Improved US housing gives upturn for Norbord13 August 2012
North American panels giant Norbord saw earnings rise threefold in Q2, with figures boosted by a long awaited pick up in the US housing sector.
The company reported earnings before tax, depreciation and amortization (EBITDA) of US$31m. That compares with US$10m in the same period in 2011 and US$21m in Q1.
Norbord's North American operations returned Q2 EBITDA of US$26m, against break even last year, while its European business reported US$9m against US$13m.
Total sales for the three months were US$272m, against US$241m the year before. That took turnover for the first half to US$525m, compared with US$494m.
The improvement in American home building played a significant role in the company's upturn, said chief executive Barrie Shineton.
"We are finally seeing a more sustainable US housing recovery and this is flowing through to our bottom line, " he said.