Owens Corning Swings To Profit In Q4 - Quick Facts

(RTTNews) - Composites and building materials company Owens Corning (OC) said it earned $82 million, or $0.69 per share of net earnings in the fourth quarter 2013, as against a loss of $56 million, or $0.47 per share, last year. On an adjusted basis, quarterly earnings amounted to $52 million, or $0.44 per share. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.27 for the quarter. Analysts' estimates typically exclude one-time items.

Consolidated net sales of $1.28 billion in the quarter, were higher than the prior-year figure of $1.16 billion, and came in above consensus estimate of $1.21 billion.

The company said all if its three businesses improved in 2013, benefitting from a stable and growing global economy and a recovering U.S. housing market. It expects similar growth in 2014 and is working to maintain the momentum it established a year ago.

In 2014, the company expects to deliver $500 million in adjusted EBIT based on its current outlook for an improving U.S. housing market and moderate global growth.