Norbord Inc. reported Adjusted EBITDA of $94 million for the 2Q 2016 versus $19 million in the 2Q 2015 and $61 million in the 1Q 2016. The improvement versus both comparative periods is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes, as the company says in the press release received by Lesprom Network.
"Our financial and operational performance continued to improve in the 2Q. Our Adjusted EBITDA has increased for six consecutive quarters and so far in 2016, we have generated $120 million more in Adjusted EBITDA than this time last year. Further, our Adjusted earnings were more than double the 1Q," said Peter Wijnbergen, Norbord's President and CEO. "Our North American mills produced at 96% of stated capacity during the quarter. The benchmark OSB spot price is currently up 44% since its February low, the highest level in over three years. We see further upside to our performance as recovering US housing starts, particularly single-family, continue to drive increasing OSB demand."
Norbord recorded Adjusted earnings of $42 million or $0.49 per share (basic and diluted) in the current quarter compared to an Adjusted loss of $12 million or $0.14 per share in the same quarter last year and Adjusted earnings of $20 million or $0.23 per share in the prior quarter.
Norbord Inc. is an international producer of wood-based panels.
