Norbord Inc. reported Adjusted EBITDA of $273 million for the 2Q 2018 versus $165 million in the 2Q 2017 and $170 million in the 1Q 2018. The 65% year-over-year improvement is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes, as well as higher European panel prices. North American operations generated Adjusted EBITDA of $256 million compared to $157 million in the same quarter last year and $156 million in the prior quarter. European operations delivered Adjusted EBITDA of $21 million versus $9 million in same quarter last year and $18 million in the prior quarter.
“Our 2Q results are the highest in the Company’s history,” said Peter Wijnbergen, Norbord’s President and CEO. “We generated $273 million in Adjusted EBITDA, a huge improvement over this time last year as our North American mills shipped 10% more OSB in a strong market environment. Our European business delivered $21 million of Adjusted EBITDA, its best result ever in local currency terms, as robust demand growth in our key markets supported strong prices.”
Norbord recorded Adjusted earnings of $167 million or $1.92 per diluted share ($1.93 per basic share) in the 2Q 2018 versus $95 million or $1.10 per share (basic and diluted) in the 2Q 2017 and $96 million or $1.10 per diluted share ($1.11 per basic share) in the 1Q 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.