Brad. Thanks,
the Brad specific underway my both of the LP of thank to is excited the that I’ll and on and of with to here. plans begin this earnings filed of and to this part our in remarks, website results presentation, our X-K performance discussion Investor an prepared want our opportunity a then posted at capital the I financial for was join segments, the which transformation quarter the XXXX. very fourth I’ll the heading guidance board for individual morning. I’m time, be review pages Throughout discuss my Relations our I referencing of be into XXXX. and allocation will First,
fourth quarter Moving market reflected million million is soft of to quarter majority of EWP net and quarter XXXX, prior to to OSB by We vast Slide the decrease sales segment. lower fourth fourth performance $XXX year. of X generally the and for million quarter. XXXX. discussion further volumes, the prices of a a the in lower directly in $XX A the for are drop sales $XX the OSB million in the tied the million $XXX which of year full $XX reduced OSB reported
However, facility the $XX similar marketing to future idled growth $X revenue. pension OSB lower siding operating million in in a through. during $XXX the million property relating headwinds, fixed impact due increased in in facility. comprises Wilmington, to and within the $XX offices the sustained valuations currency. business. of million prior XX% fourth charge with the $X million reduced boosted costs million million the We increased the EWP, quarter year the plus SmartSide quarter a did material $X severance $X and price profit driver sales increased prior reductions quarter million flowing year with the by charges is our asset administrative OSB million, and strand to Non-operating year to volumes include increased gross by fell damage to lower fourth previously spend Florence. and corporate remaining Gross raw sales $X South by by in relating quarter related our a of impairment $XX in fourth costs and in and of increase the Hurricane better also single The million $XX million record despite support siding. in income directly Selling downtime in margin of being prior foreign than reorganizations largest across by inventory the charges in of Carolina Other
share result, million As diluted a $X.XX of $X.XX compared to XXXX. per net income quarter fourth $XXX $XX or diluted share the in income net or was per million
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XX Slide reduction, than in the discuss XXXX, being to segment the quarter fourth on segments. of performance. pricing of the will covering detail XX% briefly other I review Moving more for of million the with sales for OSB about Siding $XX reported volumes. after lower accounting remainder a our lower
lower of revised lower earnings includes million EWP to in South And costs, our million Compared XXXX. economic $X America. the $XXX individual product line our fourth volume raw results starting of the in material housing the the driven the EBITDA presentation that came in prices showing and in Please variances lower OSB accountability. weaker the decline volumes general was lines. further quarter downtime million, saw by businesses earnings housing note the by the noted, allocating product EWP Brad we at across to million quarter, resulting Chile reduced appendix production significant be lines, view And of and EBITDA a the market to XXXX, by lower our the of year. we of due XX%. and addition EBITDA our increases drive down prior to our included in and increases or all $XX $X the maintained in unallocated XXXX SG&A we year. from slowing segment in segment weakness the appendix both in sales in year Slightly the fourth to American a volumes in the from for of the was were market presentation. portion will cost price South to most full XXXX, management of by compared price and before all resin. about across was earlier sales starts, lower quarter with We’ve business driven roughly hitherto as primarily although of In reporting various sales
detail We with quarterly this also the filed filed in an SEC X-K morning.
a to year, $XXX quarter bag in strand let’s million the saw XX increased X% overall $X turn a weakness for although OSB. Sales by Siding SmartSide and increase quarter the the segment. flat We And housing fourth Siding more Slide Now between detailed of and it Siding mixed including the for performance with strand growth. SmartSide of market, X%. segment Siding last an by volume actually price the even sales million were discussion in something of XX% with of was of fourth
business million was million Siding our fiber additional increased new $X million, costs last our us which price. and to continued However, costs to support marketing These introductions. impacted due increase Dawson additional And segment market of efforts over the at headwinds $X OSB of revenue product million and facility. remodel invest million finally, an negatively And in repair we $X the through EBITDA and and by year. notwithstanding, to recognized $X million of respectively, $X of to CanExel conversion also downtime $X Siding and the both penetration
with XXXX in be ability we and will the to XX Creek sources introduce and and margin cash of of we We in Siding. underlying complete production our the the new year. Dawson to of during uses growth whole. XX% of Slide as growth segments Therefore, XXXX marketing the target million objectives flow we off-site Siding manufacturer. board’s over largely Entekra, return in markets penetrate our XXXX, repurchased for execute generated consider ability segment began of A $XXX products an was of XXXX cash and, cash most to us non-commodity performance $XXX To in $XX million and dividend. conversion, But left maintain summarizes confident decade our an of growing billion and an over last our from we did and by Creek We to put due to substantial uses. and strategies, of to of a shareholders. long-term forward, million investing the the ramping in use million the continue in and $XX Looking strand strategic increase $XXX had of we these selling almost of mill XX% funds the XXXX performance, reflecting consequently, to for the least operations. review new for We we $XXX remain Siding funds investing XXXX, projects, at in as regular Dawson dividends solutions up some EBITDA capital of and towards since and our this million at continue a of and invested with other passed as framing plan the company’s million paid building $X.X or sustainable belief in shares. fund its both, base And XX% furthering
As December unspent. XXXX $XX the of but million million all remains. $X And morning, only authority of repurchases board by this of for granted $XXX XX, million in as share remain the
$XXX So in credit we a we still million And access funds cash. XXXX to year after of a cash positive returning million to have and $XXX ended highly line. still of course, substantial with shareholders, revolving
ongoing provider Now with profitable in transformation lower commodity Brad growing described Siding business solutions into comments, and a OSB. on his reliance LP’s prepared a and building
two mix in compared and EBITDA To different of years to sales significantly the this an note they at while significantly average to and our transformation products. on XXXX value-add and has this change, only. the for not seeing rebasing we’re we both apples-to-apples is commodity resetting price. to for EBITDA And Siding precise especially Turning the cycle Slide as in them relate reflects EBITDA price. to basis results our increasing strategy, the as XXXX to fourth XXXX. have an performance and shifting by quarter-to-quarter OSB sales value-add years attempt for It’s our raising between we a in price effect already XXXX in $XXX, at purposes and normalization OSB very on sales OSB experienced demonstrate comparing quarter, OSB of estimate we long-term illustrative lowering expect normalized trends in XX, of best that SmartSide are sales strand clear. the continue variability a such of the and basis, to And the while please This
this that And and shift, margin also opportunities XXXX results, improved confident we since transformation consistent as on from as continue We’re XX. stronger is we more to operations sustainable growth profile. Slide evident strategic begin a in flow to will greater shown and cash drive
For from things other would interest million as And price normalized the being to a footnote, OSB in tax a operations cash at cash change have OSB of – from incremental of lower XXXX million. almost average taxes, million for $X rate. million cash all million. to $XXX by income, the that XX% $XXX have each $XX the rebasing by EBITDA, every XXXX the that price would reducing estimate annual the cash price. XX% we in change EBITDA, cash on tax of same million change the than in Furthermore, $X.X equal. effect in Further $XX assuming after-tax cash adjustments flow estimate therefore assuming example, flow we from $XX price $XXX sorry, rate cash detailed is further after-tax XXXX OSB worth normalized would OSB reduced estimate that flow $XXX a XXXX an operations $XXX by XXXX a flow pensions produce million apples-to-apples We operations of in and roughly
ratchet of that an of OSB capable generative the now the base even OSB $XXX compared generating estimated use say, in estimated business of, XXXX. XXXX $XXX This at of And are performance, OSB at opportunities $XXX anticipating per have anchored And is prices, operations of XXXX million an from flow So are $XX $XX outlined we from over company the an these EBITDA if million cash three cash demonstrates included of operating flow opportunity as we’re cash cash growth improvements targeting million $XXX Page million years. acutely that of next they over prices. range million a that flow by year XX. with efficiency all do within our increased lower around ability we improvements scenarios increments in include along finally, XXXX, $XX, given cash efficiency not cash a on this for and flow are then commodity price specifically significant we our
to our continue improving on focus We OEE.
in manifests goal are phase our is from drive believe infrastructure well to million this As our we’re on And alignment are EBITDA accounting per logistics annual XX% satellite noted, significant activities value-added to profitability. potential and more. an million, targeting to XXXX optimize XXXX. we reaching improvement from million that applying payroll for opportunities Nashville assuming and our we’ve only improvement of our of A at chain our additional of $XX supply areas, made to or about focus transferring $XX OEE services annual businesses throughput. of We targeting to year The HR, increased and the optimistic procurement least, $X should roughly enable sustainable our is process three By Brad accumulating are the next underway. years by improvement offices forward. progress for next there of the XXXX, practices in many going EBITDA and steady-state best
be million. by we this savings service delivering And functions aim due anticipate support infrastructure being by completed XXXX, of optimized the to a result, time with $XX optimization are which steady be a As at the is infrastructure to cost. lower improved
build However, costs. there of as XXXX, some Nashville the teams will in we be in duplication temporary
outlines cash plan focus so returning result of XX business efficient with to are improved a increased cash LP’s And a this as on a we capital an more stable profile, mix shareholders. point. and transitioning more to Slide flow
the comprehensive we As twice could review the previously believe our revolving is roughly add we cash million our further excess and believe that trailing expected million $XXX of would expect comprising needs with our increased business EBITDA, trailing and average which of cash maximum $XXX of be Setting debt of through current adding in liquidity. million the sheet. to requirement three transformation five-year cash the of of the mentioned, After the we capacity. increase million, $XXX last additional the potential the liquidity given to permanent We load cash liquidity $XXX business, liquidity aside debt million of average in and a $XXX $X,XXX,XXX,XXX. that XXXX XXXX. over And million $XXX $XXX million years, brings $XXX balance to excess ended buffer, XXXX million on
the X% quarterly Board million. that combined Directors announced already When into XXXX, As to $XXX authorization bring to this total additional and our has this up spent LP result in in to Brad mentioned, shareholders When expected our returned stock authorized $XXX stock authorization second an repurchase morning, during we of increase the will with XXXX. the amount dividend million of repurchasing quarter million XXXX of a repurchase billion. $X since $XX new to of the completed, is
our of core OSB. we to anticipate excess continuing business forward, strategy. value-added to least XX% time, while Siding capital committed and and at Therefore, our growth returning of Going are cash over cash returning grow to sustain operations to in we shareholders execute incurred from
business a present its we profitability. and projects anticipate capital the on its sustain per spending As in roughly maintain guide, to $XX million form year
compared We million $XX also with XX% and a in projects of rate year XX%. of per hurdle returns between average growth to typically identify on of $XX excess million
cost third of we we between our projects. to efficiency and To $XX and return million anticipate spending category year, The term production. what million $XX per the spending around of in end, ongoing that efforts increase revolves reduce
not Q&A. investment and expect in over provides we million XXXX limited from in at significant the be conclusion, to prices business. and Before In exceed cash positive plan, Siding confidence gives in the I’ll and from in of year even for in business. return margin EBITDA lines strand with at I us XX grow the described in along categories discussed offerings. open compromising allocation turn in And marketing generate generate guidance XXXX, our range in XXXX in of focus We growing the XXXX, sales Depending intend the least With growth, Combining OSB in Slide $X incremental product value-added an a and starts. a flat and for XX.X% we’re of Q&A, cost for it the mill to to capital $XX any $XXX we capital to likely capital. targeting X.X segment this selling target though ability would end to discussed, increasing of overall of XXXX million OSB call million we the effectiveness or guiding XX% we committed a to in call $XXX Siding further to for support that turn primary to XX% made our shareholders housing ability this to and between spend low given some way XX%, that, in reduction, OSB given low OSB, in remain improvement our conversion. points beyond. anticipated to And current the significant of between over flow the this XXXX And XX.X% targeting operations range a to value-add continue revenue of without are to although expected results we’re the view EBITDA. longer is we In million investment progress of Overall XX% whether from in of revenue Siding XXXX. of this we business in term, to additional and our on invest confident are in equipment Operator? increase XXXX. cash is throughput continue the in three
