Owens Corning Reports Strong Third Quarter 2015 Results
Owens Corning recently reported consolidated net sales of $1.46 billion in the third quarter of 2015, up from $1.38 billion in the 2014 third quarter. Third quarter 2015 adjusted earnings were $113 million, up from $73 million in the same period last year. Net earnings in the third quarter of 2015 were $112 million, compared to third quarter 2014 net earnings of $52 million. Adjusted earnings before interest and taxes (adjusted EBIT) in the third quarter of 2015 were $198 million, up from $132 million in 2014. Reported EBIT for the 2015 third quarter was $196 million, compared with $107 million during the same period in 2014.
“Owens Corning had a very strong quarter, as all three businesses made substantial contributions to earnings,” said Mike Thaman, chairman and CEO. “Our businesses performed at double-digit margin levels as a result of positive macro trends and strong commercial and operational execution.”
Owens Corning continued to perform at a high level of safety with a recordable incident rate (RIR) of 0.49 for the nine months ending September 30, 2015. This represents safety improvement of 8% vs. the same period in 2014. For the sixth year in a row, Owens Corning earned placement in the Dow Jones Sustainability World Index (DJSI World) in recognition of its sustainability initiatives.
The company continues to expect to benefit in 2015 from sustained improvement in the U.S. housing market and moderate global growth. In composites, the company now expects a full-year EBIT improvement of about $80 million based on current volume and pricing strength, including the impact of $25 million in currency headwinds. In roofing, the company continues to expect that the full-year U.S. shingle market will be in line with last year. Full-year benefit from asphalt deflation is now expected to be around $60 million, positioning the business to meet or exceed last year’s EBIT performance. Insulation should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage. The company expects revenue growth of about 10% in the second half with full-year operating leverage of around 40%.
For more information, visit www.owenscorning.com.