Nashville, TN, October 24, 2006-- Louisiana-Pacific Corp. said Tuesday its third-quarter earnings fell, as lower prices caused by the housing slowdown depressed revenue.
For the quarter ended Sept. 30, the company reported net income of $9.5 million, or 9 cents per share, versus a prior-year profit of $168.2 million, or $1.53 per share. Revenue fell to $534.5 million from $621.3 million.
Wall Street had forecast a profit of 9 cents per share, the average estimate of 14 analysts surveyed by Thomson Financial, on projected sales of $569.3 million.
"The current low pricing environment reflects weakened demand for building products across North America consistent with a fall-off in housing starts," Louisiana-Pacific said in a statement. It also said it saw "little short-term relief" in current market conditions.
