Glass fiber specialist Owens Corning has reported consolidated net sales of US$1.7 billion in first-quarter 2019, a slight decrease of 1% versus 2018.
First-quarter 2019 net earnings attributable to Owens Corning were US$44 million, compared with US$92 million, in Q1 2018.
The company said that decline was primarily in the company’s roofing and insulation businesses, driven by lower sales and production volumes, and that the results of the composites business were comparable with last year, with execution and volume growth largely offsetting cost inflation.
In April 2019, Brian Chambers succeeded Mike Thaman as CEO of the company. ‘I am honored to be leading Owens Corning as the company’s eighth CEO,’ said Chambers. ‘We are excited about the opportunity to drive growth across our global product portfolio to create value for our shareholders. For the first quarter, our results reflect good operational execution across the company.’
Owens Corning said that in composites, the company continues to expect growth in the glass fiber market, although the global industrial production growth outlook has softened, primarily in Europe.
This story uses material from Owens Corning, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.