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.