Louisiana-Pacific authorizes new $600M share repurchase program
Strategic Update and Capital Allocation Plan: LP re-affirms its long-term SmartSide Strand revenue growth target of 12%-14%. Target of $75M of increased EBITDA by 2021 via operational improvement initiatives, supply chain optimization, and management structure transition. Authorization of a new $600M share repurchase program, including the intent to initially enter into a $400M accelerated share repurchase program. This is expected to result in LP repurchasing $638M of stock during 2019 when combined with the $38M outstanding under the previous $250M stock repurchase authorizations. 4% increase in the quarterly cash dividend to 13.5c per share. Commitment to return over time to shareholders at least 50% of cash flow from operations in excess of capital expenditures required to sustain our core business and grow Siding and value-added OSB.