North American operations generated EBITDA of $17 million in the quarter versus $21 million in the prior quarter and $106 million in the same quarter last year. European operations generated EBITDA of $13 million in the quarter versus $12 million in the prior quarter and $10 million in the same quarter last year.
"Severe weather conditions across North America presented both market and operational challenges that impacted our business in the first two months of the year," said Peter Wijnbergen, President and CEO. "Homebuilding activity was delayed, resulting in weaker OSB demand and prices. Our mills also ran less efficiently. Looking ahead, the spring homebuilding season is finally starting to take hold and we have already started to see OSB consumption pick up. Customer inventories are low and increasing demand from new home construction will support a more robust pricing environment."
"Our European panel business delivered its best quarterly EBITDA result in three years. Panel demand is strengthening and our mills ran very well, supporting almost 10% higher shipments than the same quarter a year ago. I expect this trend of improved performance to continue throughout the remainder of the year as our core markets recover."
Norbord recorded earnings of $7 million in the 1Q 2014 compared to $2 million or $0.04 per share in the 4Q 2013 and $67 million in the 1Q 2013.
Norbord Inc. is an international producer of wood-based panels with assets of more than $1 billion, employing approximately 1,950 people at 13 plant locations in the United States, Europe and Canada. Norbord is one of the world's largest producers of oriented strand board (OSB).