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| Owens Corning reports second-quarter results U.S. building materials maker Owens Corning reported consolidated net sales of $1.534 billion during the second quarter, compared with $1.722 billion in the second quarter of 2006, an 11 percent decrease from the prior year. Second-quarter net earnings were $29 million, or $0.22 per share. Excluding comparability items, adjusted net earnings were $49 million, or $0.37 per share. Earnings before interest and taxes (EBIT) in the second quarter of 2007 were $78 million, compared with $168 million during the same period of 2006. For the first six months, EBIT was $111 million, compared with $283 million for the same period of 2006. The weakness in new home starts in the United States continued through the first half of 2007. Based on current estimates by the National Association of Home Builders (NAHB), the slowdown in U.S. housing starts is expected to carry through 2007 and well into 2008, which will continue to impact Owens Corning's building materials businesses.The company continues to estimate that 2007 adjusted EBIT should exceed $415 million. write your comments about the article :: © 2007 Construction News :: home page |