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NASHVILLE, Tenn. - Lumber and building products producer Louisiana-Pacific Corp. posted a wider-than-expected third-quarter loss Tuesday as demand dropped off from the battered construction industry.
The company posted a loss of $111.1 million, or $1.08 per share, compared with a loss of $67.8 million, or 65 cents per share in the period a year earlier. Sales fell 17.5 percent to $389.6 million from $472.5 million a year earlier.
CEO Rick Frost called the results "very poor," in a prepared statement. Business "remains basically paralyzed as a result of the banking and financial market crisis," Frost added.
Excluding one-time charges, the company said it lost 38 cents per share. Analysts surveyed by Thomson Reuters, who had expected the company to lose 29 cents per share.
Shares fell 5 cents to $4.33 in afternoon trading.
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