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For the second quarter, Owens Corning posted net sales of $1.590 billion, an increase of 10.3%, compared to net sales of $1.441 billion for the same period last year. For the first six months of 2005, sales totaled $2.992 billion, a 12.9% increase from the year prior.
During the first half of the year, strong demand for many of the company’s products continued, particularly in insulation and roofing markets. The increase in sales reflects a favorable pricing environment for many products, and higher sales volumes in both its building materials and composite solutions business segments. Increased volumes resulted from continued strength in the United States housing and remodeling markets, an improving global economy, and strong demand for the company’s residential roofing products in the Southeastern United States, created in part by the Florida hurricanes of 2004.
“”Second quarter sales were the highest of any quarter in our company’s history,”” said Dave Brown, president and chief executive officer. “”Strong sales and improved pricing helped to offset energy, material and product delivery-related cost pressures. Our continued focus on operational improvement and domestic and global expansion positions us well for the remainder of the year.””
“”Our commitment to safety also continued to yield measurable results in the second quarter with a reduced number of recordable injuries to our employees,”” said Brown.
During the second quarter, the company reported income from operations of $169 million and net income of $67 million, or $1.13 per diluted share, compared to income from operations of $93 million and net income of $33 million, or $0.55 per diluted share, for the second quarter the year prior.
The company’s cash position continues to be strong, ending the second quarter with a cash balance of $1.048 billion, compared to $874 million for the same period in 2004.
In connection with the company’s Chapter 11 process, on March 31, 2005, a federal district court issued a ruling estimating the total liability against Owens Corning for personal injury or death caused by exposure to asbestos to be $7 billion. As a result of the court’s estimation, the company increased its recorded reserves for asbestos-related liability in the first quarter of 2005 by an aggregate $4.342 billion. The non-cash charge of $4.342 billion in the first quarter resulted in a year-to-date loss from operations of $4.112 billion. During the same period in 2004, the company recorded income from operations of $128 million.
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