Owens Corning's Net Earnings Rise on Roofing, Composites and Insulation

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Researched by Industrial Info Resources (Sugar Land, Texas)--Manufacturing company Owens Corning (NYSE:OC) (Toledo, Ohio) reported Wednesday its net earnings were $57 million for the first quarter of this year, up from $18 million during the same period of 2015. Industrial Info is tracking 18 Owens Corning projects worth $279 million.

The firm's business segments saw increased profits compared with the first quarter of last year. "Owens Corning had a record first quarter, with all three businesses demonstrating year-on-year EBIT [earnings before interest and taxes] growth," said Mike Thaman, chief executive officer. The roofing business had an EBIT of $73 million, up from $20 million from last year. The composites business had an EBIT of $64 million compared with $60 million for the first quarter of 2015. The insulation business had an EBIT of $13 billion compared with $7 million from last year.

The company said its April 21 acquisition of coated woven products and plastics substrates manufacturer InterWrap (Vancouver, British Columbia) will bring in more than $160 million in revenue. Owens Corning also agreed to acquire the fabrics operations of fiber-based materials producer Ahlstrom (Helsinki, Finland) later this year.

The largest of the company's projects that Industrial Info is tracking is the $120,000, 150,000 square-foot glass fiber non-woven manufacturing plant in Dallas, North Carolina. The project, already in the construction phase, kicked off in 2014 and is slated for completion in June of this year.

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