Owens Corning Reports First-Quarter 2011 Results

Owens Corning OC today reported consolidated net sales decreased 2 percent to $1.24 billion in the first quarter of 2011, compared with $1.27 billion in the first quarter of 2010. First-quarter 2011 net earnings were $24 million, or $0.19 per diluted share, compared with net earnings of $48 million, or $0.38 per diluted share, in the first quarter of 2010. First-quarter adjusted earnings, when adjusted to the company's expected full-year effective tax rate of 28 percent, were $25 million, or $0.20 per diluted share, compared with $53 million, or $0.42 per diluted share, in the first quarter of 2010. (See Tables 1, 2 and 3 for a discussion and reconciliation of these items.)