Norbord Inc. reported Adjusted EBITDA of $114 million for the 4Q 2016 versus $114 million in the prior quarter and $57 million in the 4Q 2015.
For the full year 2016, Norbord recorded Adjusted EBITDA of $383 million compared to $122 million in 2015 on higher North American OSB prices and higher shipment volumes.
North American operations generated Adjusted EBITDA of $352 million compared to $95 million in the prior year and European operations delivered Adjusted EBITDA of $41 million versus $38 million in the prior year.
“2016 was an excellent year for Norbord and we more than tripled our Adjusted EBITDA over the prior year,” said Peter Wijnbergen, Norbord’s President and CEO. “US housing starts continued their steady recovery, driving increased North American OSB demand and prices. The 4Q 2016 marked our eighth consecutive quarter of improved results as the seasonal slowdown in construction-related demand was less pronounced than usual. Channel inventories remain lean and demand in all our core markets remains strong, setting us up well as we enter 2017.”
Norbord recorded Adjusted earnings of $55 million in the 4Q 2016 versus $58 million in the 3Q 2016 and $16 million in the 4Q 2015.
For the full year 2016, the Company recorded Adjusted earnings of $175 million compared to an Adjusted loss of $14 million in 2015 that included a number of one-time merger-related expenses.
Norbord Inc. is a leading global manufacturer of wood-based panels and the world’s largest producer of oriented strand board (OSB).