06 May 2005
06 May 2005
Owens Corning reported financial results for the first quarter ending March 31, 2005, showing net sales for the first quarter of $1.402 billion, an increase of 16 percent compared to the same period in 2004.
Owens Corning said that the increase was attributable to a combination of strong demand for the Company's products in all of its major markets and a more favourable pricing environment for Owens Corning and its customers.
The report points to the continued strength of the United States housing and remodelling markets and an improving global economy enabled the Company to experience higher volumes in both its building materials and composite solutions businesses in the 2005 first quarter. In response to market demand, the Company continued its efforts to improve the manufacturing efficiencies of its plants and otherwise expand capacity, particularly in North America and Asia Pacific.
""We are very pleased with our results for the quarter,"" said Dave Brown, Owens Corning's Chief Executive Officer. ""Through a combination of record sales and productivity we offset significant increases in energy and raw material costs. Our commitment to safety resulted in a significant decline in the number of injuries sustained by our employees. We believe that the overall improvement that we achieved in our operations positions us well to serve our markets and to continue profitable growth in 2005.""
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