Owens Corning Inc. reported a 20 percent decline in second-quarter earnings Wednesday, hurt by lower sales of insulation and other building materials amid the prolonged U.S. housing market downturn.
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But the building materials company's profit exceeded Wall Street expectations, and shares of the company climbed 8.6 percent in morning trading.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.
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