US: Growth in insulation sales revenue and earnings have contributed to Owens Corning’s overall growth so far in 2017. Net sales from its insulation business grew by 10% year-on-year to US$1.41bn in the first nine months of 2017 from US$1.28bn in the same period in 2016. Its earnings before interest and taxation (EBIT) grew by 7% to US$98m. The group’s overall net sales rose by 11% to US$4.78bn.
“Owens Corning delivered another strong quarter, despite some isolated market challenges. We remain confident in our ability to finish the year with strong financial performance,” said chairman and chief executive officer (CEO) Mike Thaman. He added that the company was ‘particularly’ pleased with the contribution of the newly acquired Foamglas business within its insulation business.
In its insulation business, EBIT grew due to higher prices and sales volumes. US volume growth slowed in September 2017 but the company said the segment was experiencing a recovery so far in the fourth quarter of 2017.
