The company reports net earnings of $49 million for Q2 2013, compared to $39 million for Q2 2012.
"We are pleased with our progress in the second quarter and the first half of 2013, with strong margin performance in our Roofing business, price increases and operating leverage in Insulation, and improved performance in Composites," says Owens Corning Chairman and CEO Mike Thaman.
Thaman expects improvement in all three businesses for the full year 2013.
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"After a very mixed year last year, we are very optimistic about 2013," says Arnaud Genis, Group President of the Owens Corning Composite Solutions Business. "Our view is that the worst of the European crisis is over, that the emerging economies which did not perform as expected last year – mainly India and Latin America – are recovering, and the US is entering into a strong phase of growth." |
"The Composites business is well positioned to deliver second-half improvements on positive operating leverage," he says.
During the quarter the company announced agreements with China-based manufacturers Taishan and Jinniu which are designed to enable the Composites business to leverage commercial strengths, lower capital investment and eliminate high-delivered-cost assets. (See: Owens Corning and Jinniu Fiberglass announce supply alliance.)
Owens Corning (NYSE: OC), Toledo, Ohio, USA, expects at least $100 million in adjusted EBIT improvement over 2012 as a result of company actions, an improving US housing market, and moderate global growth. The rate of the US housing market recovery and its impact on the margin performance of the Building Materials businesses will largely determine this guidance.
