Owens Corning second-quarter net rises

US integrated composites solutions provider Owens Corning said in August that its second-quarter net earnings rose but excluding items, earnings from ongoing operations fell.
The maker of Pink Panthe…

US integrated composites solutions provider Owens Corning said in August that its second-quarter net earnings rose but excluding items, earnings from ongoing operations fell. The maker of Pink Panther insulation products posted second-quarter net income of US$ 36 million, up from US$ 29 million a year ago. Income from operations was US$ 70 million compared with US$ 57 million a year ago. Income from ongoing operations for the quarter was US$ 87 million, which excludes Chapter 11-related charges, income for asbestos-related insurance recoveries and restructuring and other credits. In the year-earlier quarter, income from ongoing operations was US$ 91 million. The Toledo, Ohio company does not provide per-share results. Owens Corning is now operating under bankruptcy protection and restructuring its business, in response to billions of dollars in asbestos-related lawsuits.