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26th July 2019, Toledo, OH

Owens Corning reports record sales

Composites generated US$ 67 million in EBIT on strong operational execution. © Owens Corning

Composites generated US$ 67 million in EBIT on strong operational execution. © Owens Corning

Owens Corning, a manufacturer of insulation, roofing, and fiberglass composites, has reported record consolidated net sales of US$ 1.9 billion in second the quarter 2019, compared to US$ 1.8 billion in the second quarter 2018, an increase of 5%.

Second-quarter 2019 net earnings amounted to US$ 138 million, versus US$ 121 million, for the same period last year. Second-quarter 2019 adjusted earnings were US$ 143 million, compared to US$ 132 million during the same period one year ago.

Adjusted earnings before interest and taxes (EBIT) in second-quarter 2019 were US$ 231 million, compared to US$ 214 million in 2018. Highlights in the quarter included strong performance in the Roofing business and manufacturing productivity across the company. Composites generated US$ 67 million in EBIT on strong operational execution.

“Our team’s focus on three operating priorities – accelerating organic growth, driving improved operating efficiencies, and generating strong free cash flow – resulted in record revenue, strong earnings growth, and improved cash flow in the second quarter,” said Chief Executive Officer Brian Chambers. “Overall, I am pleased with our execution in the first half of the year and believe we are well positioned to continue to capitalize on our market opportunities.”

Further in 2019, in Composites, the company continues to expect growth in the glass fibre market, although at a lower rate than its previous outlook. The company continues to expect volume growth and improved operating performance to offset inflation.

Owens Corning develops, manufactures, and markets insulation, roofing, and fiberglass composites. Through its glass reinforcements business, the company makes thousands of products lighter, stronger and more durable. Based in Toledo, OH, Owens Corning posted 2017 sales of US$ 6.4 billion and employs 19,000 people in 37 countries.

www.owenscorning.com

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