Louisiana-Pacific’s (LP) operating losses narrowed to US$27.3m in the second quarter.
The result was a 66% improvement compared to a year ago, while sales totalled US$266.2m, a reduction of 31%.
The company’s OSB business recorded an operating loss of US$18.5m, a 46% improvement on a year ago. Production at four of LP’s 12 OSB factories has been indefinitely curtailed due to market conditions.
LP’s siding division showed a US$6.5m profit. Engineered wood products, including I-joists, LVL and LSL were US$8.6m in the red.
“The start of 2009 has proven to be very challenging for our businesses and while the level of activity for the remainder of the year is expected to increase, the rate is unclear,” said LP CEO Rick Frost.
“Our goal this year is to conserve cash and improve liquidity so that when this economic downturn subsides, we will be well positioned to compete.”
