Louisiana-Pacific Corporation (NYSE:LPX) Q4 2023 Earnings Conference Call February 14, 2024 11:00 AM ET

Company Participants

Aaron Howald - VP of IR and Business Development

Brad Southern - CEO

Alan Haughie - CFO

Conference Call Participants

Ketan Mamtora - BMO

Steven Ramsey - Thompson Research Group

George Staphos - Bank of America Securities, Inc.

Susan Maklari - Goldman Sachs

Matthew McKellar - RBC Capital Markets

Mark Weintraub - Seaport Research Partners

Sean Steuart - TD Securities

Kurt Yinger - D.A. Davidson

Operator

Good day and thank you for standing by. Welcome to Q4 2023 Louisiana-Pacific Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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, and good morning, everyone. Thank you for joining us to discuss LP's results for the fourth quarter and full year of 2023. My name is Aaron Howald and I am LP's Vice President of Investor Relations and Business Development. With me this morning are Brad Southern, LP's Chief Executive Officer; and Alan Haughie, LP's Chief Financial Officer.

During this morning's call, we will refer to a presentation that has been posted to LP's IR webpage, which is investor lpcorp.com. Our 8-K filing, press release and other materials, detailing LP's strategy and sustainable business model are also available there.

As usual, today's discussion will contain forward-looking statements and non-GAAP financial metrics as detailed on Slides 2 and 3 of the earnings presentation. The appendix to the presentation also contains reconciliations that are further supplemented by this morning's 8-K filing. Rather than reading those materials, I incorporate them herein by reference.

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

Brad Southern

Thanks, Aaron, and thank you all for joining us to discuss LP's results for the fourth quarter and the full year of 2023.

2023 ended much better than it began for LP and the markets we serve. In the fourth quarter, Siding achieved its highest EBITDA margin of the year. I'm pleased to share that Siding is back on a growth footing, having returned to normal inventory and order flows after a destocking cycle in the first half of last year. We are well positioned to gain share in R&R and with homebuilders.

Commodity OSB prices fell early in Q4, but rebounded later in the quarter. These factors, along with strong price realization and efficient operations, contributed to an EBITDA result meaningfully above our guided range.