Building products manufacturer Owens Corning reported net sales of $5.3 billion for fiscal year 2011, a 7% increase from net sales of $5.0 billion in 2010.
Net earnings for the year were $276 million, compared with net earnings of $933 million in 2010.
In the fourth quarter of 2011, the company reported $1.2 billion in sales, compared with $1.16 billion in the same quarter of 2010. Net earnings for the fourth quarter, which ended Dec. 31, 2011, were $50 million, compared with a $110 million loss in the same quarter of 2010.
“Owens Corning delivered another outstanding year in 2011. We achieved growth in revenue and EBIT in all of our businesses amid challenging market conditions,” said chairman and CEO Mike Thaman.
“Looking forward to 2012, we anticipate improved housing starts in the U.S. and modest growth in the global economy,” Thaman added. “Strong performance from our building materials segment will more than offset the impact of near-term market challenges in our composites segment, resulting in growth in adjusted EBIT and strong cash performance for Owens Corning.”