NASHVILLE, Tenn. (News release) -- Louisiana-Pacific Corporation (LP) reported its financial results for the three and nine months ended September 30, 2024.

Net sales for the Q3 2024 decreased year-over-year by $6 million (or 1%). Siding revenue increased by $76 million (or 22%), due to 15% higher volumes and 6% higher prices. OSB revenue decreased by $82 million (or 24%), driven by 27% lower prices, partially offset by 2% higher volumes.

Q3 2024 net income decreased year-over-year by $27 million to $90 million ($1.28 per diluted share). The decrease primarily reflects a $37 million decrease in Adjusted EBITDA, partially offset by a $21 million decrease in the provision for income taxes. The year-over-year decrease in Adjusted EBITDA includes $88 million due to lower OSB selling prices, partially offset by a $46 million impact from higher Siding net sales.

"LP's teams executed our strategy to drive growth, margin, specialization, and efficiency in the third quarter," said LP Chairperson and CEO Brad Southern. "As a result, the Siding segment set new records for net sales and Adjusted EBITDA, and the OSB segment delivered a solid quarter in a challenging price environment with operational efficiency, cost control, and outstanding safety."

First Nine Months of 2024

Net sales for the first nine months of 2024 increased year-over-year by $338 million (or 18%). Siding revenue increased by $200 million (or 20%), due to 6% higher prices and 14% higher volumes. OSB revenue increased by $164 million (or 22%), driven by 8% higher prices and 12% higher volumes. This was partially offset by decreases of $13 million in each of the LP South America (LPSA) segment and Other revenue.

Net income increased year-over-year by $239 million to $358 million ($5.00 per diluted share). The increase primarily reflects a $215 million increase in Adjusted EBITDA, $49 million of changes in business exit credits and charges, and $16 million of prior year settlements of OSB patent-related claims. This was partially offset by a $50 million increase in the provision for income taxes. The year-over-year increase in Adjusted EBITDA includes a $117 million impact from higher Siding net sales, $47 million due to higher OSB selling prices, and a $53 million impact from higher OSB sales volumes.

Louisiana-Pacific Corporation is a leading manufacturer of high-performance building products.