LOUISIANA-PACIFIC CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - IS RECONCILIATION - November 6, 2017

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EX-99.2 - EXHIBIT 99.2 - EBITDA RECONCILIATION - LOUISIANA-PACIFIC CORPex992-093017ebitdareconcil.htm
EX-99.1 - EXHIBIT 99.1 - PRESS RELEASE - LOUISIANA-PACIFIC CORPex991-q32017pressrelease.htm
8-K - 8-K - EARNINGS RELEASE 9.30.2017 - LOUISIANA-PACIFIC CORPlpx93020178k.htm


Exhibit 99.3 Reconciliation of Adjusted income from operations
 
 
As reported Quarter Ended September 30, 2017
Adjustments
As adjusted Quarter Ended September 30, 2017
 
As reported Quarter Ended June 30, 2017
Adjustments
As adjusted Quarter Ended June 30, 2017
 
As reported Quarter Ended September 30, 2016
Adjustments
As adjusted Quarter Ended September 30, 2016
 
 
Net sales
$
718.3

 
$
718.3

 
$
694.1

 
$
694.1

 
$
596.4

 
$
596.4

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
479.3

 
479.3

 
485.7

 
485.7

 
442.6

 
442.6

 
Depreciation and amortization
31.1

 
31.1

 
29.6

 
29.6

 
29.6

 
29.6

 
Selling and administrative
49.2

 
49.2

 
47.0

 
47.0

 
47.0


47.0

 
(Gain) Loss on sale or impairment of long-lived assets, net
0.7

(0.7
)
—

 
(3.1
)
3.1

—

 
0.3

(0.3
)
—

 
Other operating credits and charges, net
(0.9
)
0.9

—

 
2.0

(2.0
)
—

 
—

—

—

 
Total operating costs and expenses
559.4


559.6

 
561.2

 
562.3

 
519.5

 
519.2

 
Income from operations
158.9



158.7

 
132.9

 
131.8

 
76.9

 
77.2

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(4.9
)
 
(4.9
)
 
(4.9
)
 
(4.9
)
 
(9.0
)
1.0

(8.0
)
 
Investment income
2.9

 
2.9

 
2.3

 
2.3

 
2.5

 
2.5

 
Other non-operating items
(0.6
)
 
(0.6
)
 
(1.5
)
 
(1.5
)
 
(0.5
)
 
(0.5
)
 
Total non-operating income (expense)
(2.6
)


(2.6
)
 
(4.1
)
 
(4.1
)
 
(7.0
)
 
(6.0
)
 
Income from continuing operations before taxes and equity in income of unconsolidated affiliates
156.3

 
156.1

 
128.8

 
127.7

 
56.7

 
71.2

 
Provision for income taxes
46.4

(46.4
)
—

 
36.0

(36.0
)
—

 
(7.5
)
7.5

—

 
"Normalized" tax rate @ 35%
—

55.0

55.0

 
—

45.3

45.3

 
—

25.4

25.4

 
Equity in income of unconsolidated affiliates
(1.0
)
 
(1.0
)
 
(1.7
)
 
(1.7
)
 
(1.4
)
 
(1.4
)
 
Income from continuing operations
110.9



102.1

 
94.5

 
84.1

 
65.6

 
47.2

 
Loss from discontinued operations before taxes
(1.7
)
 
(1.7
)
 
—

 
—

 
—

 
—

 
Benefit for income taxes
(0.6
)
 
(0.6
)
 
—

 
—

 
—

 
—

 
Loss from discontinued operations
(1.1
)


(1.1
)
 
—

 
—

 
—

 
—

 
Net income
$
109.8



$
101.0

 
$
94.5

 
$
84.1

 
$
65.6

 
$
47.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share of common stock (basic):
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
0.77

 
$
0.71

 
$
0.65

 
$
0.58

 
$
0.46

 
$
0.33

 
Loss from discontinued operations
(0.01
)
 
—

 
—

 
—

 
—

 
—

 
Net income per share - basic
$
0.76

 
$
0.71

 
$
0.65

 
$
0.58

 
$
0.46

 
$
0.33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share of common stock (diluted):
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
0.76

 
$
0.70

 
$
0.65

 
$
0.58

 
$
0.45

 
$
0.32

 
Loss from discontinued operations
(0.01
)
 
—

 
—

 
—

 
—

 
—

 
Net income per share - diluted
$
0.75

 
$
0.70

 
$
0.65

 
$
0.58

 
$
0.45

 
$
0.32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
144.5

 
144.5

 
144.5

 
144.5

 
143.7

 
143.7

 
Average shares of stock outstanding - diluted
146.5

 
146.5

 
146.2

 
146.2

 
145.4

 
145.4





 
 
As reported Nine Months Ended September 30, 2017
Adjustments
As adjusted Nine Months Ended September 30, 2017
 
As reported Nine Months Ended September 30, 2016
Adjustments
As adjusted Nine Months Ended September 30, 2016
 
 
Net sales
$
2,023.3

 
$
2,023.3

 
$
1,683.4

 
$
1,683.4

 
Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales
1,420.1

 
1,420.1

 
1,301.2

 
1,301.2

 
Depreciation and amortization
91.3

 
91.3

 
86.0

 
86.0

 
Selling and administrative
144.8


144.8

 
135.8



135.8

 
(Gain) Loss on sale or impairment of long-lived assets, net
(1.8
)
1.8

—

 
1.0

(1.0
)
—

 
Other operating credits and charges, net
4.5

(4.5
)
—

 
11.4

(11.4
)
—

 
Total operating costs and expenses
1,658.9


1,656.2

 
1,535.4

 
1,523.0

 
Income from operations
364.4


367.1

 
148.0

 
160.4

 
Non-operating income (expense):
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
(14.8
)
 
(14.8
)
 
(26.3
)
2.5

(23.8
)
 
Investment income
7.2

 
7.2

 
6.4

 
6.4

 
Other non-operating items
(2.4
)


(2.4
)
 
1.4

 
1.4

 
Total non-operating income (expense)
(10.0
)

(10.0
)
 
(31.7
)
 
(16.0
)
 
Income from continuing operations before taxes and equity in income of unconsolidated affiliates
354.4

 
357.1

 
116.3

 
144.4

 
Provision for income taxes
97.9

(97.9
)
—

 
13.1

(13.1
)
—

 
"Normalized" tax rate @ 35%
—

126.3

126.3

 
—

52.1

52.1

 
Equity in income of unconsolidated affiliates
(3.8
)
 
(3.8
)
 
(4.4
)
 
(4.4
)
 
Income from continuing operations
260.3

 
234.6

 
107.6

 
96.7

 
Loss from discontinued operations before taxes
(1.7
)
 
(1.7
)
 
—

 
—

 
Benefit for income taxes
(0.6
)
 
(0.6
)
 
—

 
—

 
Loss from discontinued operations
(1.1
)
 
(1.1
)
 
—

 
—

 
Net income
$
259.2

 
$
233.5

 
$
107.6

 
$
96.7

 
 
 
 
 
 
 
 
 
 
Net income per share of common stock (basic):
 
 
 
 
 
 
 
 
Income from continuing operations
$
1.80

 
$
1.62

 
$
0.75

 
$
0.67

 
Loss from discontinued operations
(0.01
)
 
—

 
—

 
(0.32
)
 
Net income per share - basic
$
1.79

 
$
1.62

 
$
0.75

 
$
0.35

 
Net income per share of common stock (diluted):
 
 
 
 
 
 
 
 
Income from continuing operations
$
1.78

 
$
1.60

 
$
0.74

 
$
0.67

 
Loss from discontinued operations
(0.01
)
 
—

 
—

 
(0.33
)
 
Net income per share - diluted
$
1.77

 
$
1.60

 
$
0.74

 
$
0.34

 
 
 
 
 
 
 
 
 
 
Average shares of stock outstanding - basic
144.4

 
144.4

 
143.3

 
143.3

 
Average shares of stock outstanding - diluted
146.3

 
146.3

 
145.2

 
145.2








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