Norbord Inc. (NBD.TO), a producer of wood-based panels, Tuesday reported a profit for the first quarter reflecting higher revenues, a rise from break-even earnings last year.
For the first quarter, the company reported net earnings of $67 million or $1.26 per share, compared with the break-even earnings during the corresponding quarter last year.
On average, nine analysts polled by Thomson Reuters expected earnings per share of $1.37 for the first quarter. Analysts' estimates typically exclude one-time items.
The firm generated revenues of $365 million, compared with $253 million reported during the comparable quarter. The Street expected the company to report revenues of $356.60 million.
The company reported EBITDA of $111 million, a $90 million improvement over the first quarter of 2012.
Under the new dividend policy, the Board declared a quarterly dividend of CAD $0.60 per common share, payable on June 21 to shareholders of record on June 1.
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