Owens Corning, producer of building materials and fiberglass reported losses of $839 million last year, or $6.56 per share. This is down from a prior year profits of $96 million, or $0.74 per share.
Owens Corning Headquarters
Profits on sales of pink fiberglass insulating material fell into the red in the fourth quarter, the Toledo company revealed in their year-end financial report released Wednesday and warned of trouble ahead.
Officials said that most of the loss was attributable to accounting charges for tax payments that had no impact on cash flow. Overall sales rose 17 percent last year to $5.8 billion from $5 billion in 2007. Pre-tax profits – excluding interest – from continuing operations rose to $196 million last year from $145 million in 2007.
Even so, in response to slumping housing sales and global economic conditions, the firm indicated it will be making further job cuts and other reductions in production capacity. It has put on hold a recently announced expansion in Russia.
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