Glass fiber company Owens Corning has reported consolidated net sales of US$1.8 billion in Q3 2018, compared with net sales of US$1.7 billion in Q3 2017, an increase of 7%. Q3 2018 net earnings attributable to the company were US$161 million.
‘The company executed well in the quarter with improved operating performance and significant commercial progress, particularly related to pricing actions and roofing market share. Adjusted EBIT for the quarter improved to a record level despite lower market volumes and persistent inflation,’ said CEO Mike Thaman. ‘Weaker than expected market conditions across all three businesses, which impacted Q3 results, are expected to continue during the fourth-quarter. As a result, we have lowered our 2018 outlook and now expect adjusted EBIT to be in line with last year. Looking forward, we believe continued strong execution positions the company, and all three businesses, for EBIT growth in 2019.’
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.