Norbord Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported adjusted EBITDA of $170 million against $103 million in the first quarter of 2017 and $204 million in the fourth quarter of 2017. The year-over-year improvement is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes, as well as higher European panel prices. The quarter-over-quarter decrease is due to lower North American OSB price realizations and shipment volumes.  Earnings were $95 million or $1.09 per diluted share compared to $49 million or $0.57 per basic and diluted share a year ago. Adjusted earnings were $96 million or $1.10 per diluted share against $50 million or $0.58 per basic and diluted share a year ago. Adjusted pre-tax earnings were $132 million against $68 million a year ago. Capital investments were $50 million (including intangible assets) in the first quarter compared to $60 million in the same quarter last year and $66 million in the prior quarter. The decreases versus both comparative quarters are primarily attributable to the Inverness expansion and Huguley restart projects, both of which were successfully brought online in the fourth quarter of 2017. Sales were $576 million against $467 million a year ago. Operating income was $139 million against $73 million a year ago. Earnings before income tax were $131 million against $62 million a year ago. Cash provided by operating activities was $135 million against $97 million a year ago. Investments in property, plant and equipment was $56 million against $56 million a year ago.

Norbord's 2018 capital expenditure budget is $175 million for projects focused on reducing manufacturing costs and increasing productivity across the mills (including the Grande Prairie debottlenecking project), as well as investments to support the company's strategy to increase the production of specialty products for industrial and export markets.