quarter, And results you discussion thank first for beyond. a second Brad. our the I'm with of of to joining like Thanks, discussing devoting for us all approach this again, begin to and most my quarter LP's today Brad, My morning. remarks but the prepared time
you'll on million generated our transformation continues a six, growth As quarter Slide strategic in from with see efficiency. the and further $XX
XXXX a which is accumulated goal have $XXX pace our towards at million, $XX now of million. clearly We
million adjusted and adjusted higher lower which XXXX, all $X OSB than $XX respectively. better higher cash last net this EBITDA and of $XX Operating XXXX, share earnings of in prices, cash million $XX and result million are a income outflow taxes. of million million due $XX million with of outflow $X.XX better year. to of Ultimately, $XX this resulted primarily As and EBITDA than per is diluted in compared $X.XX, is
XXXX. no in $XX do based XXXX. or is earnings any Brad million have we due per didn't said, first We year And to shares last than on the buybacks share in figure so the in currently The quarter. fewer back shares plans buy XX% as to
gross Our year income quarter the this This XX.X% margin sales OSB lower a and volumes. eight for corresponding primarily $XX prices higher with result Slide million improvement statement on abbreviated from down last XX% OSB the year. of $X million, offsetting up to cost is sales of shows in
sale Siding risen to other. reclassification has associated similarly to XX% have and and East CanExel of facility reflect pending year our periods margin business, into reclassified year that business Prior we deciding of also recast over the out River XX%. with Due But move. facility, from with without of the CanExel EBITDA this the to have been the
Turning to flow. cash
seasonal working spring for involves preparation pattern a in breakup. in quarter first Our the substantial capital normal in increase log inventory
also built of anticipation both We goods SmartSide inventory contributed these million of increase in finished $XX second strong capital. significant a quarter, a in working to very
million than only lower was year. last Capital spending $XX $X of million
we the the first quarter conversion. stages final revolver included a And undrawn our million of of Dawson currently Creek reminder, liquidity. of the have $XXX spending on including As mill extension, XXXX
a our well us to contingencies carefully potential range to liquidity magnitudes upside March, early has we've Now and optimize our turning to This the minimize balance steps as under been business various to testing and future. as risk of for sheet scenarios. downside. and allowed stress calibrated take our define Since of
capital our finally, strategy. and I capital and specific allocation address areas The and production capacity material planning; SG&A; finished raw spending; inventory; will goods are
because full XXXX two capital in spending On our the lower is the now last year $XXX $XXX conversion to complete. million past we of part call, project is Creek million. earnings guided years, either to than of Dawson Siding This
addressable the outlay However, year. our it largest remains for the of cash component
increase different and flexible are teams by with operations collaborated plans several portfolio ability scenarios. to as to design and situation or developing decrease spending the warrants. projects the engineering the under reprioritize LP's of agile The
As housing averages capital during to year To million years. a $XX per LP current the per three result quarter in million the crash, put of for planned remainder took spending $XX year. for that of depths level capital average of context, spending this work, of an the of the the
Cutting have should no targets entail course which of economy least remains again considerably. extreme, to currently have not make plans a on cuts we to much possible that action so our that could OEE risks, made but progress. We worsen it the low
coordinated. and production planning planning tightly are Capital
The So discuss businesses have levels. began adjustments let made April. now that early through to slowdown in operating housing in demand worsened that March me
XX%. consensus have famously in has increased. or those are for while difficult by starts estimates predict uncertainty estimates inherent to Housing dropped XXX,XXX roughly XXXX the almost The
remodelers. than levels, And April pre-COVID demand been our and although more DIY some volume expected, for has for of products we with particularly retailers softer than
a Of supply and course, in discipline like this market demand and agility. balancing requires
and prolonged are shutdown with shift a around efficiency and finished scenarios operations goods. anchored and built and levels mill patterns safety, in and reduced supply all plans of more balance, Our teams downturn curtailments. flexibility production targeted chain The various have different for
for feet to and changes of to These are in rolling a reductions feet plans square announced basis production respond extended, X-week on we million square March, of modified XX In demand. adjusted and million Siding. XXX April customer of OSB
return rapid any demand to full not Peace the to and other curtailed mills capacity So preclude have indefinitely made than of Valley, changes far, a should manufacturing such. utilization we warrant would none
During with customer and Siding reduced quarter, Siding significant the to goods built the in demand inventory finished segment a allows production to even schedule. segment the first This meet January February. continue
storage different quantity the also is of its segment requirements goods for managing sales virtue of relative to finished Siding, OSB smaller but By inventory finished targets. goods production a meet the and volume, to has OSB
the as In quarter raw materials terms mills impassible be single first inventory, is spring largest the for of logs logs. of disproportionately become one logs during many is accessed. logging prepare And our which of time roads northern break-up, acquisition component and cannot large
shelf the slowing quarter with long purchases we of supply the a life our were [Indecipherable]. healthy impacting In pre-break-up second other with began demand logs entered log COVID-XX a just words, as down.
by caused supply Fortunately, confident have significant hand. dislocations has I'm chain in for well interruptions despite the we seen our team the raw in supply materials, that our matter COVID-XX, any not
phases expected executing our varying reduce in strategy. tied allocation plan we a of to finally, managed which already durations to overheads and economic me to and downturn, on And and are brings levels capital expenses,
cash committed least remain to and a to spending. capital buybacks through at of combination generated after dividends returning of necessary We shareholders XX%
right commitment being met now, payments. of As through that is dividend
the at QX housing play So and I is this think what starts for could and uncertainties as think given around Well, assumptions. it quarter out OSB set can meaningful to of least under all prices, today, we of describe But provide given beyond? of how, mean particularly does second guidance. difficult a number we the
assume a Starting of let's in second housing starts with reduction as point, the last quarter year at year-over-year single-family comparison a XX%.
a volume assume idling already in XX% Peace of a further XX% this in the reduction in reduction then SmartSide and additional given since volume, Valley and that Let's the downtime discussed. OSB results
double-digit OSB that that last At in plans last to of report also in would that assume level, we prices and revenue revenue drop year, a cost we words, as the If SmartSide I've a LP we year-over-year flat then cycle with close see still the XX% bottom further for year, likely the prices would given are whole. and flat other we outlined, EBITDA. the are management believe with capacity
and log $XX our production And $XX of working the of million expect given discussed, Furthermore, significant balance in and the we harvest previously high the and will revenue reductions dividend rise million inventory after quarter. we capital capital. to levels funding second cash global spending through payments,
to for Well, Central April our scenario in Friday's gives our above past modeled prices and up first, as what to ticked OSB unlikely; this drop price we've that sheathing a have meaningfully intake in few compare steep $XXX, does the price. in weeks? how second, was us So is North XX% order reason believe as SmartSide volume X/X seen recently.
is should expect starts moment quarter. from change our moderately conservative. ago. data and being long spending have of the and second But term, the generate XX% between described things All Clearly, persist even to than uncertain other I believe or cash conditions to are capital in reduction end demand we're operations the equal in over a excess what can these and much lower at do of housing a now just we that models we lower the very environment flow
what has for this eventual that and perhaps to guidance. I well some the housing positioned context to quarter, for must survive emerge a to importantly, second downturn I stress it we operational mentioned provide show constitute and deep given sustained does not the recovery. LP the more that and today in flexibility know formal to
and Hopefully, it as as which long-term we of employees remain do that saying XX, and unchanged. our goes in But customers, targets Slide our therefore, most the health to utmost will all that live our safety of the on communities of well vendors, importantly, we without our ensure contractors operate. and
Q&A. with open Operator? for up like that, to I'd And the call
