Monday, Jun 25, 2018
One of America's Great Newspapers ~ Toledo, Ohio


Owens Corning returning to profitability after 02 loss

After a huge loss in 2002 resulting from a charge related to asbestos liability, Owens Corning returned to profitability last year.

The Toledo-based manufacturer of insulation and other building materials said it made $115 million in 2003, compared with a loss of $2.8 billion the prior year. The company doesn t release per-share earnings because it expects to cancel existing stock as part of its plan to emerge from Chapter 11 bankruptcy.

Sales last year rose 3 percent to $5 billion from $4.9 billion the year before. For last year, the Fortune 500 firm said it had $85 million in bankruptcy-related charges and $34 million in charges related to restructuring and other items.

In the fourth quarter of 2003, OC made $43 million compared to a loss of $39 million in the prior-year period. Sales for the period climbed to $1.3 billion from $1.2 billion.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2018 Toledo Blade

To Top

Fetching stories…