Louisiana-Pacific Corporation (NYSE:LPX) Q4 2022 Earnings Conference Call February 21, 2023 11:00 AM ET

Company Participants

Aaron Howald - Vice President, Investor Relations

Brad Southern - Chief Executive Officer

Alan Haughie - Chief Financial Officer

Conference Call Participants

George Staphos - Bank of America

Ketan Mamtora - BMO

Susan Maklari - Goldman Sachs

Mike Roxland - Truist

Mark Weintraub - Seaport

Kurt Yinger - D.A. Davidson

Paul Quinn - RBC

Sean Steuart - TD Securities

Operator

Thank you for standing by. Welcome to the Q4 2022 Louisiana-Pacific Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference call is being recorded. I would like to turn the conference over today to Aaron Howald, Vice President, Investor Relations.

Aaron Howald

Thank you, operator. Good morning, everyone and thank you for joining us to discuss LP’s results for the fourth quarter and full year of 2022 as well as our updated outlook for the first quarter of 2023. As the operator said, my name is Aaron Howald, and I am LP’s Vice President of Investor Relations and Business Development. I am joined this morning by Brad Southern, LP’s Chief Executive Officer and Alan Haughie, LP’s Chief Financial Officer.

During this morning’s conference call and podcast, we will refer to an accompanying presentation that is available on LP’s IR webpage, which is investor.lpcorp.com. Our 8-K filing is also available there along with our earnings press release and other materials. Today’s discussion will contain forward-looking statements and non-GAAP financial metrics as described on Slides 2 and 3 of the earnings presentation. Rather than reading these statements, I incorporate them herein by reference. The appendix of the presentation also contains reconciliations that are further supplemented by this morning’s 8-K filing.

And with that, I will turn the call over to Brad.

Brad Southern

Thanks, Aaron. Good morning, everyone and thank you for joining LP’s conference call to discuss our fourth quarter and full year results. In 2022, LP’s 50th year, we delivered record siding volume and earned $1.4 billion in EBITDA and returned nearly $1 billion to shareholders, including repurchasing 14 million shares. We also invested in our ongoing transformation by completing the conversion of our Houlton mill, starting the conversion of Sagola from OSB to siding and growing our capacity to produce export finish and structural solutions. In Q4, we grew Siding Solutions net sales by 38% and remain EBITDA positive in OSB despite prices falling to levels not seen since 2019.