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

Inovio Pharmaceuticals Inc.

Inovio Pharmaceuticals Inc is a clinical stage biopharmaceutical company. The Company develops active DNA immunotherapies and vaccines in combination with proprietary electroporation delivery devices to prevent and treat cancers and…

Private Markets

Quants Inc

Quants, Inc, a California Corporation, develops, markets and operates financial technology platforms and alternative investment products offering sophisticated risk management since 2010. The Company has primarily sharpened its focus with…

California Green Tree Development

California Green Tree Development LLC (CGTD) is a for-profit LLC that plans on using California’s booming market of legal cannabis products for medical purposes. As an unprecedented resource, Cannabis has…