Owens Corning turns $49M profit in 2Q

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

7/24/2013

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.