Ceramic Industry News

Owens Corning Sales Flat, Earnings Fall

Owens Corning recently reported consolidated net sales of $5.2 billion in 2012, compared with net sales of $5.3 billion in 2011. Full-year 2012 adjusted earnings were $131 million. The company reported a net loss of $19 million for 2012.

Fourth quarter 2012 adjusted earnings were $13 million, compared with $48 million during the same period one year ago. The company reported a net loss of $56 million in the fourth quarter of 2012, compared with net earnings of $50 million in 2011. The net loss in 2012 reportedly reflects a one-time debt extinguishment charge of $74 million in conjunction with a tender offer to refinance $350 million of outstanding senior notes that occurred in the fourth quarter of 2012, as well as approximately $136 million of charges associated with global restructuring actions. The fourth quarter loss was primarily impacted by both the debt extinguishment charge and $27 million of charges related to global restructuring actions.

“Owens Corning closed 2012 with positive momentum in each of our businesses,” said Mike Thaman, chairman and CEO. “Insulation ended the year with consecutive profitable quarters—a first since 2008—narrowing losses significantly. Going forward, we believe all three businesses will benefit from recovering markets and company actions to deliver improved operating margins in 2013.”

For additional information, visit www.owenscorning.com.

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 Ceramics Expo

Snapshots from the 2015 Ceramics Expo, April 28-30, Cleveland, Ohio. Posted: May 14, 2015.

Podcasts

Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

CI May 2015 cover

2015 May

Our May issue covers bulk batching, pneumatic conveyors, high-temperature furnaces and more! Be sure to check it out today.

Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!