The company reports a net loss of $46 million for the quarter, compared with net earnings of $24 million in the first quarter of 2011.
"Owens Corning delivered results in line with our expectations for the quarter," says Owens Corning Chairman and CEO Mike Thaman. "We continue to be confident that we will grow adjusted EBIT in 2012.
Although there continues to be uncertainty in the macro-economic outlook, Owens Corning expects to grow adjusted EBIT in 2012 based on an improving US housing market and continued growth in global industrial production.
Despite weakness in the European glass fibre reinforcements market, the company believes that global glass reinforcements demand will continue to grow in 2012.
Owens Corning is taking actions in its Composites segment to balance supply and to improve the sustainable competitive position of its European assets. In the first quarter, the company made progress in implementing these actions to transform its Composites operation into a global network of low-delivered-cost assets and to position the business to return to double-digit margins in 2013.
Owens Corning, Toledo, Ohio, USA, is a global producer of residential and commercial building materials, glass fibre reinforcements and engineered materials for composite systems.