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Louisiana-Pacific

LPX is the North American market leader for OSB with roughly 21% of total North American industry capacity. LPX operates through four segments: North American Oriented Strand Board (OSB); Siding; Engineered Wood Products (EWP); and South America. LPX's OSB segment includes 9 mills which produced ~4.9 bnsf of OSB and structural panels in 2016, accounting for 21% and 14% of the North American market, respectively. LPX's Siding segment includes 7 mills (~1.8 bnsf, that serve residential and commercial construction markets. LPX's Engineered Wood Products segment has 3 LVL facilities (16.4 mcf) and I-Joist facility (80 mmlf). The South American segment manufactures and distributes OSB and siding products in South America and certain export markets (680 bnsf). The company trades under the ticker "LPX" on the NYSE. (10 Dec 2018)

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Ball Corporation: Exiting China

HY Note: 14 Dec 2018, 6:03 AM ET - BLL announced that it is divesting its owned assets in China. We review the announcement and update thoughts on the credit. 

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.
Focused

Louisiana Pacific 3Q18: Cash Money Rewards

Earnings Note: 06 Nov 2018, 10:12 PM ET - LPX posted solid 3Q18 results despite weakening OSB prices due to its more diversified portfolio. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Paper Trails: Hurricane Effects and Tariffs Hit

Paper Trails: 24 Sep 2018, 4:57 AM ET - This week we recap the impact Hurricane Florence had on several names under coverage. China imposes 5-10% tariffs on pulp imports. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Paper Trails: Earnings Wrap and CVO Confirmation

Paper Trails: 14 Aug 2018, 5:57 AM ET - Our market recap this week features our July Pulp Data Discussion and recaps of earnings as well as filings ahead of Cenveo's Confirmation Hearing.
Focused

Louisiana Pacific 2Q18: C'est Si Bon.....Encore

Earnings Note: 07 Aug 2018, 5:25 PM ET - Louisiana Pacific posted strong results for the quarter, largely reflecting some of the marketing initiatives we learned about at the investor day in May. We  update our thoughts on the credit. 

Paper Trails: Earnings, Macro Data and Trade Duties

Paper Trails: 06 Aug 2018, 4:55 AM ET - Our market recap is highlighted by earnings reports from a bulk of our names this week. We also present containerboard and paper data as well as a DOC decision for newsprint.

Paper Trails: 2Q18 Earnings Have Arrived

Paper Trails: 30 Jul 2018, 4:11 AM ET - Earnings season has started, and results have been mixed. Cenveo's census contract has been settled, clearing path to confirmation hearing. We review the week and more. 

Paper Trails: 2Q18 Earnings Are Coming

Paper Trails: 23 Jul 2018, 9:19 AM ET - Our 2Q18 earnings season kicked off this week with CCK reporting solid results. A bulk of our names will report earnings this week.

Paper Trails: North American 2Q18 Earnings Preview

Paper Trails: 10 Jul 2018, 5:01 AM ET - We present our North American earnings preview for 2Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter, and our thoughts on what to listen for on the calls. 

Berry Global: Starbucks Bans Plastic Straws

Worth Watching: 09 Jul 2018, 11:58 PM ET - Berry Global (BERY, B2/BB-, Market perform) and other single use plastic manufacturers are once again in the spotlight with another ban announcement. On July 9, 2018 Starbucks (SBUX) announced that it will be eliminating single use plastic straw ..

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