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Last $44.85 USD
Change Today +0.65 / 1.47%
Volume 1.8M
OC On Other Exchanges
New York
As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

owens corning (OC) Key Developments

Owens Corning Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Full Year 2015

Owens Corning reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. Second-quarter 2015 adjusted earnings were $93 million, or $0.79 per diluted share, up from the adjusted earnings of $45 million, or $0.38 per diluted share, in the same period last year. Net earnings in the second quarter of 2015 were $91 million, or $0.77 per share, compared to second-quarter 2014 net earnings of $21 million, or $0.18 per diluted share. Adjusted earnings before interest and taxes (adjusted EBIT) in the second quarter of 2015 were $156 million, up from $96 million in 2014. Reported EBIT for the second quarter was $156 million, compared with $73 million during the same period in 2014. Capital expenditures for the quarter were $95 million. Cash from operations improved by $74 million for the quarter compared to the same period 1 year ago. For the six months, the company reported net sales of $2,621 million against $2,633 million a year ago. Earnings before interest and taxes were $214 million against $181 million a year ago. Earnings before taxes were $167 million against $123 million a year ago. Net earnings attributable to the company were $109 million or $0.92 diluted earnings per share against $141 million or $1.19 diluted earnings per share a year ago. Adjusted earnings were $115 million against $80 million a year ago. On a year-to-date basis, cash from operations has improved by $197 million. For the full year 2015, the company expects adjusted EBIT between $460 million and $500 million, with most of the variability within this range driven by the Roofing business. The company estimates an effective tax rate of 30% to 32%, and a cash tax rate of 10% to 12% on adjusted pre-tax earnings, due to the company’s $2.2 billion U.S. tax net operating loss carry forward. The company expects general corporate expenses to be at the bottom of the range of $120 million to $130 million in 2015, and capital expenditures of approximately $380 million. Interest expenses are expected to be about $110 million.

Owens Corning Plans to Open Manufacturing Facility in Joplin

Owens Corning announced the company's plan to open a manufacturing facility in Joplin. The nearly $90 million project is expected to create more than 100 jobs. Owens Corning will move into a 303,000 square-foot facility and invest nearly $90 million to purchase and install equipment at the site. The company expects the facility to be fully operational in 2016.

Owens Corning, Q2 2015 Earnings Call, Jul 22, 2015

Owens Corning, Q2 2015 Earnings Call, Jul 22, 2015

Owens Corning Declares Dividend for the Second Quarter of 2015, Payable on August 04, 2015

Owens Corning announced that its Board of Directors has declared a quarterly cash dividend of $0.17 per common share. The dividend will be payable on Aug. 4, 2015, to shareholders of record as of July 20, 2015.

Owens Corning Announces Executive Changes

Owens Corning announced the appointment of Ava Harter as senior vice president, general counsel and secretary, effective May 18, 2015. Harter currently serves as general counsel, chief compliance officer and corporate secretary of Taleris America LLC. Harter will succeed John Christy and serve as the company’s chief legal advisor, overseeing all aspects of law, compliance and securities compliance for Owens Corning.


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