Owens Corning Q2 Profit Rises

(RTTNews) - Composites and building materials company Owens Corning (OC) posted an increase in its earnings for the second quarter, with strong margin performance in roofing business, price increases and operating leverage in Insulation, and improved performance in Composites, despite slightly lower revenues.

The company's net earnings rose to $49 million or $0.41 per share from last year's $39 million or $0.32 per share. Adjusted earnings increased to $69 million or $0.57 per share from $67 million or $0.55 per share.

On average, 17 analysts polled by Thomson Reuters expected earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude one-time items

Owens Corning's consolidated net sales slipped to $1.35 billion from last year's $1.39 billion. Analysts estimated revenues of $1.44 billion.