Owens Corning reports strong earnings

4/24/2013

Owens Corning today reported earnings of $22 million, or 18 cents per share, for the first quarter. The Toledo-based building products company lost $46 million, or 38 cents per share, during the same period last year.

The quarterly adjusted earnings were $35 million, or 29 cents per share, which also is an increase from the $11 million, or 9 cents per share, reported in the first quarter of 2012.

Sales were $1.3 billion, which is about the same as last year.

"Owens Corning delivered a strong first quarter with margin improvement in both of our building materials businesses," Chairman and Chief Executive Officer Mike Thaman said in a statement. "We grew first-quarter adjusted EBIT by $34 million, driven by strong roofing performance. Insulation demonstrated strong price execution and is on track for full-year profitability and double-digit revenue growth in 2013. And, composites completed its asset ramp-up and is positioned to achieve operating leverage that supports improved year-over-year margins for the business."