year, with adjusted EBITDA of $688 million, a 44% increase, and net income of $420 million, up 137%.

• Siding segment led growth with 17% annual sales increase, a 25% EBITDA margin, and record net sales and EBITDA.

• Q4 2024 net sales were $681 million, adjusted EBITDA $125 million, and net income $63 million.

• Returned $286 million to shareholders in 2024 via dividends and share repurchases.

• Maintained strong liquidity with $340 million in cash and $900 million available at year-end.

Financial highlights

• FY 2024 adjusted EPS was $5.88, up $2.66 from FY 2023; Q4 adjusted EPS was $1.03, up $0.32 year-over-year.

• Operating cash flow for FY 2024 was $605 million, with $183 million in capital expenditures.

• Siding net sales for FY 2024 were $1.56 billion (+17%); OSB net sales were $1.18 billion (+15%).

• Q4 2024 Siding net sales were $362 million (+9%); OSB $267 million (–2%).

• Q4 2024 gross margin was $162 million (24% of sales); full year gross margin was $832 million (28% of sales).

Outlook and guidance

• FY 2025 siding revenue expected at $1.65–$1.7 billion (+7–9%), with adjusted EBITDA of $415–$450 million (~25% margin).

• Q1 2025 siding revenue guidance is $390–$400 million (+9–11%), with adjusted EBITDA of $95–$105 million.

• Full-year 2025 consolidated adjusted EBITDA guidance is $615–$635 million.

• Capital expenditures for 2025 projected at ~$410 million, with $200–$210 million for growth and maintenance.

• Quarterly dividend for Q1 2025 raised to $0.28 per share, up 8%.