Norbord Inc. reported Adjusted EBITDA of $211 million for the 3Q 2018 versus $200 million in the 3Q 2017 and $273 million in the 2Q 2018. The year-over-year improvement is primarily due to higher European panel prices and North American shipment volumes, while the quarter-over-quarter decrease is due to lower North American oriented strand board (OSB) prices.
North American operations generated Adjusted EBITDA of $190 million compared to $184 million in the same quarter last year and $256 million in the prior quarter. European operations delivered Adjusted EBITDA of $23 million versus $14 million in same quarter last year and $21 million in the prior quarter.
“Our 3Q results reflect another excellent quarter for Norbord,” said Peter Wijnbergen, Norbord’s President and CEO. “We generated $211 million in Adjusted EBITDA, a 6% improvement over this time last year as North American OSB demand remained strong during the summer homebuilding season. Our European business had another outstanding quarter, delivering $23 million of Adjusted EBITDA as robust demand growth in our key markets supported strong prices.”
Norbord recorded Adjusted earnings of $123 million or $1.41 per diluted share ($1.42 per basic share) in the 3Q 2018 versus $121 million or $1.39 per diluted share ($1.40 per basic share) in the 3Q 2017 and $167 million or $1.92 per diluted share ($1.93 per basic share) in the 2Q 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.