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20th February 2019, Toledo, OH

Owens Corning reports another record year

In Composites, the company expects growth in the glass fibre market consistent with global industrial production growth. © Owens Corning

In Composites, the company expects growth in the glass fibre market consistent with global industrial production growth. © Owens Corning

Owens Corning, a leader in insulation, roofing, and fiberglass composite materials, has reported consolidated net sales of US$ 1.7 billion in fourth-quarter 2018, compared with net sales of US$ 1.6 billion in fourth-quarter 2017, an increase of 7%. Full-year 2018 consolidated net sales were US$ 7.1 billion, compared with net sales of US$ 6.4 billion in 2017, an increase of 11%.

Fourth-quarter 2018 net earnings attributable to Owens Corning were US$ 171 million, compared with a net loss of US$ 4 million during the comparable quarter in 2017. Fourth-quarter 2018 adjusted earnings were US$ 152 million, compared with US$ 125 million during the same period one year ago.

Full-year 2018 net earnings attributable to Owens Corning were US$ 545 million, compared with US$ 289 million during 2017. Adjusted earnings in 2018 were US$ 550 million, compared with US$ 498 million during 2017.

“Owens Corning had another record year in terms of revenue and adjusted EBIT, with all three businesses delivering double-digit EBIT margins,” said Mike Thaman, Chairman and CEO. “Today, Owens Corning is a more resilient and diversified company, better able to generate attractive returns for investors through the cycle.”

The company expects an environment consistent with consensus expectations for global industrial production growth, US housing starts, and global commercial and industrial construction growth.

In Composites, the company expects growth in the glass fibre market consistent with global industrial production growth, with a more uncertain global economic environment. The company expects volume growth and improved operating performance to be offset by inflation.

www.owenscorning.com

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