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Louisiana-Pacific Corporation (LP Building Solutions) reports developments tied to engineered wood building products for new construction, repair, remodeling, and related markets. The company’s recurring news centers on its Siding portfolio, including LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding, and LP® Outdoor Building Solutions, as well as OSB and LP® Structural Solutions products such as LP® FlameBlock® Fire-Rated Sheathing, LP BurnGuard™ FRT OSB, LP WeatherLogic® Air & Water Barrier, LP® TechShield® Radiant Barrier Sheathing, LP Legacy® Premium Sub-Flooring, and LP® TopNotch® 350 Durable Sub-Flooring.
Company updates also cover quarterly results and guidance, cash dividends, product launches and color collections, sustainability recognition, forest stewardship partnerships, and segment trends across Siding, OSB, South American operations, timber, and related activities.
LP Building Solutions (LP) announced a donation of over $680,000 in 2022 through its LP Foundation, which supports various philanthropic programs. These initiatives include grants for housing, STEM education, and disaster relief. Notable contributions include $100,000 to the Gary Sinise Foundation's R.I.S.E. program for veterans and a $150,000 grant to the Thomasville Healthcare Foundation. The LP Foundation has donated over $20 million since its inception in 1973, reflecting its commitment to building better communities.
LP Building Solutions has announced a partnership with Vancouver Island University to support training programs for Indigenous peoples and women in trades. Over the next three years, LP will contribute $10,000 annually to the Indigenous Peoples in Trades Training and Women in Trades Training programs. The funding will cover tuition, tools, and safety certificates, while LP employees will conduct demonstrations. This initiative aligns with LP's commitment to diversity and aims to address the anticipated 85,000 job openings in the skilled trades over the next decade.
LP Foundation, the nonprofit division of LP Building Solutions, donated $150,000 to Thomasville Regional Medical Center (TRMC) to enhance medical care in Clarke County. This funding will be used for surgical equipment, medicine, and medical supplies. TRMC, which opened in March 2020, plays a vital role in the community, especially during the COVID-19 pandemic. Since its inception, the LP Foundation has contributed over $20 million to various nonprofits, demonstrating a commitment to community support.
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Louisiana-Pacific Corporation (LPX) reported Q3 2022 results with a 16% decrease in net sales to $852 million, primarily driven by a 35% decline in OSB sales. Siding Solutions, however, saw a 27% increase, generating $393 million. Income from continuing operations dropped to $129 million ($1.74/share), while adjusted EBITDA decreased by $281 million to $200 million. Cash flow from operations was $195 million, and the company repurchased $325 million of shares. Future growth plans include expanding the Houlton, Maine facility and a new ExpertFinish facility in Washington.
LP Building Solutions (NYSE: LPX) has declared a quarterly cash dividend of $0.22 per share to common stockholders. This dividend is scheduled for payment on December 1, 2022, and is available to stockholders of record as of November 9, 2022. The company, based in Nashville, Tennessee, is recognized as a leader in engineered wood building products, operating 22 plants in the U.S., Canada, Chile, and Brazil.
The LP Foundation has partnered with the Gary Sinise Foundation's R.I.S.E. Program, committing an inaugural donation of $100,000 to support veterans in need. This marks the LP Foundation's first national partnership and largest donation in 2022. The R.I.S.E. Program provides specially adapted homes for severely wounded heroes. The LP Foundation will continue supporting this program with annual donations and product contributions. This initiative extends LP's commitment to community support and aligns with its mission of Building A Better World™.
LP Building Solutions (NYSE: LPX) will release its third-quarter 2022 financial results on November 1, 2022, with a conference call scheduled for 11 a.m. ET. The call will discuss results for the quarter ending September 30, 2022 and will be hosted by Chair and CEO Brad Southern and CFO Alan Haughie. Interested participants can register to join the call and access the presentation via LP's Investor Relations website.
LP Foundation has partnered with PENCIL to launch the LP STEAM Lending Library, donating $40,000 to support Metro Nashville middle school students. This innovative library will provide 17 MNPS traditional STEAM middle schools with specialized kits for hands-on learning in subjects like robotics and geology. The initiative aims to enhance educational resources for teachers and engage students in STEAM disciplines, marking a significant commitment to public education as part of LP Building Solutions' ongoing support for the community.
LP Building Solutions has announced the promotion of Jeff Yelle to Vice President and Chief Information Officer, effective September 19, 2022, replacing retiring CIO Don Walker. Yelle, a 26-year veteran of the company, previously held roles in quality management and technology. Additionally, Jeff Sweet has been elevated to Vice President of Engineering, overseeing corporate engineering and maintenance. Sweet joined LP in June 2018 and was promoted from siding engineering manager. These changes are part of LP's strategy to enhance operational efficiency.