Louisiana-Pacific Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. Guidance figures: 7 lowered, 5 new. The quarter’s numbers.

Read the filing

Key takeaways

• Net sales and net income fell: Consolidated net sales fell $149 million to $574 million. Net income was $27 million, or $0.39 per diluted share, against $91 million a year earlier. Adjusted diluted EPS was $0.38. Source
• Adjusted EBITDA fell $80 million: Adjusted EBITDA was $82 million against $162 million a year earlier. Higher Siding prices partly offset the OSB price and volume declines. Source
• Siding prices rose, volumes fell: Siding net sales were $360 million, down 10%. Average net selling price rose 9% and unit shipments fell 18%. The company credited the annual price increase, sales mix and lower rebate expense. Source
• OSB net sales and loss: OSB net sales were $168 million, down 37%. Segment Adjusted EBITDA was a $12 million loss, against $54 million a year earlier. Source
• OSB Adjusted EBITDA fell $66 million: Lower OSB prices and lower sales volumes drove the $66 million decline in OSB Adjusted EBITDA. Source
• Gross profit fell to $115 million: Gross profit was $115 million, against $197 million. Cost of sales was $459 million, against $526 million. Source
• Operating cash used $38 million: Operating activities used $38 million of cash, against $64 million provided a year earlier. Changes in inventories used $51 million and accounts payable and accrued liabilities used $33 million. Source

“LP’s teams responded to an increasingly volatile macroeconomic backdrop with resilience, operating safely and efficiently to deliver results that met or exceeded our guided ranges”

LP Chief Executive Officer Jason Ringblom

Guidance

What changed from last quarter

• New guidance: Second-quarter 2026 guidance added alongside full-year 2026 guidance, covering Siding, OSB, consolidated Adjusted EBITDA and the table lines. Source
• Guidance lowered: Full-year Siding net sales guidance is $1.65-1.67 billion, against about $1.7 billion in the February guidance. Source
• Guidance lowered: Full-year Siding Adjusted EBITDA guidance is $410-425 million, against $450 million in the February guidance. Source
• Guidance lowered: Full-year OSB Adjusted EBITDA guidance is a $40 million loss, against breakeven in the February guidance. Source
• Guidance lowered: Full-year consolidated Adjusted EBITDA guidance is $345-360 million, against $430 million in the February guidance. Source
• Guidance lowered: Full-year capital expenditures guidance is about $390 million, against about $400 million in the February guidance. Source
• Guidance lowered: The full-year Other contribution assumption moved to a $25 million loss from a $20 million loss. Source
• New: Adjusted Income was redefined to exclude foreign currency gains and losses, and prior-period figures were recast to match. Source

Results and growth drivers

• Net sales and net income fell: Consolidated net sales fell $149 million to $574 million. Net income was $27 million, or $0.39 per diluted share, against $91 million a year earlier. Adjusted diluted EPS was $0.38. Source
• Adjusted EBITDA fell $80 million: Adjusted EBITDA was $82 million against $162 million a year earlier. Higher Siding prices partly offset the OSB price and volume declines. Source
• Lower tax provision cushioned profit: A $16 million benefit from a lower tax provision offset part of the $80 million Adjusted EBITDA decline in the net income change. Source
• First-quarter results against prior guidance: Siding Adjusted EBITDA was $101 million against guidance of about $80-85 million. OSB was a $12 million loss against a guided $25-30 million loss. Consolidated Adjusted EBITDA was $82 million against about $50 million. Source

Siding segment: price and volume

• Siding prices rose, volumes fell: Siding net sales were $360 million, down 10%. Average net selling price rose 9% and unit shipments fell 18%. The company credited the annual price increase, sales mix and lower rebate expense. Source
• Siding Adjusted EBITDA declined $5 million: Siding Adjusted EBITDA was $101 million, down from $106 million. Pricing added $27 million, more than offset by $35 million from lower volumes. Source
• Siding serves new and remodel markets: Products go to builders and installers for new construction and repair and remodeling, across primed and prefinished siding, trim, soffit and fascia. Source

“Guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks”

Louisiana-Pacific Corp., press release

OSB segment: prices and volumes

• OSB net sales and loss: OSB net sales were $168 million, down 37%. Segment Adjusted EBITDA was a $12 million loss, against $54 million a year earlier. Source
• OSB prices and volumes fell: Average selling prices fell 21% for Structural Solutions and 31% for commodity OSB. Unit shipments fell 18% for Structural Solutions and 12% for commodity. Source
• OSB Adjusted EBITDA fell $66 million: Lower OSB prices and lower sales volumes drove the $66 million decline in OSB Adjusted EBITDA. Source

Other operations and South America

• Other net sales and EBITDA declined: Other net sales were $46 million, down $8 million. Other Adjusted EBITDA was a $7 million loss, against $2 million a year earlier. Source
• Other includes South American operations: Other covers the company's South American business, which makes OSB structural panels and siding for South America and certain export markets. Source
• Other includes timber and closed operations: Other also covers timber and timberlands, other minor products and services, and closed operations. The Other line includes unallocated corporate expenses. Source

Demand and housing starts

• Total housing starts edged up: Total U.S. housing starts were 322 thousand, against 318 thousand a year earlier. The company says starts correlate with demand for many of its products. Source
• Single-family starts fell, multi-family rose: Single-family starts were 216 thousand against 229 thousand. Multi-family starts were 106 thousand against 89 thousand. Source
• Census figures run through April 29: The starts figures are actual data reported by the U.S. Census Bureau, as published through April 29, 2026. Source

Costs and margins

• Gross profit fell to $115 million: Gross profit was $115 million, against $197 million. Cost of sales was $459 million, against $526 million. Source
• SG&A rose, tax provision fell: Selling, general and administrative expenses were $78 million, against $75 million. The provision for income taxes was $9 million, against $26 million. Source
• Interest and investment income changed: Interest expense was $4 million, against $3 million. Investment income was $2 million, against $4 million. Source

Cash, capital and shareholder returns

• Operating cash used $38 million: Operating activities used $38 million of cash, against $64 million provided a year earlier. Changes in inventories used $51 million and accounts payable and accrued liabilities used $33 million. Source
• Cash and liquidity declined: Cash, cash equivalents and restricted cash were $164 million at March 31, 2026, against $292 million at December 31, 2025. Total liquidity was about $900 million. Source
• Capital spending was $61 million: Property, plant and equipment additions were $61 million in the quarter, against $64 million a year earlier. Source
• Dividends paid, $21 million: Cash dividends paid were $21 million, against $20 million a year earlier. Source
• No repurchases; other financing outflows: No stock was repurchased in the quarter, against $61 million a year earlier. Other financing activities used $8 million. Source
• Long-term debt unchanged: Long-term debt was $348 million at both March 31, 2026 and December 31, 2025. Total stockholders' equity was $1,730 million. Source

Guidance and reporting changes

• Adjusted Income now excludes currency: Adjusted Income now excludes foreign currency gains and losses, and prior periods were recast. For first-quarter 2025 the change added $4 million to Adjusted Income and $0.06 to Adjusted Diluted EPS. Source
• Guidance cannot reconcile to GAAP: The company says forward-looking Adjusted EBITDA guidance cannot be reconciled to GAAP without unreasonable effort, because sufficient information is not available for certain adjustments such as loss on impairment. Source
• OSB guidance assumes May 1 prices: OSB Adjusted EBITDA guidance assumes Random Lengths OSB prices stay unchanged from May 1, 2026. The company states this is a modeling assumption and not a price forecast. Source

Coming up, as management said on 6 May 2026

• Second-quarter and full-year guidance: Management set guidance for the second quarter and full year 2026 across Siding, OSB, consolidated Adjusted EBITDA and capital expenditures. No date for the next guidance update is given. Source

Figures management reported

Risks management discussed

• External: OSB net sales fell on lower prices and lower sales volumes, which the company cited as the main drivers. Source
• External: Management said its teams responded to an increasingly volatile macroeconomic backdrop. Source
• Financial: Working capital absorbed cash, with inventories and receivables rising and payables and accrued liabilities falling during the quarter. Source

Earlier plans management reported on

• Met: Management said first-quarter results met or exceeded the guided ranges given in the February 2026 release. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.