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Paper Recycling August 12, 2020 09:40:24 PM

Norbord Inc. Announced Robust Results For Q2 2020

Paul Ploumis
ScrapMonster Author
Norbord’s North American shipments recorded 12% year-on-year decline in Q2 this year.

Norbord Inc. Announced Robust Results For Q2 2020

SEATTLE (Scrap Monster):  Norbord Inc. announced results for second quarter 2020. The company reported adjusted EBITDA of $84 million for the quarter. This compares with $75 million in the prior quarter and $36 million in the corresponding quarter last year. The EBITDA boost was mainly on account of lower manufacturing costs and higher realized North American OSB prices.

The company recorded adjusted earnings of $31 million or $0.38 per share in Q2 this year, compared to adjusted earnings of $21 million or $0.26 per share in Q1 2020 and adjusted loss of $8 million or $0.10 per share. The liquidity at the end of the quarter stood at $378 million. The company’s Board of Directors declared a quarterly variable dividend of C $0.30 per common share, payable on September 21, 2020.

Norbord’s North American shipments recorded 12% year-on-year decline in Q2 this year. The curtailments across UK mills and reduced demand situation resulted in 15% year-on-year decline in European shipments.

Peter Wijnbergen, President & CEO, Norbord stated that its adjusted EBITDA represented the company’s best performance in seven quarters. It has continued to drive down costs and ensure operations within the strict protocols required by the Covid-19 pandemic. The company will continue to remain vigilant and continue to focus on the health and safety of its employees, while ensuring resilient and flexible operations.

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