Owens Corning Hikes Dividend; Expects Earnings Growth At All Three Segments

(RTTNews) - While reporting its fourth-quarter financial results today, Owens Corning (OC) said it expects all three businesses will grow earnings in 2016, based on consensus expectations for U.S. housing starts and moderate global growth.

The company's board of directors increased the quarterly dividend by 6 percent on strong free cash flow performance.

In Composites, Owens Corning expects continued growth in 2016 in the glass fiber market, driven by moderate global industrial production growth. In Roofing, the company anticipates modest market growth in 2016, primarily driven by growth in new construction markets. In Insulation, the company expects revenue growth will be slightly weaker than the growth experienced in 2015.

The company's board of directors declared a quarterly dividend of $0.18 per common share payable on April 4, 2016, to shareholders of record as of March 11, 2016, representing a 6 percent increase from the prior dividend.