Owens Corning posts record Q3 results

Owens Corning reported third-quarter net earnings of $124 million, compared with net earnings of $58 million in the third quarter of 2010.

Net sales increased 22% to $1.5 billion in the third quarter of 2011, compared with $1.2 billion in the same period last year.

Net earnings for the first nine months were $226 million, compared with $1 billion in the nine-month period of 2010. Net sales for this period totaled $4.1 billion, up 7.9% from $3.8 billion in the year-ago period.

"Owens Corning delivered record earnings performance in the third quarter," said chairman and CEO Mike Thaman. "We continue to benefit from strong execution in an uncertain economy and a resilient portfolio of market-leading businesses.

"The company's current-year estimate for EBIT is now in the range of $460 million to $490 million, reflecting our expectation that some portion of the storm-related demand for our roofing products will materialize in 2012, as well as a moderated view of growth in the composites market in 2011," Thaman added.  "At the midpoint of this EBIT range, we anticipate delivering a second consecutive year of Adjusted EPS growth of nearly 40%."