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Owens Corning reported financial results for the quarter ended September 30, 2004 with third quarter net sales of $1,541 billion.
This figure represents an increase of 14 percent compared to net sales of $1.349 billion for the same period in the prior year. Net income for the quarter rose 71 percent, to $94 million, compared to net income of $55 million for the third quarter of 2003. Net income for 2004 included a $16 million pre-tax gain recorded for the reversal of accrued interest as the result of the settlement of certain guaranteed subsidiary debt.
Owens Corning reported income from operations of $153 million for the quarter, including a Chapter 11-related credit of $5 million and a credit for asbestos-related insurance recoveries of $3 million. For the third quarter of 2003, the company reported income from operations of $104 million, including $5 million of Chapter 11-related charges and a $1 million other charge as the result of a contractual post-closing adjustment to the selling price of the Company’s metal systems business.
“”For the second quarter in a row, Owens Corning achieved record sales as we continued to see strong demand in all of our major markets,”” said Dave Brown, Owens Corning’s chief executive officer. “”With our results for the last two quarters, we are entering into the fourth quarter with momentum and we expect to achieve the aggressive goals we set for the company for the year.””
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