Owens Corning has reported consolidated net sales of US$1.55 billion in the second quarter of 2016, compared to net sales of US$1.40 billion in the prior-year period.
The company reported net earnings of US$138 million, or US$1.19 per diluted share, in the second quarter of 2016, compared with net earnings of US$91 million, or US$0.77 per diluted share, in the same period in 2015. Second quarter 2016 adjusted earnings were US$150 million, or US$1.29 per diluted share, compared with US$90 million, or US$0.76 per diluted share, during the same period one year ago.
‘Owens Corning posted a record quarter and continues to perform at a very high level,’ said chairman and CEO Mike Thaman. ‘The Composites business continues its momentum. The Roofing business executed well in favorable market conditions and delivered an outstanding quarter. The Insulation business achieved another quarter of EBIT growth. The strength of our portfolio and strong execution delivered outstanding profitability and cash performance in the quarter.’
In Composites, the company expects continued growth in the glass fiber market, driven by moderate global industrial production growth. The company continues to expect EBIT growth of at least US$30 million for the business in 2016.
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.