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Composites Unit Boosts Owens Corning

  • Tuesday, 18th April 2000
  • Reading time: less than a minute

Owens Corning reported higher first-quarter profits that beat estimates by a penny, aided by a 20 percent jump in sales at its Composites Systems unit. The Toledo, Ohio-based company said profits rose nine percent to $48 million, from $44 million a year ago. Cost increases for asphalt and PVC resin constrained profits for its roofing systems and exterior systems businesses. In the composite systems unit, sales were up 20 percent to $284 million, while earnings increased 77 percent to $55 million, due to higher volumes, more favorable pricing, and productivity improvements. It said sale volumes increased in all key geographic markets, especially in the Asia Pacific region due to acquisitions in Korea and Australia last year. Owens said it sees strength across each of its geographic regions for composite systems and in all major market segments and will make additional capacity investments to meet growing customer demand. The company said it continued to leverage the Internet and had more than 6,000 visits to its web site every day, which was up 240 percent over last year.

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