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Owens Corning (OC) Reports Strong Quarter And Improved Outlook
Owens Corning (Wind Energy Play) reported today that consolidated net sales increased 23 percent to $1.6 billion during the second quarter, compared with $1.3 billion in the second quarter. The company’s second-quarter earnings from continuing operations were $31 million, or $0.24 per diluted share. Adjusted earnings from continuing operations were $33 million, or $0.25 per adjusted diluted share, excluding comparability items.
“I am pleased with our second-quarter performance,” said Mike Thaman, chairman and chief executive officer. “We gained momentum during the quarter as sales growth in our global composites business continued to be solid. The integration of our composites acquisition continues to be on-track and has positioned the company for improved performance. In addition, the return to profitability of our Roofing and Asphalt business added to our confidence for the year. Our balance sheet is strong, and we are now positioned for solid performance that improves our outlook for 2008.”
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