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| Owens Corning reports 1Q results  Owens Corning, the largest U.S. insulation maker, reported consolidated net sales of $1.324 billion for the first quarter ending March 31, 2007, compared with $1.601 billion during the same period in 2006. First quarter sales declined 17 percent. "As expected, our performance in the first quarter reflected weaker volume in our building materials businesses associated with the significant slowdown of new residential construction in the U.S.", said Dave Brown, president and chief executive officer.Based on current estimates by the National Association of Home Builders (NAHB), the slow down in U.S. housing starts is expected to carry well into 2007, which will continue to impact the company's Insulating Systems business. Demand for Owens Corning's Roofing and Asphalt products is driven primarily by the repair of residential roofs, with lesser demand coming from housing starts. Owens Corning is assuming a more normal level of demand associated with storm activity in 2007. Allowing for continued uncertainty and based upon the NAHB's current 2007 estimate of 1.45 million housing starts, the company continues to project that 2007 adjusted EBIT should exceed $415 million. write your comments about the article :: © 2007 Construction News :: home page |