CANADA – Norbord Inc. reported adjusted EBITDA of USD 94 million for the second quarter of 2016 versus USD 19 million in the second quarter of 2015 and USD 61 million in the first quarter of 2016. 

The improvement versus both comparative periods is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes. North American operations generated adjusted EBITDA of USD 85 million in the quarter compared to USD 11 million in the same quarter last year and USD 53 million in the prior quarter. European operations delivered Adjusted EBITDA of USD 11 million compared to USD 10 million in both comparative quarters.

“Our financial and operational performance continued to improve in the second quarter. Our adjusted EBITDA has increased for six consecutive quarters and so far in 2016, we have generated $120 million more in adjusted EBITDA than this time last year. Further, our adjusted earnings were more than double the first quarter,” said Peter Wijnbergen, Norbord’s President and CEO. “Our North American mills produced at 96% of stated capacity during the quarter. The benchmark OSB spot price is currently up 44% since its February low, the highest level in over three years. We see further upside to our performance as recovering US housing starts, particularly single-family, continue to drive increasing OSB demand.”