Portland, OR, April 28--Louisiana-Pacific said strong housing starts and higher prices for its wood paneling propelled first-quarter earnings above analysts' expectations, though sales came in slightly below estimates.
Louisiana-Pacific said net income fell to $102 million, or 91 cents a share, compared with $107 million, or 98 cents a share in the first quarter of 2004.
Earnings from continuing operations were 93 cents a share, above the average analyst estimate from Thomson First Call for the company to earn 80 cents a share.
Louisiana-Pacific shares rose 91 cents Wednesday to $24.16.
Sales fell to $680 million from $695.3 million in the prior years' quarter, below Thomson's figure for first-quarter revenue of $700.1 million.
Nashville, Tenn.-based Louisiana-Pacific said prices for oriented strand board were lower than the first quarter of 2004, but substantially above levels in the fourth quarter of 2004. Its engineered wood products segment recorded a 37% increase in sales.
