Norbord reports Q3, 2014 with optimism for 20153 November 2014
Norbord Inc has reported EBITDA of US$15m in Q3, 2014 compared to US$33m in Q2, 2014 and US$45m in Q3, 2013.
North American operations generated EBITDA of US$7m in the quarter versus US$24m in the prior quarter and US$36m in the same quarter last year. European operations generated EBITDA of US$11m in the quarter versus US$12m in both the prior quarter and the same quarter last year.
"In response to challenging North American OSB market conditions, we moved most of our annual maintenance shuts forward to the third quarter and curtailed additional production at several mills," said Peter Wijnbergen, president and ceo.
"In the near term, I expect North American OSB pricing to continue to move sideways with the slower demand we traditionally experience at the end of the year.
"However, I remain optimistic that our OSB sales will improve next year as the US housing recovery continues to unfold.
"Our European performance remains strong, with year-to-date shipments up 6% on demand growth in our core UK, German and Benelux markets. While OSB prices have been under pressure this year, we did not see any significant impact on our overall results in the third quarter," said Mr Wijnbergen.