2018 International Forest Industries December 2017 January 2018 | Page 17

LUMBER PROCESSING NEWS

Boise Cascade reports 3Q net income of $ 31.7 million on sales of $ 1.23 billion

Boise Cascade Company reported net income of $ 31.7 million , or $ 0.81 per share , on sales of $ 1.23 billion for the 3Q ended September 30 , 2017 . 3Q 2016 net income of $ 10 million , or $ 0.26 per share , included a $ 9.5 million pre-tax loss on debt extinguishment , or a $ 0.15 per share after-tax impact .
“ Distribution posted an exceptional quarter , with excellent execution and tailwinds from a strong commodity price environment . Improved results
in Wood Products were driven by strong plywood prices and the impact of previously announced EWP price increases . The catastrophic storms in the southern U . S . created incremental plywood demand , and our sales and operations teams did a great job of responding to customer needs ,” commented Tom Corrick , CEO . “ We expect to experience seasonally slower demand in the 4Q , and commodity pricing will be subject to downside risks . We remain well
Tom Corrick , Bois Cascade CEO
positioned to support singlefamily housing starts growth that continues to post solid year-overyear gains .”
In 3Q 2017 , total U . S . housing starts increased by approximately 1 %, compared to the same period last year , driven by an approximate 11 % increase in single-family starts , offset by an approximate 18 % decrease in multi-family starts . Single-family residential construction is the primary demand driver of our sales . On a year-todate
basis , total U . S . housing starts improved 3 %, compared to the same period last year , driven by an approximate 9 % increase in singlefamily starts .

Louisiana-Pacific reports 20 % net sales increase in 3Q

For the 3Q 2017 , Louisiana-Pacific Corporation ( LP ) reported net sales of $ 718 million , up from $ 596 million in the same quarter of 2016 . 3Q 2017 income from continuing operations was $ 111 million , compared to $ 66 million for the 3Q 2016 .
Adjusted EBITDA from continuing operations for the 3Q 2017 was $ 192 million compared to $ 111 million in the 3Q 2016 .
“ We had our strongest 3Q performance in 12 years ,” said Brad Southern , CEO . “ The key drivers to our earnings improvement for the quarter were OSB and siding pricing , as well as LP product mix and an increase in volume .”
For the nine months ended September 30 , 2017 , LP reported net sales of $ 2 billion , compared to $ 1.7 billion in the first nine months of 2016 .
For the first nine months of 2017 , LP reported income from continuing operations of $ 260 million , or $ 1.78 per diluted share , compared to $ 108 million , or $ 0.74 per diluted share , for the same period in 2016 .
Adjusted EBITDA from continuing operations for the first nine months of 2017 was $ 468 million , compared to $ 262 million for 2016 .
Brad Southern , CEO Louisiana- Pacific Corporation ( LP )

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International Forest Industries | DECEMBER 2017 / JANUARY 2018 15