{"id":74880,"date":"2017-05-10T08:26:03","date_gmt":"2017-05-10T08:26:03","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/norbord-reports-better-earnings-north-american-osb-prices\/"},"modified":"2025-09-19T08:47:03","modified_gmt":"2025-09-19T08:47:03","slug":"norbord-reports-better-earnings-north-american-osb-prices","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/norbord-reports-better-earnings-north-american-osb-prices\/","title":{"rendered":"Norbord reports better earnings on North American OSB prices"},"content":{"rendered":"

Norbord Inc. reported Adjusted EBITDA of $103 million for the first quarter of 2017 versus $61 million in the first quarter of 2016 and $115 million in the fourth quarter of 2016.\u00a0 <\/strong><\/em><\/p>\n

The year-over-year improvement is primarily due to higher North American OSB prices and shipment volumes, while the quarter-over-quarter decrease is due to higher resin prices and the timing of annual maintenance shuts and related costs.<\/p>\n

North American operations generated Adjusted EBITDA of $102 million compared to $53 million in the same quarter last year and $108 million in the prior quarter. \u00a0European operations delivered Adjusted EBITDA of $6 million versus $10 million in both comparative quarters.<\/p>\n

\u201cWe are enjoying robust market conditions in North America reflecting strong growth in US housing starts that continues to drive increasing demand for OSB<\/em>,\u201d said Peter Wijnbergen, Norbord\u2019s President and CEO.\u00a0 \u201cOur first quarter Adjusted EBITDA result is a significant improvement over the first quarter of last year even though we undertook maintenance activity to ensure our mills were ready for the spring home building season that is now underway.\u00a0 As we enter the second quarter, demand from all our key customers is strong, supply chain inventories remain at minimal levels and benchmark prices are currently 35% higher than this time last year<\/em>.\u201d<\/p>\n

\u201cIn Europe, we continue to face a post-Brexit translation headwind from the weaker Pound Sterling, and this quarter included the additional impact of higher resin prices that exceeded the panel price increases we\u2019ve seen to-date.\u00a0 Our key markets remain strong, with double-digit demand growth in both the UK and Germany as OSB continues to gain market share versus plywood.\u00a0 Our project to modernize and expand the Inverness, Scotland OSB mill to serve this rapidly growing customer demand remains on budget and on track to start up in the second half of this year.\u201d<\/p>\n

Market Conditions<\/strong><\/p>\n

In North America, year-to-date US housing starts were up 8% versus the same period in 2016. \u00a0The seasonally adjusted annualized rate was 1.22 million in March, 9% higher than the pace this time last year, while the pace of permits (the more forward-looking indicator) was 1.26 million. \u00a0Single-family starts, which use approximately three times more OSB than multi-family, increased by 6%. \u00a0The consensus forecast from US housing economists is for approximately 1.26 million starts in 2017, which suggests an 8% year-over-year improvement.<\/p>\n

North American benchmark OSB prices improved significantly in the first quarter of 2017 as new home construction activity and OSB demand continue to improve.\u00a0 The North Central benchmark OSB price averaged $293 per Msf (7\/16-inch basis) for the quarter, and the spreads versus other regions compressed as demand improved. \u00a0In mid-February, the South East benchmark traded higher than North Central for the first time since 2006, demonstrating the tightness in the largest US housing market as the spring building season commenced.<\/p>\n

In Europe, Norbord\u2019s core panel markets remained strong, with double-digit year-over-year OSB demand growth in both the UK and Germany.\u00a0 European panel prices in US dollar terms were impacted by the significant devaluation of the Pound Sterling following the Brexit referendum in June 2016.\u00a0 In local currency terms, OSB prices in the UK were 5% higher than the same quarter last year and have firmed by about 10% since their post-Brexit lows.\u00a0 On the continent, OSB prices were 3% lower than the same quarter last year but flat versus the prior quarter. \u00a0UK medium density fibreboard (MDF) and particleboard prices were up 8% and 3%, respectively versus both comparative periods.<\/p>\n

Performance<\/strong><\/p>\n

North American OSB shipments increased 7% year-over-year due to increased mill productivity but were 11% lower quarter-over-quarter due to major maintenance shuts at six of the Company\u2019s North American mills. \u00a0Shipments were also impacted by the number of fiscal days in both comparative periods.<\/p>\n

Norbord\u2019s operating North American OSB mills produced at 94% of stated capacity (excluding the two curtailed mills in Huguley, Alabama and Chambord, Quebec), up from 92% in the same quarter last year and unchanged from the prior quarter. \u00a0Capacity utilization increased year-over-year due to improved mill productivity.<\/p>\n

Norbord\u2019s North American OSB cash production costs per unit (before mill profit share) increased 7% compared to the prior quarter and 9% versus the same quarter last year due to the timing of annual maintenance shuts and related costs, as well as higher resin prices.\u00a0 Quarter-over-quarter, fewer fiscal days also had some impact.<\/p>\n

In Europe, Norbord\u2019s shipments were 10% higher than the same quarter last year and 7% higher than the prior quarter. \u00a0The European mills produced at 98% of stated capacity in the quarter compared to 100% in the same quarter last year and 95% in the prior quarter. \u00a0Capacity utilization increased quarter-over-quarter due to improved productivity, but decreased year-over-year due to additional maintenance shutdown days in the current quarter.<\/p>\n

Norbord\u2019s mills did not generate any Margin Improvement Program (MIP) gains in the quarter due to the timing and scope of annual maintenance shuts and related costs.<\/p>\n

In January 2016, the Board of Directors approved a $135 million investment over the subsequent two years to modernize and expand the Company\u2019s Inverness, Scotland OSB mill. \u00a0The project remains on budget and on track to start up in the second half of 2017, with no disruption to existing production volumes in the interim.<\/p>","protected":false},"excerpt":{"rendered":"

Norbord Inc. reported Adjusted EBITDA of $103 million for the first quarter of 2017 versus $61 million in the first quarter of 2016 and $115 million in the fourth quarter of 2016.\u00a0 The year-over-year improvement is primarily due to higher … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":49943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4713],"tags":[3506,3405,3507],"class_list":["post-74880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-in-the-timber-industry","tag-nordbord","tag-north-america","tag-osb-prices","topic-forestry","area-north-america"],"acf":[],"yoast_head":"\nNorbord reports better earnings on North American OSB prices<\/title>\n<meta name=\"description\" content=\"Norbord Inc. reported Adjusted EBITDA of $103 million for the first 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