Norbord Reports Second Quarter 2017 Results

Q2 2017 HIGHLIGHTS
•Adjusted earnings of $1.10 per diluted share, more than double Q2 2016
•Adjusted EBITDA of $165 million, $71 million higher than Q2 2016
•North Central benchmark OSB price averaged $330 per Msf, up 25% from Q2 2016
•Capacity utilization at Norbord’s North American mills up 3% year-over-year
•Repaid $61 million in temporary drawings on accounts receivable securitization program
•Declared quarterly dividend of C $0.50 per share for shareholders of record on September 1, 2017 – an increase of C $0.20

Norbord Inc. (TSX and NYSE:  OSB) today reported Adjusted EBITDA of $165 million for the second quarter of 2017 versus $94 million in the second quarter of 2016 and $103 million in the first quarter of 2017.  The improvement is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes.  North American operations generated Adjusted EBITDA of $157 million compared to $85 million in the same quarter last year and $102 million in the prior quarter.  European operations delivered Adjusted EBITDA of $9 million versus $11 million in the same quarter last year and $6 million in the prior quarter.

“Our second quarter Adjusted EBITDA result is our best since 2004,” said Peter Wijnbergen, Norbord’s President and CEO.  “The improved operational performance of our North American mills resulted in lower manufacturing costs and higher shipments this quarter.  OSB demand remains strong as US housing starts continue to recover and benchmark OSB prices are currently at multi-year highs.”

“In Europe, our financial performance is nearly back in line with its long-term quarterly trend despite the currency translation headwind from the weaker Pound Sterling and the negative impact of higher resin prices.  Demand from our key UK and German markets remains strong and we expect the improvement in our European business to continue.  Our project to modernize and expand the Inverness, Scotland OSB mill to serve this rapidly growing customer demand is well advanced and remains on track to begin production later this year.”

Norbord recorded Adjusted earnings of $95 million or $1.10 per share (basic and diluted) in the second quarter of 2017 versus $42 million or $0.49 per share (basic and diluted) in the second quarter of 2016 and $50 million or $0.58 per share (basic and diluted) in the first quarter of 2017.
more detail at:  http://www.prnewswire.com/news-releases/norbord-reports-second-quarter-2017-results-increases-quarterly-dividend-637140113.html

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