Owens Corning Lowers Outlook
[Wednesday, June 25, 2014] Owens Corning has lowered its 2014 full-year earnings outlook due to continued volume weakness in its roofing business.
In its first-quarter 2014 earnings release, the company stated that it expected to deliver $500 million in adjusted EBIT for full-year 2014 and noted that first-quarter volume weakness in its roofing business added risk to the company's financial outlook.
The weakness in roofing volumes experienced in the first quarter continued through April and May, and the company now estimates that roofing volumes for the first half of 2014 may be as much as 20 percent lower than first-half 2013 volumes. The company expects to recover a portion of this volume shortfall in the second half of the year. However, continued weakness in the second quarter has introduced further uncertainty in the full-year financial outlook for the company's roofing business.
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