Jan 30, 2015. /Lesprom Network/. Norbord Inc. reported adjusted EBITDA of $90 million in 2014 compared to $287 million in 2013 on 31% lower North American benchmark oriented strand board (OSB) prices. North American operations generated adjusted EBITDA of $54 million versus $255 million in the prior year and European operations delivered adjusted EBITDA of $47 million versus $46 million in the prior year, as the company said in the press release received by Lesprom Network.

In the 4Q 2014, Norbord recorded adjusted EBITDA of $15 million, unchanged from the previous quarter and $14 million lower than the 4Q 2013.

"US housing continues to recover, albeit at a more gradual pace than originally anticipated. This put pressure on the North American OSB market, which in turn impacted our financial results," said Peter Wijnbergen, Norbord's President and CEO. "However, Norbord's mills in both North America and Europe delivered excellent operational results this year, with six mills setting annual production records. We achieved $24 million in Margin Improvement gains, reflecting the ongoing effort across our company to reduce manufacturing costs and increase productivity. Our European panel business also had another strong year in the face of an increasingly challenging macroeconomic environment."

Norbord generated earnings of $26 million for the full year 2014 compared to $149 million in 2013. The Company recorded earnings of $3 million in the 4Q 2014 versus $2 million in the same quarter of 2013.

North American OSB shipments for the full year increased 5% compared to the prior year. 4Q shipments were in line with the 3Q and modestly higher than the same quarter last year as higher mill productivity partially offset a reduced production schedule.

For the full year, Norbord's operating OSB mills produced at approximately 100% of stated capacity (excluding the two curtailed mills in Huguley, Alabama and Val-d'Or, Quebec) compared to 95% in 2013. Annual production records were achieved at three of the Company's North American OSB mills.

Norbord Inc. is an international producer of wood-based panels. Norbord is one of the world's largest producers of OSB. In addition to OSB, Norbord manufactures particleboard, MDF and related value-added products.