Weak roof business dims Owens Corning's outlook

Associated Press |

TOLEDO, Ohio (AP) — Owens Corning said Friday that it expects its earnings for the year to be lower than it previously expected because of weak demand for its roofing products.

Shares of the construction materials company fell nearly 5 percent in morning trading.



The Toledo, Ohio-based company, which sells roofing shingles and other products, did not disclose exactly how much it expects to earn for the year. Instead, it said it expects the number to be lower than its previous expectations of $500 million and above 2013's adjusted income of $416 million.

Roofing volumes during the first half of the year were 20 percent lower than the year before, but the company said it expects to make up some of the losses during the rest of the year.

It will release its second-quarter earnings report on July 23.

Shares of Owens Corning fell $1.98, or 4.8 percent, to $39.32 in morning trading.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
WNXDF Wincor Nixdorf Ag (Paderborn) 67.80 0.00 0.00 0

Comments

Emerging Growth

Cavitation Techs Inc

Cavitation Technologies Inc engineers and designs Nano technology based systems that have potential applications in industrial liquid processing.

Private Markets

BioSculpture Technology, Inc.

BioSculpture Technology, Inc. (“BST”) is a commercial-stage medical device manufacturer of liposuction surgical instruments for surgeons. It offers the FDA-cleared Twin Cannula Assisted Liposuction ("TCAL") Airbrush Liposculptor II® controllers, Airbrush®…

Almond Smart Home Router by Securifi

Securifi sells user friendly touch screen routers that also have support for IoT/home automation.Securifi’s Almond revolutionized wireless router setup with its easy to use Touchscreen Interface in 2012. Now our…