Norbord Inc. reported Adjusted EBITDA of $211 million for the 3Q 2018 versus $200 million in the 3Q 2017 and $273 million in the 2Q 2018. The year-over-year improvement is primarily due to higher European panel prices and North American shipment volumes, while the quarter-over-quarter decrease is due to lower North American oriented strand board (OSB) prices, as the company says in the press release received by Lesprom Network.
North American operations generated Adjusted EBITDA of $190 million compared to $184 million in the same quarter last year and $256 million in the prior quarter. European operations delivered Adjusted EBITDA of $23 million versus $14 million in same quarter last year and $21 million in the prior quarter.
“Our 3Q results reflect another excellent quarter for Norbord,” said Peter Wijnbergen, Norbord’s President and CEO. “We generated $211 million in Adjusted EBITDA, a 6% improvement over this time last year as North American OSB demand remained strong during the summer homebuilding season. Our European business had another outstanding quarter, delivering $23 million of Adjusted EBITDA as robust demand growth in our key markets supported strong prices.”
Norbord recorded Adjusted earnings of $123 million or $1.41 per diluted share ($1.42 per basic share) in the 3Q 2018 versus $121 million or $1.39 per diluted share ($1.40 per basic share) in the 3Q 2017 and $167 million or $1.92 per diluted share ($1.93 per basic share) in the 2Q 2018.
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.
