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26th July 2018, Toledo, OH

Owens Corning reports increase in net earnings

In composites, the company expects continued growth in the glass fibre market. © Owens CorningOwens Corning, a manufacturer of insulation, roofing, and fiberglass composites, has reported net earnings of US$ 121 million in second-quarter 2018, compared with US$ 96 million during the comparable quarter in 2017. Second-quarter 2018 consolidated net sales attributable to Owens Corning were US$ 1.8 billion, compared with net sales of US$ 1.6 billion in second-quarter 2017, an increase of 14%.

For first-half 2018, net earnings were US$ 213 million, compared with US$ 197 million in first-half 2017. Second-quarter 2018 adjusted earnings were US$ 131 million, compared with US$ 135 million, during the same period one year ago. For first-half 2018, adjusted earnings were US$ 221 million, compared with US$ 232 million, in first-half 2017.

“Owens Corning grew revenue by 14% on the contribution of Insulation acquisitions and successful pricing actions in both Roofing and Insulation. The company made significant commercial progress in the first-half of the year, partially offset by operational headwinds,” said Chairman and Chief Executive Officer Mike Thaman. “In the second-half, we expect continued commercial execution and improved operational performance. We expect strong financial results for 2018 with momentum heading into 2019.”

Reported earnings before interest and taxes (EBIT) for second-quarter 2018 were US$ 206 million, compared with US$ 190 million during the same period in 2017. Adjusted EBIT in second-quarter 2018 was US$ 214 million, compared with US$ 230 million in 2017.

The company continues to expect an environment consistent with consensus expectations for US housing starts and global industrial production growth. In composites, the company expects continued growth in the glass fibre market, driven by global industrial production growth. The company now expects EBIT to be slightly below the prior year as a result of higher manufacturing costs, a slightly lower volume outlook, and higher than anticipated inflation.

Owens Corning develops, manufactures, and markets insulation, roofing, and fiberglass composites. The company’s market-leading businesses use their deep expertise in materials, manufacturing and building science to develop products and systems that save energy and improve comfort in commercial and residential buildings. Through its glass reinforcements business, the company makes thousands of products lighter, stronger and more durable.

www.owenscorning.com

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