Thursday, May 26, 2016
Current Weather
Loading Current Weather....
Published: Wednesday, 7/24/2013 - Updated: 2 years ago

Owens Corning turns $49M profit in 2Q

Revenue falls to $1.35B from $1.39B last year


Owens Corning said today it turned a $49 million profit in the second quarter, up 26 percent from last year, in spite of a small dip in total revenue.

The Toledo-based company said its second-quarter revenue fell to $1.35 billion from $1.39 billion in the second quarter of last year. However, strength in the company's roofing business, price increases in insulation, and improved performance in the company's composite business helped drive a higher profit. 

"We expect improvement in all three businesses for the full year 2013," Chief Executive Officer Mike Thaman said in a statement.

The company said it was the first time since 2008 that the insulation business has been profitable in the second quarter. 

On a per-share basis, OC posted earnings of 41 cents per share for the quarter. In the second quarter of last year, OC earned 32 cents per share.

Shares of the company's stock were down about 3 percent in early trading. 

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories