LP saw sales grow 6% in the fourth quarter of 2013 to $480 million over third quarter sales of $454 million, while full year sales increased 23% to $2.1 billion, compared to $1.7 billion in 2012.
The Nashville, Tenn.-based company reported a fourth quarter loss of $20.4 million, compared to the third quarter’s $46.1 million net income. Full 2013 net income came to $1.77 billion compared to year-ago net income of $29.
The company said it shipped record volumes of its SmartSide siding and a variety of other OSB products. LP currently operates 10 OSB facilities, but has indefinitely curtailed one other facility due to market conditions.
The OSB segment reported net sales for the fourth quarter of 2013 of $230 million, down 5% from the year-ago quarter’s $243 million of net sales. For the fourth quarter of 2013, the OSB segment reported an operating profit of $7 million compared to $58 million in the fourth quarter of 2012.
OSB sales for the quarter rose 17% over the fourth quarter of 2012, but the sales price decreased 20% in the quarter. Full-year OSB totaled $1 billion, a 31% increase over the prior year, while operating income came to $230 million in 2013, compared to $124 million in 2012. For the year, sales volumes increased 11% and sales prices rose 20%.
LPs Siding segment reported net sales of $138 million in the fourth quarter of 2013, an increase of 19% from the$117 million in net sales in the year-ago quarter. Fourth quarter operating income totaled $16 million compared to $11 million in the year-ago quarter.
Full-year siding sales came to $574 million, a 15% increase over 2012. Operating income totlaed $86 million compared to $67 million in 2012.
The company' engineered-wood segment had fourth quarter sales totaling $72 million, up 39% from $52 million in the year-ago quarter. Operating losses fell 20% to $4 million for the fourth quarter of 2013 from $5 million for the fourth quarter of 2012.
For the year, engineered wood sales totaled $268 million, a 25% increase over the prior year, while operating losses totaled $14 million in 2013 and 2012.