Louisiana-Pacific (LPX) Q1 FY2024 earnings: revenue $724 million, up 24.0% on the year

Louisiana-Pacific Corp. (LPX) reported revenue of $724 million for Q1 FY2024, the quarter ended 31 March 2024, up 24.0% on the same quarter a year earlier. Net income was $108 million, up 414.3% on the year, and diluted earnings per share $1.48. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$724 millionup 24.0%

Net income$108 millionup 414.3%

Diluted EPS$1.48

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	724	658	n/a	n/a
Cost of revenue	511	499	n/a	n/a
Gross profit	214	159	n/a	n/a
Gross margin	29.6%	24.2%	n/a
Selling, general and administrative	69.0	67.0	n/a	n/a
Operating income	145	88.0	n/a	n/a
Operating margin	20.0%	13.4%	n/a
Interest expense	4.0	7.0	n/a	n/a
Pre-tax income	148	70.0	n/a	n/a
Income tax	41.0	8.0	n/a	n/a
Effective tax rate	27.7%	11.4%	n/a
Net income	108	59.0	n/a	n/a
Net margin	14.9%	9.0%	n/a
Diluted EPS	$1.48	$0.81	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	105	159	n/a	n/a
Capital expenditure	41.0	64.0	n/a	n/a
Free cash flow	64.0	95.0	n/a	n/a
Free cash flow margin	8.8%	14.4%	n/a
Cash from investing	-41.0	-64.0	n/a	n/a
Cash from financing	-39.0	-16.0	n/a	n/a
Depreciation and amortisation	31.0	n/a	n/a	n/a
Buybacks	13.0	0.0	n/a	n/a
Dividends paid	19.0	18.0	n/a	n/a
Dividend per share	$0.26	$0.26	n/a	n/a
Diluted shares, weighted	72m	72m	n/a	n/a
Shares outstanding at period end	72m	72m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,617	1,557	n/a	n/a
Debt	347	347	n/a	n/a
Operating lease liabilities	24.0	25.0	n/a	n/a
Other liabilities	499	508	n/a	n/a
Total liabilities and equity	2,487	2,437	n/a	n/a
Fixed assets	1,533	1,540	n/a	n/a
Goodwill	19.0	19.0	n/a	n/a
Intangible assets	n/a	32.0	n/a	n/a
Cash and equivalents	244	222	n/a	n/a
Receivables	180	155	n/a	n/a
Inventory	398	378	n/a	n/a
Other assets	113	91.0	n/a	n/a
Total assets	2,487	2,437	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	728	658	724	814	722	681	724	755	663	566	574	664
Cost of revenue	514	499	511	551	530	518	526	577	534	482	459	549
Gross profit	214	159	214	263	193	162	197	178	129	85.0	115	116
Gross margin	29%	24%	30%	32%	27%	24%	27%	24%	19%	15%	20%	17%
SG&A	58.0	67.0	69.0	71.0	75.0	76.0	75.0	79.0	95.0	80.0	78.0	80.0
Operating income	161	88.0	145	194	116	75.0	120	80.0	18.0	-9.0	34.0	31.0
Operating margin	22%	13%	20%	24%	16%	11%	17%	11%	3%	-2%	6%	5%
Interest expense	4.0	7.0	4.0	4.0	4.0	2.0	3.0	4.0	4.0	6.0	4.0	4.0
Pre-tax income	160	70.0	148	201	113	98.0	116	73.0	18.0	-11.0	36.0	34.0
Tax rate	28%	11%	28%	26%	20%	23%	22%	26%	50%	n/a	25%	24%
Net income	118	59.0	108	160	90.0	62.0	91.0	54.0	9.0	-8.0	27.0	26.0
Net margin	16%	9%	15%	20%	12%	9%	13%	7%	1%	-1%	5%	4%
Diluted EPS	$1.63	$0.81	$1.48	$2.23	$1.28	$0.89	$1.30	$0.77	$0.13	-$0.11	$0.39	$0.38
Operating cash flow	187	159	105	212	183	105	64.0	162	89.0	67.0	-38.0	140
Capital expenditure	48.0	64.0	41.0	36.0	44.0	62.0	64.0	68.0	84.0	75.0	61.0	59.0
Free cash flow	139	95.0	64.0	176	139	43.0	0.0	94.0	5.0	-8.0	-99.0	81.0
Buybacks	0.0	0.0	13.0	102	74.0	23.0	61.0	0.0	0.0	0.0	0.0	0.0
Dividends paid	17.0	18.0	19.0	19.0	18.0	18.0	20.0	19.0	19.0	20.0	21.0	21.0
Shares outstanding	72m	72m	72m	71m	70m	70m	70m	70m	70m	70m	70m	70m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001628280-24-021527: the filing on EDGAR. All of Louisiana-Pacific Corp.'s filings: EDGAR company page.

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