Owens Corning cut its 2012 earnings outlook to reflect a drop in roofing and composite segment sales. The adjustment puts targeted annual adjusted earnings before interest and taxes (EBIT) between $280 million and $310 million and follows the company’s August announcement that it would drop its yearly earnings outlook to between $360 million and $420 million.
The Toledo, Ohio-based manufacturer’s latest iteration cites the continued weakness in the U.S. shingle market and a drop in the number of shipments following roofing product price increases in September. The company’s full-year roofing revenue outlook is $2 billion as sales slide downward and high materials costs tighten margins. This, as the company says weakened demand for roofing in the U.S. and lower production worldwide is causing it to cut composite production to meet current year-end goals.
The company will report its third-quarter earnings Oct. 24; it anticipates EBIT of $81 million.