Building materials manufacturer Louisiana-Pacific reported a profit of $94.1 million for the second quarter, reversing a $37 million loss of a year ago. Adjusted income from continuing operations came in at 41 cents per diluted share, which was seven cents better than analysts had expected.
Revenues at downtown-based LP climbed 34 percent from a year ago to $573 million, a number that also handily topped expectations. The company's largest segment, which makes oriented strand board, saw operating profits leap to more than $90 million from $17 as sales grew by about 50 percent. LP's siding and South American divisions also lifted their operating margins even though the company and the industry as a whole had to endure hiccups related to weather and the availability of labor and financing.
"We will continue to be agile in our operations as the weather improves and builders address issues," said CEO Curt Stevens. "The consensus projection for housing starts for this year is a 25 percent increase over 2012, with starts projected to increase at least another 25 percent in 2014. We will be ready to respond."
Around 12:45 p.m., shares of LP (Ticker: LPX) were up about a half a percent to $16.91. So far this year, they've lost about 12 percent of their value.
Real estate investment trust National Health Investors said its second-quarter funds from operations came in at $24.4 million, up 14 percent from 2012's spring quarter. Per diluted share, normalized FFO was 87 cents versus 77 cents.
Revenues at Murfreesboro-based NHI climbed about a quarter to $28 million. The company has added more than $160 million to its real estate holdings so far this year and now expects normalized FFO for 2013 to come in between $3.48 to $3.54 per diluted share. That's up from executives' previous range of $3.42 to $3.50.
Shares of NHI (Ticker: NHI) were up slightly to about $62 in Tuesday-afternoon trading. Year to date, they're up roughly 10 percent.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR