Nov 01, 2013. /Lesprom Network/. Norbord Inc. reported EBITDA of $45 million in the 3Q 2013, compared to $66 million in the same quarter last year and $102 million in the 2Q 2013. North American operations generated EBITDA of $36 million in the quarter versus $58 million last year and $92 million in the prior quarter. European operations generated EBITDA of $12 million in both the 3Q and 2Q of 2013 versus $10 million in the 3Q last year, as the company said in the press release received by Lesprom Network. 

Norbord recorded $27 million of earnings ($0.50 per share diluted) in the 3Q 2013 compared to $27 million ($0.59 per share diluted) in the same quarter last year and $53 million ($0.99 per share diluted) in the prior quarter. Earnings this quarter include a $9 million ($0.17 per share diluted) one-time non-recurring income tax recovery.

"I am pleased with our 3Q result in spite of the volatile OSB pricing we've experienced in North America this year," said Barrie Shineton, President and CEO. "Prices have adjusted by 45% since the spring, yet even at today's more moderate levels, we continue to generate attractive free cash flow. OSB prices bottomed in September and we are now seeing a gradual, positive improvement that I believe will continue into the fourth quarter. Demand from our customers remains strong, their inventories are lean and Norbord has a healthy four-week order file.

"In Europe, panel markets continued to strengthen, particularly OSB, and our plants are running at capacity. It is clear that the housing recovery is now well entrenched in our core UK and German markets."

Norbord Inc. is an international producer of wood-based panels with assets of $1 billion, employing approximately 1,900 people at 13 plant locations in the United States, Europe and Canada. Norbord is one of the world's largest producers of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard (MDF) and related value-added products.