Shares of Owens Corning were up nearly 13 percent in early trading today as the company announced better-than-expected fourth-quarter earnings and its first quarterly dividend in 14 years.
The Toledo-based company reported a profit of $82 million, or 69 cents per share, on net sales of $1.3 billion in the fourth quarter. OC reported a $56 million loss in the fourth quarter of 2012.
For the year, OC said net sales were $5.3 billion, up from $5.2 billion in 2012. Full-year profits were $204 million, or $1.71 per share.
The company said its profits were helped by its insulation business returning to profitably in 2013 as housing markets improved.
"All three businesses improved in 2013, benefiting from a stable and growing global economy and a recovering U.S. housing market," Chief Executive Officer Mike Thaman said in a statement. "We expect similar growth in 2014 and we are working to maintain the momentum we established last year."
OC also said today that it would make an initial quarterly dividend payment of 16 cents per share on April 3 to shareholders as of March 14. OC has not paid a quarterly dividend since 2000.
As of 10:30 a.m., OC was trading at $44.89, up almost five dollars a share from Tuesday's close.
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