Owens Corning Reports 2008 Third-Quarter Results

TOLEDO, Ohio, Oct 29, 2008 /PRNewswire-FirstCall via COMTEX/ -- Owens Corning (OC:OCNews, chart, profile, moreLast: Delayed quote dataAdd to portfolioAnalyst Create alertInsiderDiscussFinancials Sponsored by:, , ) reported today that consolidated net sales increased 28 percent to $1.6 billion during the third quarter, compared with $1.3 billion in the third quarter of 2007. Third-quarter sales were up due to strong performance in the Roofing and Asphalt and Composites businesses. Excluding comparability items, Owens Corning's adjusted earnings from continuing operations were $94 million, or $0.

72 per adjusted diluted share, compared with $56 million, or $0.42 per adjusted diluted share during the third quarter last year. See Tables 2 and 3 for a discussion and reconciliation of items that affect comparability. As the result of a non-cash charge of $899 million to establish an accounting valuation allowance against net U.S. deferred tax assets rel...
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