Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Owens Corning Rises as Profit, Sales Exceed Estimates

Owens Corning Inc., the largest U.S. maker of insulation, rose the most in eight months in New York after posting first-quarter profit and sales that topped analysts’ estimates and increasing its earnings forecast.

Owens Corning climbed $3.41, or 11 percent, to $33.21 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest one-day gain since June 23. The shares have gained 30 percent this year.

Profit excluding some items was 42 cents a share, the Toledo, Ohio-based company said today in a statement. Analysts projected profit of 13 cents, the average of eight estimates in a Bloomberg survey. First-quarter sales rose 18 percent to $1.27 billion, beating the average estimate of $1.02 billion.

The company also raised its 2010 forecast for adjusted earnings before interest and taxes to as high as $450 million from a February projection of at least $350 million.

A rebound in economic activity and cost cuts from last year allowed Owens Corning to post profit at its composite and roofing units, making up for a decline at the insulation business, Chief Executive Officer Mike Thaman said today on a conference call with analysts.

“Owens Corning is off to a strong start in 2010,” Thaman said. “We had an outstanding first quarter.”

First-quarter net income of $48 million, or 38 cents a share, compared with a year-earlier loss of $28 million, or 23 cents, the company said in the statement.

Download: Earnings

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.