Owens Corning has reported that its consolidated net sales decreased from $1.3 billion in the third quarter of 2009 to $1.2 billion in the third quarter of 2010, a decrease of 12%. Third quarter 2010 adjusted earnings were $44 million, or $0.35 per adjusted diluted share, compared with $78 million, or $0.61 per adjusted diluted share, in the third quarter of 2009. The company’s third quarter 2010 net earnings were $58 million, or $0.46 per diluted share, compared with net earnings of $80 million, or $0.63 per diluted share, in the third quarter of 2009.
According to the company, composites benefited from consistently strong global demand and positive pricing momentum, which produced strong operating performance. Roofing continued to sustain margins above 20% in the quarter, despite a significant market correction. Insulation achieved higher pricing in the quarter and maintained a disciplined approach to managing capacity as challenging market conditions persisted.
“Owens Corning repurchased $100 million of shares during the quarter based on our strong outlook,” said Mike Thaman, chairman and CEO. “We’re on track to deliver significant EBIT growth in 2010 in a difficult economic environment.”
For additional details, visit www.owenscorning.com