Louisiana-Pacific (LPX) Q4 2024 earnings summary

Executive summary

• Full year 2024 net sales rose 14% to $2.94 billion, with adjusted EBITDA up 44% to $688 million and net income up 137% to $420 million.

• Siding segment led with 17% sales growth to $1.56 billion and a 25% EBITDA margin; OSB sales rose 15% to $1.18 billion.

• Q4 2024 net sales were $681 million, adjusted EBITDA $125 million, and net income $63 million.

• Returned $286 million to shareholders in 2024 via share repurchases and dividends, with $51 million more in buybacks post-year-end.

• Maintained strong liquidity with $340 million in cash and $900 million available at year-end.

Financial highlights

• FY 2024 adjusted EPS was $5.88, up $2.66 year-over-year; Q4 adjusted EPS was $1.03, up $0.32.

• Operating cash flow for 2024 was $605 million, up from $316 million in 2023.

• Capital expenditures totaled $183 million for 2024.

• Siding net sales for 2024 were $1.56 billion, OSB net sales $1.18 billion.

• Full year gross margin was $832 million (28% of sales); operating margin was 18%.

Outlook and guidance

• Q1 2025 Siding revenue expected at $390–$400 million (9–11% growth), EBITDA $95–$105 million, margin ~25%.

• Full-year 2025 Siding revenue expected at $1.65–$1.7 billion (7–9% growth), EBITDA $415–$450 million, margin ~25%.

• Consolidated 2025 adjusted EBITDA guidance is $615–$635 million.

• 2025 capital expenditures projected at ~$410 million, with $200–$210 million for growth and maintenance.

• Quarterly dividend for Q1 2025 raised to $0.28 per share, up 8%.