Owens Corning (NYSE: OC) reported Wednesday that the company suffered a 20 percent decline in second quarter profits, but exceeded Wall Street expectations.
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The company cited lower sales of insulation and other building materials due to crisis in the housing industry and the overall recession.
Net income fell to $33 million, or 26 cents per share, for the three months ended June 30. That compares with a profit of $41 million, or 32 cents per share, in the year-earlier period.
Excluding one-time items, Owens Corning earned $62 million, or 49 cents per share during the quarter. That's up from $40 million, or 31 cents per share, a year earlier.
Quarterly sales slid 23 percent to $1.22 billion from $1.57 billion. Sales of the company's building materials, including insulation, and composites tumbled, while its roofing sales climbed 14 percent.
Analysts surveyed by Thomson Reuters, on average, expected a lower profit of 9 cents per share on higher revenue of $1.34 billion. Those estimates typically exclude one-time items.
According to Associated Press, chairman and chief executive Mike Thaman said the company's roofing business posted record results for the quarter, and that the company has strengthened its balance sheet while responding to continued weakness in its other markets.
The company said continued weakness in the
Shares of Owens Corning rose $1.51, or 7.85 percent, to $20.75 in morning trading.
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