CANADA - Norbord Inc., the largest global producer of oriented strand board (OSB), reported total sales in the 3Q-2020 of USD 725 million, which compared to USD 435 million in the 3Q-2019 represent an increase of USD 290 million or 66.7%.

In North America, sales increased by 88% due to higher realized OSB prices, partially offset by an 8% decrease in shipment volumes. In Europe, sales were 9% higher due to a 12% increase in shipment volumes partially offset by lower average panel prices.

The Company reported an adjusted EBITDA of USD 322 million for the third quarter of 2020 compared to USD 84 million in the second quarter of 2020 and USD 33 million in the third quarter of 2019. North American operations generated adjusted EBITDA of USD 310 million compared to USD 84 million in the second quarter of 2020 and USD 24 million in the third quarter of 2019, and European operations delivered adjusted EBITDA of USD 16 million compared to USD 2 million in the prior quarter and USD 11 million in the same quarter last year.

“The third quarter of 2020 was Norbord’s strongest quarter ever,” said Peter Wijnbergen, Norbord’s President & CEO. “The recovery in economic activity that unfolded in the latter stages of Q2 carried into Q3, driving strong new housing construction and repair-and-remodeling demand that helped lift North American benchmark OSB prices to all-time highs. Our European results also benefitted from higher quarter-over-quarter panel prices and continued recovery of UK panel demand that had been significantly impacted by the pandemic in the second quarter. Adjusted EBITDA increased nearly tenfold from year-ago levels and was 18% above Norbord’s previous best quarterly result in the second quarter of 2018. I remain particularly pleased with our team’s ability to remain focused on working safely within the strict protocols required by the pandemic while at the same time containing manufacturing costs.”

Norbord Inc. is a leading global manufacturer of wood-based panels and the world’s largest producer of fiberboard and related value-added products. Norbord has assets of approximately USD 2.1 billion and employs approximately 2,400 people at 17 plant locations in the United States, Canada and Europe. Norbord is a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “OSB”.