NASHVILLE, Tenn. (AP) — Building materials maker Louisiana-Pacific Corp. said its fourth-quarter loss widened from the year before as a weak construction market depressed demand and cut sales.
The company said Tuesday that its net income for the quarter ended Dec. 31 was a loss of $46.6 million, or 34 cents per share, compared to a loss of $6.8 million, or 5 cents per share, during the same period a year before.
Revenue for the quarter was $312 million, down from $316.3 million during the same period a year before.
The company also reported an adjusted net loss, excluding one-time items like investment impairments, of 33 cents per share, compared to an adjusted net loss of 12 cents per share during the prior year period.
The results were well below analyst expectations for an adjusted net loss of 19 cents per share on $317.9 million in revenue.
Louisiana-Pacific makes products used in building homes and light commercial structures. The construction market was battered in 2011 by weak demand, as foreclosed properties kept demand low for new housing.
The company did not provide specific guidance for its net income and sales in the current year, but CEO Rick Frost warned of a "slow recovery" in 2012.
"Fortunately, our financial situation allows us to be prepared to satisfy market demand if housing is better than we expect," Frost said in a statement.
For the fourth quarter of 2011, the company's siding segment reported a 10 percent drop in revenue from a year earlier, with $93 million in revenue compared to $103 million the 2010 fourth quarter. The siding segment reported operating income of $6 million down by half from a year earlier.
The engineered-wood segment reported revenue of $46 million, down 6 percent from $49 million during the prior year period.
The company also said it has indefinitely cut back production at three facilities that make oriented strand board, which is a structured panel product. The company is currently operating seven facilities in the segment. During the fourth quarter, revenue in the oriented strand board climbed 3 percent from last year to $131 million. But the division reported an operating loss of $16 million compared to an operating loss of $13 million during the prior year period.
Oriented strand board revenue fell 10 percent for the full year, compared to 2010.
For the full year of 2011, Louisiana-Pacific reported a net loss of $170.7 million, or $1.28 per share, compared to a loss of $39 million, or 30 cents per share, the year before.
Revenue for the year was $1.36 billion, down 2 percent from $1.38 billion in 2010.
The company also reported adjusted net income for the year, excluding one-time items of 99 cents per share, compared to an adjusted net loss of 20 cents per share the year before.
That was well below analyst expectations for an adjusted net loss of 79 cents on $1.37 billion in revenue, according to FactSet.
Shares of the company fell 46 cents, or 5.2 percent, to $8.42 by midday.
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