Rail Issues Pose Near-Term Headwind for Louisiana-Pacific; Long-Term Housing Thesis Unchanged
Louisiana-Pacific started the year with slightly weaker volumes than we would've anticipated, given the continued traction in homebuilding. New-home construction is roughly 6.5% above last year's level during the first quarter, which would suggest volume growth for LP under normal circumstances. However, shipments of oriented strand board slid 4%, and siding fell 5% versus the prior-year period. Tight shipping conditions in Canada are the primary issue, which could get worse if a rail strike tak...Louisiana-Pacific is a provider of building solutions serving the new home construction, repair and remodeling and outdoor structures markets. The company has four segments: siding, which includes LP SmartSide? Strand and Fiber trim and siding, as well as LP Outdoor Building Solutions? products for outdoor buildings; oriented strand board (OSB), which manufactures and distributes OSB structural panel products; engineered wood products, which include LP SolidStart? I-Joist, Laminated Veneer Lumber, and other related products; and South America, which manufactures and distributes OSB structural panel and siding products in South America and certain export markets.
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