Shares of Louisiana-Pacific Corporation (LPX) soared nearly 6% in pre-market trading on November 5, 2024, after the building products company reported record siding sales and raised its full-year profit outlook.

In the third quarter, LPX's siding segment revenue jumped 22% year-over-year to a record $420 million, fueled by higher volumes and prices. The segment's adjusted EBITDA also hit a new high, reflecting strong demand and the company's successful growth initiatives.

While the oriented strand board (OSB) segment faced lower prices, its sales volumes rose 2% year-over-year. Overall, LPX's adjusted earnings of $1.22 per share for Q3 2024 surpassed analysts' estimates of $0.88. Total revenue of $722 million also topped expectations.

Encouraged by the robust performance, Louisiana-Pacific raised its full-year 2024 adjusted EBITDA guidance to $655-$675 million, up from the previous range of $580-$620 million. The company also announced a quarterly cash dividend of $0.26 per share and repurchased $73 million worth of shares during the quarter.

Analysts praised LPX's execution, with one noting that the results underscore the quality of the company's assets and management's expertise. With a strong growth trajectory in its high-margin siding business and an upbeat outlook, Louisiana-Pacific's stock is poised for further gains.