|Owens Corning posts $56M loss||| Print ||
|Written by By Associated Press|
|Wednesday, 20 February 2013 12:13|
TOLEDO, Ohio (AP) — Owens Corning said Wednesday that it lost $56 million in the fourth quarter, pulled down by hefty debt-related and restructuring charges. Its adjusted earnings missed Wall Street forecasts, and its shares fell more than 3 percent in morning trading.
The construction and industrial-materials company said it expects to get a boost this year from an improving U.S. housing market and moderate global growth.
The company said its roofing business should benefit from lower winter incentives compared with the year before, along with growth in U.S. home construction and potentially higher demand for replacement roofs.
Meanwhile, its insulation business should also benefit from the uptick in residential construction, along with higher utilization rates and better pricing. But Owens Corning noted that prices remain significantly below historical levels.
The company's fourth-quarter loss amounted to 47 cents per share and compared with net income of $50 million, or 41 cents per share, a year earlier.
Excluding debt extinguishment and restructuring-related charges, the company said it posted adjusted earnings of $13 million, or 11 cents per share, for the recent quarter.
Revenue fell 3 percent to $1.16 billion from $1.2 billion.
The earnings fell short of Wall Street predictions, while revenue matched the results. Analysts, on average, expected earnings of 15 cents per share on $1.16 billion in revenue, according to FactSet.
For the full year 2012, the company posted a loss of $19 million, or 16 cents per share, compared with net income of $276 million, or $2.23 per share, in 2011. Revenue fell to $5.17 billion from $5.34 billion.
Owens Corning shares fell $1.48, or 3.4 percent, to $41.86 in morning trading. They are still near the high end of their 52-week range of $25.70 to $43.88.
Copyright 2013 The Associated Press.