Nashville-based LP Building Products reported a much smaller loss in the third quarter compared to last year. But overall sales were still down 21%, blamed on continued weakness in the housing market.
The third quarter improvements still aren’t expected to last. LP has already begun to feel the seasonal downturn in building. But CEO Rick Frost says his crystal ball doesn’t show anything as bad as last year.
“I am expecting a slowing, compared to the third quarter, but not the nuclear winter we had last year.”
Frost says he expects retailers like Lowe’s and Home Depot will again keep a minimum amount of LP wood products and siding on the shelves during the fall and winter. The company does see some improvement on the horizon as housing statistics show initial signs of turning around.
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