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Owens Corning sees drop in roofing demand during Q2

July 24, 2014

Lagging sales of roofing products continued in the second quarter for Owens Corning, though growth in the Toledo firm’s other two business segments prevented a significant loss of revenue.
Owens Corning said Wednesday that sales totaled $1.35 billion for the quarter, unchanged from the second quarter last year. However, earnings fell by 57 percent to $21 million, or 18 cents per share, as higher operating expenses bit into the firm’s profits. On an adjusted basis, OC reported a profit of $45 million, or 38 cents per share. In last year’s second quarter, OC’s adjusted earnings were $68 million, or 56 cents per share. Roofing sales were down 14 percent from last year. Chief Executive Officer Mike Thaman said the company’s volumes were down slightly more than the industry as a whole for the second straight quarter. “We have some signs of optimism, but I would tell you it continues to be a tough volume market and a difficult price market for us. “And I think our team is doing a very, very good job of getting the most profit out of the market for Owens Corning,” he said. In spite of the first-half trouble in roofing, Mr. Thaman said the company should still generate higher profits this year than it did in 2013. Owens Corning’s insulation and composites segments showed improvement in the second quarter.


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