The company reports a net loss of $19 million for 2012. This reflects a one-time debt extinguishment charge of $74 million in conjunction with a tender offer to refinance $350 million of outstanding senior notes that occurred in the 2012 fourth quarter, as well as approximately $136 million of charges associated with global restructuring actions.
"Owens Corning closed 2012 with positive momentum in each of our businesses," says Chairman and CEO Mike Thaman. "Insulation ended the year with consecutive profitable quarters – a first since 2008 – narrowing losses significantly. Going forward, we believe all three businesses will benefit from recovering markets and company actions to deliver improved operating margins in 2013."
"We anticipate continued improvement in the US housing market and an environment of slow but stable global growth, and we are off to a good start in 2013."
Year ended 31 Dec.2012 | Year ended 31 Dec.2011 | |
Net sales | 5,172 | 5,335 |
Net earnings (loss) | (19) | 276 |
Net sales for Composites business (% change from prior year) | 1,859 (-6%) | 1,976 (4%) |
Composites business EBIT | 91 | 201 |
In the Composites segment, the company expects to benefit from its asset repositioning, increased utilisation following a first-quarter ramp-up, and global market growth. Prices are stable heading into 2013, it says, although there is continued input cost inflation.
Owens Corning (NYSE: OC), headquartered in Toledo, Ohio, USA, is a global producer of residential and commercial building materials, glass fibre reinforcements and engineered materials for composite systems.
