Owens Corning's earnings before interest and taxes (EBIT) in 2009 were $192 million, compared with $234 million in 2008. "I'm pleased with what we accomplished in 2009 in the face of weakness in the US housing market and the global economy," says Mike Thaman, chairman and CEO. "Our Roofing business achieved record results. The actions we took in our Composites segment returned the business to profitability in the second half of the year. We generated significant cash flow during the year through reductions in working capital and capital expenditures. We finished the year with a strong balance sheet."
"Composites performance will show improvement as we see further strengthening in global demand," Thaman adds. "We will demonstrate operating leverage in Composites as we increase capacity utilisation. Our Roofing business will produce another strong year. The Insulation business is expected to narrow its losses despite continuing to face a weak market."
In the Composites segment, Owens Corning believes that overall demand will continue to increase as global industrial activity improves. The rate of market recovery remains uncertain. Production levels in 2010 will be increased to meet demand, which will result in the company increasing capacity utilisation.
