"Our improved financial results reflect the excellent operational performance of our North American and European mills," said Peter Wijnbergen, Norbord's President and CEO. "Our continued focus on controllables has generated $24 million more EBITDA year-to-date from increased productivity and lower raw materials usage. These improvements are positively impacting our manufacturing costs along with lower resin prices and the weaker Canadian dollar. North American housing demand continues to grow and sales to our home construction, home improvement and industrial customers are all increasing. While the recent increase in North American OSB prices is not yet visible in our financial results due to the lag effect of maintaining an order file, we will see this benefit in the 4Q."
Norbord recorded an adjusted loss of $4 million or $0.05 per share (basic and diluted) in the 3Q 2015 compared to an adjusted loss of $12 million or $0.14 per share (basic and diluted) in the prior quarter and $11 million or $0.13 per share (basic and diluted) in the 3Q 2014.
North American OSB shipments increased 2% quarter-over-quarter and year-to-date and 3% year-over-year, primarily due to increased mill productivity and fewer maintenance shuts.
In Europe, Norbord's shipments increased 3% versus the prior quarter, 5% versus the same quarter last year and 4% year-to-date. One mill achieved a quarterly production record and the European operations produced at approximately 100% of stated capacity, unchanged from both the prior quarter and the same quarter last year (90% based on restated capacity disclosed at year-end 2014).
Norbord Inc. is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products.
