Owens Corning Disappointed with Third Quarter Results
Owens Corning recently reported consolidated net sales of $1.28 billion in the third quarter of 2012, compared with $1.45 billion during the same period last year. The company reported net earnings of $44 million, compared with net earnings of $124 million in the third quarter of 2011.
“We are disappointed in our third-quarter financial results,” said Mike Thaman, chairman and CEO. “Despite these results, we are proud that our Insulation business achieved profitability in the quarter for the first time in four years, in an improving U.S. construction market. Roofing and Composites are experiencing challenging market conditions in the second half. We continue to focus on actions that will position these businesses for near-term improvement.”
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