A difficult housing market influenced the second quarter for building materials maker Louisiana-Pacific (NYSE:LPX), which reported net income of $22.3 million, or 16 cents per share for the period ended June 30.
Although weakness in demand was a problem during the quarter, results still trumped the previous year’s losses of $29.2 million, or 28 cents per share.
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The Nashville, Tennessee-based company, which makes products including drywall and plywood, reported a rise in revenue of 67% to $447.1 million, well above estimates of $399 million.
"Jobs, consumer confidence, inventory of vacant homes for sale, and the overall state of the economy have had a downward pull on housing," said Louisiana-Pacific CEO Rick Frost in a company release.