Norbord Inc. reported Adjusted EBITDA of $114 million for the 3Q 2016 versus $30 million in the 3Q 2015 and $94 million in the 2Q 2016. The improvement versus both comparative periods is primarily due to higher North American oriented strand board (OSB) prices, as the company says in the press release received by Lesprom Network.
Norbord recorded Adjusted earnings of $58 million or $0.67 per diluted share ($0.68 per basic share) in the current quarter compared to an Adjusted loss of $4 million or $0.05 per share in the same quarter last year and Adjusted earnings of $42 million or $0.49 per share in the prior quarter.
“Our financial performance continued to improve in the 3Q as North American benchmark OSB prices strengthened further,” said Peter Wijnbergen, Norbord’s President and CEO. “Norbord generated Adjusted EBITDA of $114 million, marking the seventh consecutive quarter of improvement. As we enter the seasonally slower winter building period, North American benchmark OSB prices remain well above where they were this time last year as US housing starts, particularly single-family, continue to recover and drive increasing OSB demand.”
Norbord Inc. is a leading global manufacturer of wood-based panels and the world’s largest producer of oriented strand board.