Owens Corning's $40 million second-quarter earnings were about half what the company made in the same period last year.
The earnings translate into a profit of 32 cents per share, compared with the 62-cent gain the company recorded per share in the second quarter of 2011. The Toledo-based building materials company released its second-quarter figures on Wednesday.
Revenue dropped 4 percent to $1.39 billion.
"Our second-quarter financial performance represents progress over the first quarter, but the rate of improvement is below our expectations …," Owens Corning Chairman and Chief Executive Officer Mike Thaman said in a statement. "However, we continue to expect that the second half of the year will be more profitable than the first and that we will deliver strong free cash flow in 2012."
Owens Corning stock rose 2.4 percent, gaining 63 cents a share to finish at $27.49.
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