Owens Corning sales up, income down
Toledo, Ohio-based Owens Corning, a global residential and commercial building products company, reported second-quarter sales of $2.8 billion. Tha'ts up 9 percent from the prior year.
These results include performance of the company’s newly added Doors segment, which was established following the May 15 acquisition of Masonite International Corporation.
Net earnings for the three months ended June 30 were $285 million, down from $345 million in the prior-year quarter.
"Our year-over-year growth is the result of strong commercial execution and manufacturing performance by our outstanding teams as well as the strategic choice to acquire Masonite," said Executive Vice President and Chief Financial Officer Todd Fister. "Moving forward, we remain committed to maintaining our investment grade balance sheet through a balanced capital allocation strategy that continues to return cash to shareholders and positions our company for long-term success."
Doors, which reported for the period May 15 through June 30, generated net sales of $311 million. This does not include any revenue from Masonite’s architectural segment which was divested prior to Owens Corning’s acquisition of the company. The business is performing in line with the company’s expectations, despite market pressure in North America and Europe, the company said.
Insulation net sales increased 1% to $916 million compared with second-quarter 2023, as demand in the segment’s North American business was strong while its European business was impacted by the weaker macro environment.
