Two of the Toledo area’s biggest companies reported third-quarter profits Wednesday that were down substantially from the same period last year.
Owens Corning said its quarterly earnings were $44 million, or 37 cents per share.
That’s down 65 percent from $124 million, or $1.01 per share, in 2011. Sales were down from $1.45 billion last year to $1.28 billion this year.
“We are disappointed in our third-quarter financial results,” Chairman and Chief Executive Officer Mike Thaman said in a statement.
Earlier this month, the Toledo-based building supplies firm reduced its 2012 earnings outlook and cut its expectations for U.S. roofing segment revenue. Owens Corning said Wednesday that it didn’t expect weakness in the roofing business to improve during the remainder of the year.
“Despite these results, we are proud that our insulation business achieved profitability in the quarter for the first time in four years, in an improving U.S. construction market,” Mr. Thaman said Wednesday.
Owens Corning shares fell 8 cents to $32.26 per share Wednesday.
Meanwhile, Owens-Illinois Inc.’s third-quarter earnings were down 23 percent from the same period last year, the Perrysburg-based glass company said Wednesday after the stock markets closed.
Owens-Illinois’ third quarter earnings were $23 million less than the third quarter of 2011, according to a release from the company.
Earnings in the July-through-September period were $92 million, or $0.55 per share, compared with $119 million, or $0.72 per share in 2011.
That’s a decrease of about 23 percent.
Third-quarter sales were $1.747 billion in 2012, down 6 percent from $1.862 billion in 2011.
The decrease was “primarily due to unfavorable foreign currency translation,” the company’s release stated.
“On balance, our operations performed well this quarter, boosted by higher demand in the Americas and cost reductions across the company,” Chairman and Chief Executive Officer Al Stroucken said in a statement.