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Last $40.19 USD
Change Today -0.30 / -0.74%
Volume 1.2M
OC On Other Exchanges
New York
As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

owens corning (OC) Key Developments

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.

Owens Corning Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year 2015

Owens Corning reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $1,207 million against $1,278 million a year ago. Earnings before interest and taxes were $58 million against $108 million a year ago. Earnings before taxes were $32 million against $81 million a year ago. Net earnings attributable to the company were $18 million or $0.15 per share diluted against $120 million or $1.01 per share diluted a year ago. Adjusted EBIT was $60 million against $77 million a year ago. Adjusted earnings were $22 million or $0.19 per share diluted against $35 million or $0.29 per share diluted a year ago. Net cash flow used for operating activities was $149 million against $272 million a year ago. Additions to plant and equipment (including alloy) was $56 million against $51 million a year ago. For the year 2015, the company previously expected EBIT improvement of $50 million less foreign currency impact of $20 million associated with a stronger U.S. dollar. Based on a strong start to the year, the company now anticipates a full-year EBIT improvement of up to $70 million less foreign exchange impact of $25 million at current exchange rates. 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. Capital expenditures in 2015 are now expected to total approximately $380 million, a $25 million increase over the prior estimate due to a portion of the cost for the construction of the new mineral wool plant. Interest expenses are expected to be about $110 million.

Owens Corning, Q1 2015 Earnings Call, Apr 22, 2015

Owens Corning, Q1 2015 Earnings Call, Apr 22, 2015

Owens Corning, Annual General Meeting, Apr 16, 2015

Owens Corning, Annual General Meeting, Apr 16, 2015., at 10:00 US Eastern Standard Time. Location: Sidley Austin LLP. Agenda: To elect James J. McMonagle, W. Howard Morris and Suzanne P. Nimocks as directors to serve until the 2016 annual meeting of stockholders and until their successors are elected and qualified; to ratify the selection of PricewaterhouseCoopers LLP as independent registered public accounting firm for 2015; to approve, on an advisory basis, 2014 named executive officer compensation; and to transact such other business as may properly come before the annual meeting or any adjournment or postponement of the annual meeting.

Owens Corning to Unveil Five New Products in France

Owens Corning has announced that it will unveil five new products delivering productivity and performance benefits in Paris, France. The Owens Corning's new product offerings include: PulStrand 4100; OC Paneluxe; HydroStrand 258; Performax SE4850; and TeleStrand 2000. Multi-compatible PulStrand 4100 single-end roving for pultrusion delivers breakthrough processing and performance benefits over existing competitive products. Compatible with polyester, vinylester, epoxy, and polyurethane resin systems, PulStrand 4100 roving offers superior processing qualities,high flexural strength (up to 57% greater than competitive offerings), and ultimate shear strength (up to 70% higher than competitive products). This higher-productivity material has the potential to enable faster line speeds while reducing downtime, scrap, and labor, and enhances the modulus and durability of pultruded profiles for a variety of high-performance markets. OC Paneluxe multi-end roving enables continuous lamination of translucent and opaque panels.


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