Owens Corning (NYSE: OC) gained ground early Wednesday morning on the release of its latest financial figure.
The Toledo, Ohio-based company today reported record consolidated net sales of $7.2 billion, an increase of 1% or $103 million, compared with 2018. Fourth-quarter 2019 consolidated net sales were $1.7 billion, a decrease of 2% or $32 million, compared with the same period in 2018.
Full-year 2019 net earnings attributable to Owens Corning were $405 million, or $3.68 per diluted share, compared with $545 million, or $4.89 per diluted share, in 2018. Adjusted earnings in 2019 were $500 million, or $4.54 per diluted share, compared with $550 million, or $4.94 per diluted share, during 2018.
Full-year 2019 adjusted EBIT was $828 million, a decrease of $33 million compared with 2018.
Fourth-quarter 2019 net earnings attributable to Owens Corning were $73 million, or $0.66 per diluted share, compared with $171 million, or $1.55 per diluted share, in fourth-quarter 2018.
Fourth-quarter 2019 adjusted earnings were $125 million, or $1.13 per diluted share, compared with $152 million, or $1.38 per diluted share, during the same period one year ago. Fourth-quarter 2019 adjusted EBIT was $204 million, a decrease of $24 million, compared with the same period in 2018.
Said CEO Brian Chalmers, "I’m proud of the progress we’ve made as a company against our priorities – accelerating organic growth, driving improved operating efficiencies, and generating strong free cash flow – and the impact our discipline is having on our results."
OC shares climbed $2.09, or 3.3%, to $65.02
