Owens Corning earnings rise 80 percent in third quarter
Building materials company Owens Corning nearly doubled its third-quarter earnings, rising 80.6 percent to $112 million from $62 million in the same period last year. Net sales fell 9 percent to $1.27 billion from $1.4 billion in the same period last year.
While earnings from continuing operations were $52 million, the company saw additional gains stemming from its emergence from bankruptcy this year and the subsequent sale of certain businesses.
The company completed the sale of its siding solutions business to France-based building materials company Saint-Gobain for $368 million, as well as the sale of its Fabwel business for $57 million.
At the same time, Owens Corning most recently completed the acquisition of the reinforcements and composite fabrics business of Saint-Gobain for $640 million.
“The weakness in new residential construction continued to have a significant impact on the overall performance of our company,” said Dave Brown, president and CEO. “We’ve acted decisively to make our company more global.”
Based in Toledo, Ohio, Owens Corning manufactures and markets glass fiber building materials and home improvement systems.