$LPX

Key Highlights for the Third Quarter: Net sales increased by 53% to $1.2 billion Siding Solutions net sales increased by 19% to $310 million OSB net sales increased by $232 million to $600 million, $225 million of which was due to higher OSB prices Net income attributed to LP was $365 million ($3.87 per diluted share) Cash provided by operating activities was $511 million Adjusted EBITDA(1) was $522 million Adjusted Diluted EPS(1) was $3.87 per share (1) This is a non-GAAP financial measure. See «Use of Non-GAAP Information» and «Reconciliation of Net Income to Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP Adjusted Diluted EPS below» Capital Allocation Update: Paid $399 million in the quarter to repurchase 6.8 million shares of LP common stock As of September 30, 2021, 90.2 million common stock shares outstanding As of November 1, 2021, $157 million remaining under the $1 billion share repurchase authorization Paid $17 million in cash dividends during the third quarter Cash of $620 million as of September 30, 2021 Declared a quarterly cash dividend of $0.18 per share Announces additional authorization of $500 million to repurchase LP common stock Q4 2021 Outlook and 2021 Capital Expenditure Guidance: Our guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under «Forward-Looking Statements.» We reiterate prior guidance of 10% year-over-year revenue growth for Siding Solutions in the second half of 2021, and full-year EBITDA margin of 25%, with lower volume and higher prices netting to at most 5% revenue growth for the fourth quarter of 2021, as compared to the corresponding quarter of the prior year. OSB revenue in the fourth quarter of 2021 is expected to be sequentially lower than the third quarter of 2021 by about 30%, provided the average OSB price for the fourth quarter is equal to the current quarter-to-date average OSB price. Adjusted EBITDA(2) for the fourth quarter of 2021 is expected to be greater than $200 million. Given our current outlook, we expect capital expenditures for 2021 to be approximately $250 million, including $95 million for the previously announced Houlton mill conversion, $20 million for the previously announced Sagola conversion, $25 million for other strategic growth projects, and $110 million for sustaining maintenance.