Norbord Inc. slipped to a $1-million (U.S.) profit in the second quarter as the wood panel maker was hit by lower sales in North America.
The Toronto-based company said Friday its results were equivalent to 3 cents per share, versus a profit of $33 million, or 76 cents per share a year ago.
The company, which reports results in U.S. dollars, said that sales dropped to $241 million from $296 million.
The quarter included a $7 million non-recurring income tax benefit.
Norbord's results were higher over the first-quarter when the company booked a loss of $2 million, as it grappled with declining new home construction activity.
"While I am cautious about North American OSB (oriented strand board) prices in the face of declining U.S. housing numbers in the second quarter, I am confident that Norbord's diversified customer base and limited exposure to new home construction will minimize the impact of this uncertain pricing environment," said president and CEO Barrie Shineton in a release.
"I expect our European business to continue to deliver solid results for the remainder of the year."Report Typo/Error