Owens Corning's earnings down 65 percent


Owens Corning's third-quarter earnings were down 65 percent from last year, the company announced this morning.

The Toledo-based maker of roofing, insulation, and composite materials reported a profit of $44 million, or 37 cents a share, for the quarter. In the same period last year OC made $124 million, or $1.01 a share. Net sales dropped from $1.45 billion last year to $1.28 billion this year.

Earlier this month, Owens Corning 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 year.

"We are disappointed in our third-quarter financial results," Chairman and Chief Executive Mike Thaman said. "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. Roofing and composites are experiencing challenging market conditions in the second half."

Owens Corning shares were up a penny to $32.35 just before noon today.