Rising North American OSB prices could not stop Norbord’s third-quarter results falling year-on-year.
Average prices in the north central region rose from US$177 per thousand ft² in 2007 to US$201, and from US$149 per thousand ft² to US$158 in the south-east during the third quarter. In Europe, OSB prices declined from €246 per m³ to €196 year-on-year, continuing a downward trend during the previous five quarters.
This led the Toronto-based wood-based panel producer to table net sales of US$256m, down US$36m year-on-year and US$6m quarter-on-quarter; EBITDA at a loss of US$9m, compared with US$30m a year ago and US$1m in the previous quarter; and earnings at a loss of US$18m, down from a loss of US1m in 2007, although improving on a loss of US$37m in the second quarter.
“Norbord’s third-quarter results reflected ongoing weakness in North American new home sales, downward momentum in UK housing-related activity and the overall impact of the global credit crisis,” the company said.
