Owens Corning reports 4Q and FY 2014 results

  Company financial news

2014 adjusted EBIT in line with prior year; Board declares 6% dividend increase; insulation delivered 14th consecutive quarter of EBIT growth; increased full-year EBIT by USD 68 million; composites delivered 6th consecutive quarter of EBIT improvement; grew 2014 earnings by 50%; roofing achieved commercial objectives for the second half.

Financialresults
Owens Corning has reported consolidated net sales in line with 2013 results
Owens Corning has reported consolidated net sales of USD 5.3 billion in 2014, in line with net sales of USD 5.3 billion in 2013.
Full-year 2014 adjusted earnings were USD 208 million, or USD 1.76 per diluted share, compared to adjusted earnings of USD 221 million, or USD 1.86 per diluted share, in 2013. Net earnings in 2014 were USD 226 million, or USD 1.91 per share, compared to net earnings of USD 204 million, or USD 1.71 per diluted share last year.
Fourth-quarter 2014 adjusted earnings were USD 55 million, or USD 0.47 per diluted share, compared with USD 52 million, or USD 0.44 per diluted share, during the same period one year ago. The company reported net earnings of USD 33 million, or USD 0.28 per diluted share, in the fourth quarter of 2014, compared with net earnings of USD 82 million, or USD 0.69 per diluted share, in 2013.
"Owens Corning made significant progress in 2014. All three businesses made meaningful contributions to earnings," said Chairman and Chief Executive Officer Mike Thaman. "Insulation contributed over USD 100 million of EBIT on one million US lagged housing starts. Composites delivered its sixth consecutive quarter of EBIT improvement and grew EBIT for the full year by more than 50%. In Roofing, we achieved our commercial objective during the second half of the year by regaining our historical market position in a stable fourth-quarter pricing environment."
The Board has declared a quarterly dividend of 17 cents per common share payable on 2 April...



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