Louisiana-Pacific Misses Revenue Estimates (LPX)

Nashville, Tennessee based lumber and wood products company Louisiana-Pacific Corporation LPX on Monday morning released financial results. Louisiana-Pacific Corporation reported a 3rd quarter adjusted loss of 9 cents per share. The company's revenue rose to $323 million, up from $311 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 9 cents per share, on revenue of $337.76 million. Chief executive officer Rick Frost said, “In the third quarter, we saw a transition to a housing market without tax credits. The channel adjusted inventories downward with very slow building activity in July and August. Activity did increase slightly in September.” Louisiana-Pacific Corporation (LPX) ended the previous trading session at $8.04 per share. Analysts covering the company's stock have a consensus price target of $9.33 per share. Read more from Benzinga's Company news.