Newspaper article The Canadian Press

Toronto-Based Norbord Inc. Reports Lower Q2 Earnings of $11 Million

Newspaper article The Canadian Press

Toronto-Based Norbord Inc. Reports Lower Q2 Earnings of $11 Million

Article excerpt

Norbord reports lower Q2 earnings of $11M

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TORONTO - Norbord Inc. (TSX:NBD) reported a profit of $11 million in its latest quarter, down from $53 million a year ago, as sales fell compared with the same quarter last year.

The Toronto-based company earned 20 per diluted share in the quarter, compared with 99 cents per diluted share, in the same quarter last year.

The company, which makes wood panels for the home building market, said sales fell to $311 million compared with $365 million year-over-year.

"In North America, homebuilding activity continues to improve," president and CEO Peter Wijnbergen said in a statement on Tuesday.

"But the pace has been held back by labour availability and a lack of entry-level buyers and OSB prices have been disappointing," he said referring to prices for oriented strand board, wood panels that are used in home construction.

Norbord said it has begun rebuilding the press line at its mill in Huguley, Ala., to prepare it for a restart, but has not set a date for a return to operations. …

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