US: Owens Corning has reported a rise in adjusted earnings of 5% to US$69m in the second quarter of 2013 compared to US$67m in the same period of 2012.
The company's consolidated net sales fell slightly to US$1.35bn from US$1.39bn. The building materials manufacturer's adjusted earnings before interest and taxation (EBIT) improved by 6% to US$124m in the second quarter of 2013 from US$17m in the same period in 2012. Also of note in the quarter, in June 2013 Owens Corning acquired Thermafiber, a mineral wool insulation manufacturer.
"We are pleased with our progress in the second quarter and the first half of 2013, with strong margin performance in our Roofing business, price increases and operating leverage in Insulation and improved performance in Composites," said chairman and chief executive officer Mike Thaman.
In its outlook the company expected profitability to improve in 2013 compared to 2012 due to company action, an improving US housing market and moderate global growth. The company expects stronger insulation volumes in the second-half of 2013 driven by residential construction, high capacity utilisation and improved pricing.
