Owens Corning Inc (OC) reported that its fourth-quarter net earnings attributable to the company totaled $50 million, or $0.41 per share, compared to a net loss of $110 million, or $0.89 per diluted share, in 2010.
Total operating expenses declined to $142 million from $271 million last year.
Fourth-quarter 2011 adjusted earnings were $48 million, or $0.40 per share, compared with $29 million, or $0.23 per share, one year ago.
Net sales for the quarter rose to $1.196 billion from $1.168 billion in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share on revenues of $1.26 billion. Analysts' estimates typically exclude special items.
Looking forward to 2012, the company anticipates improved housing starts in the U.S. and modest growth in the global economy.
Owens Corning expects adjusted EBIT growth in 2012 based on an anticipated improvement in U.S. housing starts and modest global economic growth.
Capital expenditures in 2012 are expected to be about $350 million.
by RTT Staff Writer
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