Owens Corning sales flat at $5.3bn in 2013

17 Feb '14

2 min read

Owens Corning reported consolidated net sales of $5.3 billion in 2013, up from net sales of $5.2 billion in 2012.

Full-year 2013 adjusted earnings were $221 million, or $1.86 per diluted share compared to adjusted earnings of $131 million, or $1.10 per diluted share, in 2012. Net earnings in 2013 were $204 million, or $1.71 per share, compared to net loss of $19 million, or $0.16 per diluted share last year.

Fourth-quarter 2013 adjusted earnings were $52 million, or $0.44 per diluted share, compared with $13 million, or $0.11 per diluted share, during the same period one year ago. The company reported net earnings of $82 million, or $0.69 per diluted share, in the fourth quarter of 2013, compared with a net loss of $56 million, or $0.47 per diluted share, in 2012.

"In 2013, our insulation business returned to profitability. This was an important achievement for our company," said Chairman and Chief Executive Officer Mike Thaman. "We are pleased to establish a quarterly dividend as an additional mechanism to return value to our shareholders.

"All three businesses improved in 2013, benefitting from a stable and growing global economy and a recovering U.S. housing market," Thaman added. "We expect similar growth in 2014 and we are working to maintain the momentum we established last year."

The decision to declare a dividend conveys the confidence of the Board of Directors in the company's long-term financial outlook and cash flow generation.

The company will make an initial quarterly payment of 16 cents per common share on April 3, 2014, to shareholders of record as of March 14, 2014.

Consolidated Fourth-Quarter and Full-Year 2013 Results

Owens Corning maintained a very high level of safety performance in 2013. The company had 88 percent fewer injuries than the average manufacturing company when measured against the rates published by the U.S. Department of Labor.

Adjusted earnings before interest and taxes (EBIT) in the fourth quarter of 2013 were $96 million, compared with $52 million in 2012. EBIT for the fourth quarter was $104 million, compared with $16 million during the same period in 2012.

Full-year adjusted EBIT was $416 million in 2013, compared with adjusted EBIT of $293 million in 2012. Full-year EBIT in 2013 was $385 million, compared to $148 million in 2012.

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