PR Newswire
TOLEDO, Ohio, July 23, 2014
TOLEDO, Ohio, July 23, 2014 /PRNewswire/ -- Owens Corning (NYSE: OC) today reported consolidated net sales of $1.36 billion in the second quarter of 2014, up slightly from $1.35 billion in 2013.
Second-quarter 2014 adjusted earnings were $45 million, or $0.38 per diluted share, down from the adjusted earnings of $68 million, or $0.56 per diluted share, in 2013. Net earnings in the second quarter of 2014 were $21 million, or $0.18 per share, compared to net earnings of $49 million, or $0.41 per diluted share last year. (See Table 3 for a discussion and reconciliation of these items.)
"Insulation and Composites delivered improvement in line with expectations through the first half of the year. Continued momentum in these two businesses is expected to more than offset the weaker financial performance in the Roofing business and generate earnings growth for the full year 2014," said Chairman and Chief Executive Officer Mike Thaman.
Consolidated Second Quarter 2014 Results
Outlook
The Insulation business should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage.
The Composites business continues to benefit from stable global economic growth, improved operating performance and pricing. Pricing is expected to be the primary driver of EBIT growth in 2014. Composites pricing is now expected to be at the top end of the previous guidance range of $20 million to $30 million.
The roofing market was down through the first two quarters of this year. The company now expects that the roofing market will be flat to slightly down for full-year 2014 compared to prior year. Volumes in the Roofing business are expected to more closely track the market in the second half than they did in the first half of 2014.
The company estimates a long-term effective tax rate of 28 percent to 30 percent, and a long-term effective cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company's $2.1 billion U.S. tax net operating loss carry forward. The effective book tax rate for 2014 on adjusted earnings is expected to be within the long-term range.
The company expects general corporate expenses to be $100 million to $110 million in 2014, a $20 million cost reduction versus the previous guidance. Capital expenditures in 2014 are expected to total approximately $370 million, a $30 million reduction from our previous guidance. This estimate continues to include an estimated $65 million for the start of construction of a non-wovens facility.
For the full year 2014, the company's adjusted EBIT is expected to be greater than the 2013 result of $416 million.
Next Earnings Announcement
Third-quarter 2014 results will be announced on Wednesday, October 22, 2014.
Conference Call and Presentation
Wednesday, July 23, 2014
11 a.m. Eastern Time
All Callers
Live dial-in telephone number: U.S. 1.888.317.6003, Canada 1.866.284.3684 or other international +1.412.317.6061.
Entry number: 461-4761 (Please dial in 10-15 minutes before conference call start time)
Live webcast: http://services.choruscall.com/links/owens140723.html
Telephone replay available through July 30, 2014. For U.S. and Canada, call 1.877.344.7529
or international +1.412.317.0088. Conference replay number: 100-48-200
Replay of webcast also available until July 23, 2015 at: http://services.choruscall.com/links/owens140723.html
Presentation
To view the slide presentation during the conference call, please log on to the live webcast at: http://investor.owenscorning.com/investor-relations/
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune® 500 company for 60 consecutive years and in business for more than 75 years, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.3 billion in 2013 and about 15,000 employees in 27 countries. Additional information is available at www.owenscorning.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those projected in these statements. Such factors include, without limitation: economic and political conditions, including; levels of residential and commercial construction activity; competitive factors; levels of global industrial production; relationships with key customers; industry and economic conditions that affect the market and operating conditions of our customers, suppliers or lenders; availability and cost of credit; our level of indebtedness; weather conditions; pricing factors; labor disputes and litigation; availability and cost of energy and raw materials; difficulties in managing production capacity; issues involving implementation of new business systems; new legislation or other governmental actions; our ability to use our net operating loss carry-forwards; research and development activities; foreign exchange fluctuations; interest rate movements; labor disputes; issues related to acquisitions, divestitures and joint ventures; uninsured losses; achievement of expected synergies, cost reductions and/or productivity improvements; defined benefit plan funding obligations; and, factors detailed from time to time in the company's Securities and Exchange Commission filings. The information in this news release speaks as of July 23, 2014, and is subject to change. The company does not undertake any obligation to update or revise forward-looking statements other than as required by applicable securities laws. Any distribution of this news release after that date is not intended and should not be construed as updating or confirming such information.
Owens Corning Investor Relations News
Table 1 Owens Corning and Subsidiaries Consolidated Statements of Earnings (unaudited) (in millions, except per share amounts) | ||||||||||||||
| ||||||||||||||
| | | | Three Months Ended | | Six Months Ended | ||||||||
| | | | June 30, | | June 30, | ||||||||
| | | | | 2014 | | | 2013 | | | 2014 | | | 2013 |
NET SALES | | $ | 1,355 | | $ | 1,347 | | $ | 2,633 | | $ | 2,697 | ||
COST OF SALES | | | 1,107 | | | 1,080 | | | 2,151 | | | 2,217 | ||
| | Gross margin | | | 248 | | | 267 | | | 482 | | | 480 |
OPERATING EXPENSES | | | | | | | | | | | | | ||
| Marketing and administrative expenses | | | 130 | | | 134 | | | 262 | | | 267 | |
| Science and technology expenses | | | 20 | | | 20 | | | 39 | | | 38 | |
| Charges related to cost reduction actions | | | - | | | 1 | | | 12 | | | 2 | |
| Other (income) expenses, net | | | 25 | | | (6) | | | (12) | | | (2) | |
| | Total operating expenses | | | 175 | | | 149 | | | 301 | | | 305 |
EARNINGS BEFORE INTEREST AND TAXES | | | 73 | | | 118 | | | 181 | | | 175 | ||
Interest expense, net | | | 31 | | | 29 | | | 58 | | | 58 | ||
EARNINGS BEFORE TAXES | | | 42 | | | 89 | | | 123 | | | 117 Werbung Mehr Nachrichten zur Owens Corning Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. |