(RTTNews) - Louisiana-Pacific Corp. or LP (LPX) on Tuesday reported third-quarter net income attributed to the company of $2 million or $0.02 per share, down sharply from $124 million or $0.86 per share in the year-ago period.
Adjusted income from continuing operations was $10 million or $0.08 per share, compared to $120 million or $0.83 per share in the same period last year.
Net sales for the quarter declined to $603 million from $737 million in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter on revenues of $604 million. Analysts' estimates typically exclude special items.
LP said its quarterly cash dividend of $0.135 per share will be paid on December 4, 2019 to shareholders of record on November 14, 2019.
Looking ahead to fiscal 2019, LP reaffirmed its SmartSide Strand sales growth target of 10 percent, and its long-term growth target of 10 percent to 12 percent.