Owens Corning Net Sales Rise 9%
Owens Corning recently reported consolidated net sales of $1.35 billion in the first quarter 2012, up 9% compared to $1.24 billion in the same period last year. First quarter 2012 adjusted earnings, based on the company’s expected full-year effective tax rate of 25%, were $11 million, vs. $27 million in the same period last year. The company reported a net loss of $46 million compared with net earnings of $24 million in the first quarter of 2011. Despite weakness in the European glass fiber reinforcements market, the company reports it expects global glass reinforcements demand to continue to grow in 2012.
“Owens Corning delivered results in line with our expectations for the quarter,” said Mike Thaman, chairman and CEO. “We continue to be confident that we will grow adjusted EBIT in 2012.”
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