Owens Corning reported that consolidated net sales increased 13% to $1.4 billion in the second quarter of 2010, compared with $1.2 billion in last year’s second quarter. Second quarter adjusted earnings were $73 million, or $0.57 per adjusted diluted share, compared with $62 million, or $0.49 per adjusted diluted share, in the second quarter of 2009. Net earnings were $937 million, or $7.33 per diluted share, in the second quarter 2010, compared with net earnings of $33 million, or $0.26 per diluted share, in the second quarter of last year.
Increased global demand in Composites supported improved capacity usage and the business demonstrated significant operating leverage during the quarter. Strong Roofing results highlighted performance in the Building Materials segment, while Insulation losses narrowed despite continued weakness in the U.S. housing market.
“The strength and diversity of our business portfolio produced another great quarter,” said Mike Thaman, chairman and CEO. “Composites demonstrated operating leverage on improved sequential demand. Roofing continued its strong margin performance despite weakness in volumes late in the quarter that have persisted through July.”
Additional details are available at www.owenscorning.com