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.”
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