Owens Corning's insulation category finds Q3 success
Owens Corning reported growth across the board in the third quarter of 2013, especially in its insulation category, which delivered its best quarter in six years with a profitable year to date.
Net sales for the quarter were at $1.32 billion, up from $1.28 billion on a year-over-year basis.
The company reported net earnings of $51 million, compared with $44 million during the third quarter of 2012.
"We delivered improved year-on-year performance in each of our businesses," said Mike Thaman, chairman and CEO. "Based on our year-to-date performance, we are maintaining our outlook of at least $100 million of adjusted EBIT growth."
Thaman also noted that the company's roofing business did well in terms of margins, with 20% EBIT margins on flat revenue. Meanwhile, insulation was at its ninth consecutive quarter of EBIT improvement. Composites didn't fare as well, due in part to manufacturing performance and lower volumes, though they improved EBIT by $10 million over 2012.
The company expects a 2013 outlook of at least $100 million growth in adjusted EBIT.