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Owens Corning Announces Q1 Results

Achieves growth of 14%

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

Owens Corning reported consolidated net sales of $1.7 billion in the first quarter 2018, compared with net sales of $1.5 billion in the first quarter 2017, an increase of 14%.

First-quarter 2018 net earnings attributable to Owens Corning were $92 million, compared with $101 million during the comparable quarter in 2017.

“Owens Corning is on-track to deliver another year of strong financial performance, despite the greater than expected inflation that we have experienced,” says chairman and CEO Mike Thaman. “The company grew revenue in the first quarter by 14%, but inflation negatively impacted margins in all three businesses. We had good realization on our price actions in the quarter and have announced additional pricing actions intended to address our inflation outlook. We are confident in our ability to manage current market conditions and achieve our targets, as the strong fundamentals of the businesses remain unchanged.”

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