10-Q · May 6, 2026
Louisiana-Pacific Corporation (LPX) reported Q1 2026 revenues of $574 million and EPS of $0.39, slightly exceeding the revenue estimate of $570 million while EPS surpassed the forecast of $0.14. Revenue decreased by…
Earnings analysis · 10-Q
LPX earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
LP reported third-quarter revenue of $691 million and diluted EPS of $0.32, exceeding consensus estimates of $671.9 million and $0.21, respectively. Revenue improved both sequentially and year over year, led by record…
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LP reported third-quarter revenue of $691 million and diluted EPS of $0.32, exceeding consensus estimates of $671.9 million and $0.21, respectively. Revenue improved both sequentially and year over year, led by record Siding net sales of $473 million, but OSB Adjusted EBITDA remained negative at $(24) million and is expected to remain negative in the fourth quarter and full year. The outlook is mixed: management provided meaningful 2026 EBITDA and capital-spending targets, while OSB pricing sensitivity and the Jasper curtailment remain material risks.
Reported figures
- Earnings per share
- $0.32
- Segment
- Siding net sales: $473 million, a record level.
- Segment
- OSB Adjusted EBITDA: $(24) million.
What stood out
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Revenue improved sequentially and year over year
Third-quarter revenue was $691 million, up $27 million, or 4.1%, from $664 million in the prior quarter and up $28 million, or 4.2%, from $663 million a year earlier.
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EPS beat consensus and prior year
Diluted EPS was $0.32, exceeding the $0.21 consensus estimate and rising from $0.13 in Q3 2025, although it declined from $0.38 in Q2 2026.
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Record Siding sales drove growth
Siding net sales reached a record $473 million, making Siding the principal contributor to the quarter's year-over-year revenue growth.
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Company provided EBITDA outlook
The company reported fourth-quarter consolidated Adjusted EBITDA guidance of $30-$40 million and full-year 2026 consolidated Adjusted EBITDA guidance of $270-$280 million.
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Capital spending plan disclosed
Full-year 2026 capital expenditures are expected to be approximately $300 million, providing a quantitative view of planned investment intensity.
What to watch
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OSB profitability remains negative
OSB Adjusted EBITDA remained negative at $(24) million in the quarter. Fourth-quarter OSB Adjusted EBITDA is guided to $(35) million and full-year 2026 OSB Adjusted EBITDA to $(95) million.
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OSB prices and curtailment remain material
Following the Jasper facility curtailment, annualized OSB capacity is expected to be approximately 3.6 billion square feet on a 3/8-inch basis, or 3.1 billion square feet on a 7/16-inch basis. A $1 change in the annual average OSB price per thousand square feet would change annual pre-tax profit by approximately $3 million.
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Market-risk exposure persists
As of September 30, 2026, there were no outstanding borrowings under the Amended Credit Facility, but the company remains exposed to foreign currency, commodity price and interest-rate fluctuations.
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No new formal risk-factor changes
The filing states there were no material changes to the risk factors disclosed in the 2025 Form 10-K. It also states that no shares were repurchased during the quarter and that $177 million remained available under the repurchase authorization.
Management's outlook
No comparable prior outlook was disclosed, so guidance direction cannot be assessed. The company provided fourth-quarter 2026 guidance for Siding net sales of $390-$400 million, Siding Adjusted EBITDA of $80-$90 million, OSB Adjusted EBITDA of $(35) million and consolidated Adjusted EBITDA of $30-$40 million. Full-year 2026 guidance included Siding net sales of $1.66-$1.67 billion, Siding Adjusted EBITDA of $415-$425 million, OSB Adjusted EBITDA of $(95) million, consolidated Adjusted EBITDA of $270-$280 million and capital expenditures of approximately $300 million.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.