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Released April 28, 2016 | SUGAR LAND
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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.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
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.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
