US: Owens Corning’s insulation sales have fallen by 4% year-on-year to US$1.28bn in the first nine months of 2016 from US$1.33bn in the same period in 2015. Its earnings before interest and taxation (EBIT) fell by 7.8% to US$83m from US$90m. The company described the US new residential construction market as ‘competitive’ and said that it expects its insulation revenue in 2016 to drop by 5%. However, it believes that pricing stabilised late in the summer of 2016 and that the mid-term outlook for this business remains unchanged.
Across all businesses, the company reported that its net sales rose by 5.9% to US$4.29bn from US$4.05bn and that its EBIT rose by 37% to US$563m from US$410m. It also mentioned the strong performance of its roofing business in the third quarter of 2016.
