For the full-year 2015, Norbord recorded Adjusted EBITDA of $122 million compared to $115 million in 2014 as higher shipment volumes and a number of cost improvements offset lower oriented strand board (OSB) prices.
North American operations generated Adjusted EBITDA of $95 million compared to $82 million in the prior year and European operations delivered Adjusted EBITDA of $38 million versus $47 million in the prior year.
"2015 was a significant year in many respects for Norbord, even though our progress is just starting to become visible in our sequential quarterly results," said Peter Wijnbergen, Norbord's President and CEO. "We completed our merger with Ainsworth in March to form the world's largest OSB company and have since been focused on delivering the synergies from this combination. We have captured $27 million in annualized synergies to-date and I am confident in our ability to deliver the full $45 million target by the end of 2016."
Norbord recorded Adjusted earnings of $16 million or $0.19 per share (basic and diluted) in the 4Q 2015 versus an Adjusted loss of $4 million or $0.05 per share in the 3Q 2015 and an Adjusted loss of $16 million or $0.18 per share in the 4Q 2014.
Despite a much stronger 4Q result, for the full year 2015 the Company recorded an Adjusted loss of $14 million or $0.17 per share compared to an Adjusted loss of $17 million or $0.20 per share in 2014 due to 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). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products.
