CANADA – Norbord Inc. reported EBITDA of USD 27 million in the first quarter of 2014 compared to USD 111 million in the first quarter of 2013. 

The year-over-year change is due to the exceptional North American OSB prices in the first quarter of last year – the highest in 10 years.

North American operations generated EBITDA of USD 17 million in the quarter versus USD 21 million in the prior quarter and USD 106 million in the same quarter last year.  European operations generated EBITDA of USD 13 million in the quarter versus USD 12 million in the prior quarter and USD 10 million in the same quarter last year.

In North America, March year-to-date US housing starts were down 2% versus the same period in 2013.  Permits, however, were 7% higher.  The consensus forecast from US housing experts, stands at 1.1 million starts in 2014, an improvement of 19% over last year.

In Europe, panel markets remained strong, reflecting improving housing markets in the Company’s core geographies, particularly the UK and Germany. First quarter average panel prices held firm, unchanged versus the prior quarter and 4% higher than the same quarter last year.