Owens Corning reports net loss for Q3
Owens Corning, the Toledo, Ohio-based producer of building materials systems and composite solutions, saw net sales of $1.6 billion in the third quarter, up 28 percent from $1.3 billion in the year-ago period. Owens Corning attributed the sales increase to a strong performance in the roofing and asphalt and composites businesses.
The company reported a net loss of $810 million, compared with net earnings of $112 million in the third quarter of 2007.
For its internal use, and as explained in its press release, Owens Corning excludes certain losses that it says are not comparable year over year. Not counting these “certain items it believes are not the result of current operations,” the company reports that it shows a small profit.
"I'm pleased with the quarter as the results are in line with our objectives for the year," said Mike Thaman, chairman and CEO. "We've maintained a strong balance sheet and are benefiting from a solid capital structure that provides more than adequate liquidity."