Owens Corning logged net earnings of $120 million in the first quarter of 2014 on net sales of $1.28 billion for the quarter, compared to net earnings of $22 million on net sales of $1.35 billion in the year-ago quarter, the company reported today.
The company’s building materials division posted $852 million in first-quarter net sales, a 9% drop from $937 million in 2013's first quarter.
Net composites sales grew 4% to $477 million from a year-earlier $459 million. Composite EBIT (earnings before interest and taxes) grew to $27 million, up 6%.
Insulation brought in $355 million of those net sales in the quarter compared with $330 million in the year-earlier quarter. Roofing, on the other hand, tumbled to $497 million from $607 million.
"Our first-quarter 2014 performance was led by continued improvement in Insulation and Composites, which offset the impact of weaker-than-expected roofing volumes," said chairman and CEO Mike Thaman.
"We anticipate the performance of our Roofing business to improve throughout the balance of the year. The current outlook for our markets and the momentum in our Insulation and Composites businesses support another strong year of earnings growth."