Glass fiber specialist Owens Corning has reported consolidated net sales of US$1.23 billion in the first quarter of 2016, compared to net sales of US$1.20 billion in the prior-year period.
First-quarter 2016 adjusted earnings were US$62 million, or US$0.53 per diluted share, compared with US$22 million, or US$0.19 per diluted share, during the same period one year ago. The company reported net earnings of US$57 million, or US$0.49 per diluted share, in the first quarter of 2016, compared with net earnings of US$18 million, or US$0.15 per diluted share, in 2015.
‘Owens Corning had a record first quarter, with all three businesses demonstrating year-on-year EBIT growth,’ said chairman and CEO Mike Thaman. ‘The composites business displayed continued momentum in margins and volumes. The roofing business delivered particularly strong results, due to growth in underlying market demand and storm activity late in the quarter. The insulation business continued to deliver year-over-year EBIT improvement,’ he added.
In composites, the company says that it expects continued growth in the glass fiber market, driven by moderate global industrial production growth. Based on the strong start to the year, Owens Corning now expects EBIT improvement of at least US$30 million.
This story is reprinted from material from Owens Corning, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.