Louisiana-Pacific Corporation (NYSE:LPX) Q3 2022 Earnings Conference Call November 1, 2022 11:00 AM ET

Company Participants

Aaron Howald – Vice President-Investor Relations and Business Development

Brad Southern – Chair and Chief Executive Officer

Alan Haughie – Executive Vice President and Chief Financial Officer

Conference Call Participants

Susan Maklari – Goldman Sachs

George Staphos – Bank of America Securities

Kurt Yinger – D.A. Davidson

Mark Weintraub – Seaport Global Securities

Michael Roxland – Truist Securities

John Tumazos – John Tumazos Very Independent Research LLC

Paul Quinn – RBC Capital Markets

Operator

Good day. And thank you for standing by. Welcome to the Third Quarter Louisiana Pacific Corporation Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Aaron Howald, Vice President Investor Relations and Business Development. Please go ahead.

Aaron Howald

Thank you, operator. Good morning, everyone. And thank you for joining us to discuss LP's results for the third quarter of 2022 as well as our updated outlook for the fourth quarter and full year.

As the operator said, my name is Aaron Howald, and I'm LP's Vice President of Investor Relations and Business Development. I'm 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 webcast 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 various other materials.

Statements regarding non-GAAP financial metrics and forward-looking statements are available on Slides 2 and 3 of the earnings presentation. And the appendix also contains reconciliations that are further supplemented by this morning's 8-K filing. Rather than reading those statements, I incorporate them here and by reference.

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

Brad Southern

Thanks, Aaron. Good morning everyone. And thank you for joining us to discuss LP’s results for the third quarter in our full year outlook. As you all know, the third quarter saw a significant slowdown in single-family housing starts, which no doubt contributed to the normalization of OSB prices. This is a challenge for commodity OSB results, but also provides an opportunity to demonstrate the value of LP’s transformation against the backdrop of a slowdown in new residential construction. LP’s strategic focus on the repair and remodel market segment and higher value-added specialty products, drove continued growth. In fact, the Siding segment generated more revenue than the OSB segment in Q3. And within OSB, the majority of the revenue came from the more specialized Structural Solutions portfolio. Our discipline capital allocation strategy continues to prioritize and support investment in the capacity necessary to enable future growth.