btlines

LPX NYSE Russell 1000 Earnings call

Louisiana-Pacific (LPX) · Q2 2026 results and valuation

Share price: $76.01 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026

Net income down 3.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−3.7%

Net income vs Q1 2026

Outlook given

Net income 26.0M vs 27.0M

Revenue +15.7%

2 · How management spoke

Restrained

Less upbeat than 76% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Key theme

Despite raw material inflation and single-family starts down about 7%, emphasis remains on growth and market share gains.

Valuation

Is Louisiana-Pacific undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At −11.1% growth a year (3-year revenue growth), the model's fair value is $5.19 a share — the stock trades 1363% above it. Today's price assumes 22.7% growth a year.

Current price

$76.01

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+22.7% for 10 yrs

Fair value / share

$5.19

Buy below

$3.90

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance

    LP Siding is expected to return to year-over-year volume and revenue growth under updated guidance.

    Source quote
    “Not to steal Aaron's thunder, but as he will lay out in our updated guidance, we expect LP Siding business to return to year-over-year volume and revenue growth...”
  2. Guidance

    Higher crude oil prices tied to the Iran conflict are expected to push freight expenses up.

    Source quote
    “For freight, we anticipated higher crude oil prices would lead to increased freight expenses because of the Iran conflict.”
  3. Figure

    LP earned $0.40 of adjusted earnings per share and returned $21 million to shareholders, ending the quarter with just under $1 billion.

    Source quote
    “LP earned $0.40 of adjusted earnings per share, returned $21 million to shareholders, and ended the quarter with just under $1...”
  4. Last period

    Prebuys ahead of the annual price increase were largely shed volume, yet manufactured housing offers plentiful market share growth opportunities.

    Source quote
    “As discussed in our prior call, prebuys in advance of our annual While currently largely consisting of shed volume, opportunities are plentiful to grow market share in manufactured housing as well. This was not exclusively a shed phenomenon, but the impact was disproportionately felt in this segment.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)
Answers to analysts Restrained (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“When those markets do improve, as they inevitably will, our capacity footprint, coupled with our system-wide operational efficiency improvement, positions us well to further accelerate growth, share gains and margin...”
“As a result, EBITDA for OSB would fall to approximately negative $45 million in the third quarter and to negative $120 million for the full year, assuming, as we always...”
“LP has no control over OSB prices, obviously, but we are aggressively pursuing opportunities to improve cost and efficiency while protecting our assets and most importantly, keeping our team members...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 664.0M 574.0M +15.7% 755.0M −12.1%
Gross profit 116.0M 115.0M +0.9% 178.0M −34.8%
Operating income 31.0M 34.0M −8.8% 80.0M −61.3%
Net income 26.0M 27.0M −3.7% 54.0M −51.9%
EPS 0.38 0.39 −2.6% 0.77 −50.6%
P/E today 84.8 102.2 62.2 +40.0 20.2 +82.0

Topics

Most discussed now

  • New Louisiana-Pacific is in the process of going through a pretty robust evaluation process with the goal of having new committed LP...
  • However, as Alan will detail, Siding margins faced a couple of unexpected headwinds during the quarter, including weather-related…
  • Siding sales were up 4% compared to prior year as 7% higher prices partially offset 11% lower volumes.
  • Despite a housing market that feels like it's stuck in neutral, Louisiana-Pacific's Siding business delivered revenue above the midpoint…
  • Sales volumes declined by 11% from a comp that I should remind you was Louisiana-Pacific's all-time volume record.

Faded since Q1 2026

  • Dropped Louisiana-Pacific's guidance makes its best attempt to reflect its current understanding of what the actual annualized impact will be…
  • Fading Louisiana-Pacific's goal will always be zero injuries, but I want to personally thank every Louisiana-Pacific Corporation team member who…
  • Fading Against an increasingly volatile macro backdrop, and despite significant impact from winter storms and the conflict in Iran…
  • Fading As discussed on the last earnings call, in addition to a slowing market, Louisiana-Pacific exited the fourth quarter with increased...

Latest announcements

Official filings, newest first.

Similar companies

Industrials · Building Products & Equipment
All Industrials companies →