Owens Corning reports mixed results
Building products manufacturer Owens Corning reported net sales of $1.35 billion for the first quarter of 2012, a 9% rise over sales of $1.24 billion during the same quarter a year ago. The company reported a net loss of $46 million for the quarter, which ended March 31, 2012, compared with net earnings of $24 million in the first quarter of 2011.
"Owens Corning delivered results in line with our expectations for the quarter," said chairman and CEO Mike Thaman. "We continue to be confident that we will grow adjusted EBIT in 2012.
"As compared to last year, roofing volumes grew significantly, but margins were compressed due to asphalt cost inflation," Thaman said. "We expect another year of strong financial performance in roofing based on our current outlook for volumes and pricing."
The company continues to believe Insulation will significantly narrow losses in 2012 on improved U.S. housing, according to its outlook.