Norbord Inc. tightened its losses to $8-million during the fourth-quarter as the seasonal slowdown turned out to be less drastic than the previous year.
The Toronto-based maker of wood-based panels said the quarterly loss was equivalent to 18 cents per share, compared to a loss of $11-million, or 25 cents a share a year earlier.
The quarterly results included a $6-million after-tax writedown of on a non-core business investment, it said.
Earnings before interest, taxes, depreciation and amortization was $13-million an increase from $6-million in the comparable period ended Dec. 31.
Sales were $219-million, an increase from $196-million.
For the full year, Norbord booked earnings of $17-million, or 39 cents a share, compared to a loss of $58-million, or $1.35 per share, in 2009.
Norbord said in its outlook that the North American housing market is showing signs of a slow improvement.
“We expect the overall business environment in 2011 to generally mirror Norbord's experience in the past year,” said president and CEO Barrie Shineton in a release.
“We are seeing the beginnings of a slow recovery for the U.S. housing market, which should start taking hold in the second half of the year. Norbord will be well-positioned to generate stronger results once that occurs.”
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