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Owens Corning (NYSE: OC) today reported that consolidated net salesincreased 9 percent to $1.35 billion in the first quarter of 2012,compared with $1.24 billion in the same period last year. First-quarter 2012 adjusted earnings, based on the company'sexpected full-year effective tax rate of 25 percent, were $11million, or $0.09 per diluted share, compared with $27 million, or$0.22 per diluted share, during the same period last year. Thecompany reported a net loss of $46 million, or $0.38 per dilutedshare, compared with net earnings of $24 million, or $0.19 perdiluted share, in the first quarter of 2011. (See Tables 1, 2 and3 for a discussion and reconciliation of these items.) "Owens Corning delivered results in line with our expectationsfor the quarter," said Chairman and Chief Executive OfficerMike Thaman. "We continue to be confident that we will growadjusted EBIT in 2012. "As compared to last year, Roofing volumes grew significantly,but margins were compressed due to asphalt cost inflation,"Thaman said. "We expect another year of strong financialperformance in Roofing based on our current outlook for volumes andpricing." Consolidated First-Quarter 2012 Results Owens Corning's primary safety metric improved by 23 percent overthe company's full-year 2011 performance. First-quarter adjusted earnings before interest and taxes (EBIT)were $43 million in 2012 compared with EBIT of $61 million in thefirst quarter of 2011. In the first quarter of 2012, the companyhad certain items that were not the result of current operations. Before adjusting for these items, Owens Corning's first-quarter2012 EBIT was a loss of $12 million. (See Table 2 for areconciliation of these items.) Volume growth in all three businesses drove nine-percent revenueimprovement in the first quarter of 2012 over the same period lastyear. 2012 Repurchase Program Owens Corning today announced that its Board of Directors hasauthorized the company to repurchase up to 10 million additionalshares of Owens Corning's outstanding common stock. Under apreviously announced share repurchase program, 3.7 million sharescontinue to be available for repurchase. Outlook Although there continues to be uncertainty in the macro-economicoutlook, Owens Corning expects to grow adjusted EBIT in 2012 basedon an improving U.S. housing market and continued growth in globalindustrial production. Despite weakness in the European glass fiber reinforcements market,the company believes that global glass reinforcements demand willcontinue to grow in 2012. As previously announced, the company is taking actions in itsComposites segment to balance supply and to improve the sustainablecompetitive position of its European assets. In the first quarter,the company made progress in implementing these actions totransform its Composites operation into a global network oflow-delivered-cost assets and to position the business to return todouble-digit margins in 2013. In conjunction with these actions,the company anticipates incurring approximately $130 million incharges in 2012 through early 2013. In the Building Materials segment, the company expects another yearof strong financial performance in Roofing based on its currentoutlook for volumes and pricing. The company continues to believeInsulation will significantly narrow losses in 2012 on improvedU.S. housing. Cash taxes are expected to be about $30 million in 2012, due to thecompany's $2.3 billion U.S. tax net operating loss carry forward. The company estimates a long-term effective tax rate of 25 percentto 28 percent based on the blend of effective tax rates for itsU.S. and non-U.S. operations. The effective book tax rate for 2012is expected to be about 25 percent on adjusted earnings. The company expects general corporate expenses to be between $110million and $120 million in 2012. General corporate expensesinclude corporate staff and other activities that support theoperations. Expenses will be higher in 2012 primarily due toincreased pension expense and higher year-over-year incentivecompensation costs. Depreciation and amortization expenses are expected to be as muchas $320 million in 2012, excluding the impact of the restructuringactions in Europe. Capital expenditures in 2012 are expected to be about $350 million. Next Earnings Announcement Second-quarter 2012 results will be announced on Wednesday, August1, 2012. First-Quarter Conference Call and Presentation Wednesday, April 25, 2012 11 a.m. Eastern Daylight Time All Callers Live dial-in telephone number: U.S. 1-866-804-6924 or International1-857-350-1670 Passcode: 80163255 (Please dial in 10 minutes before conference call start time.) Live webcast: Telephone replay available through May 2, 2012: U.S. 1-888-286-8010or International 1-617-801-6888 Passcode: 84632337 Replay of webcast also available at: Presentation To view the slide presentation during the conference call, pleaselog on to the live webcast at /investors About Owens Corning Owens Corning (NYSE: OC) is a leading global producer ofresidential and commercial building materials, glass-fiberreinforcements and engineered materials for composite systems. AFortune® 500 Company for 57 consecutive years, Owens Corning iscommitted to driving sustainability by delivering solutions,transforming markets and enhancing lives. Founded in 1938, OwensCorning is a market-leading innovator of glass-fiber technologywith sales of $5.3 billion in 2011 and about 15,000 employees in 28countries on five continents. Last Updated ( Wednesday, 25 April 2012 ). The e-commerce company in China offers quality products such as Road Safety Equipments , Parking Barrier Gate, and more. For more , please visit Parking Barrier Gate today!
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