Sales plunge, loss grows at Owens Corning
4/30/2009Insulation and building material sales plunged in the first quarter, resulting in a bigger quarterly loss for Toledo s Owens Corning.
The company said Thursday it lost $28 million in the January through March period, more than double its $13 million loss a year ago. Per share, the loss was 23 cents, compared to 10 cents a year ago.
Its sales for the quarter sunk 21 percent to $1.1 billion.
OC, based in downtown Toledo and known for its Pink Panther logo, had strong sales of its roofing materials for which it had raised its prices to customers but it wasn t enough to offset the weak sales of its insulation and othe products.
"The challenging business environment is expected to persist through 2009," the company said in a statement. OC said it continues to cut its costs, limiting its capacity, lowering capital spending, and reducing its workforce.