Owens Corning recently reported its consolidated net sales decreased 2% to $1.24 billion in the first quarter of 2011, compared with $1.27 billion in the previous year’s first quarter. First quarter 2011 net earnings were $24 million, compared with net earnings of $48 million in the first quarter of 2010.
“Owens Corning delivered profit in line with our expectations for the first quarter, driven by continued strong performance in the Composites and Roofing businesses,” said Mike Thaman, chairman and CEO. “We remain confident in our guidance of $475 million in adjusted EBIT for 2011.
“During the quarter, we made operating investments to expand our Composites capacity and convert Insulation facilities to produce our new EcoTouch™ insulation,” Thaman said. “We expect that these investments-combined with improving economic conditions and our recent pricing actions-will improve profitability throughout the balance of the year.”
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Owens Corning First Quarter Sales Down 2%
May 4, 2011