Owens Corning reported consolidated net sales of $1.32 billion in the third quarter of 2013, compared with $1.28 billion during the same period last year.

Third-quarter 2013 adjusted earnings were $63 million, or $0.53 per diluted share, compared with $40 million, or $0.34 per diluted share, during the same period one year ago.  The company reported net earnings of $51 million, or $0.43 per diluted share, in the third quarter of 2013, compared to $44 million, or $0.37 per diluted share, in 2012. 

"We delivered improved year-on-year performance in each of our businesses," said Mike Thaman, chairman and CEO. "Based on our year-to-date performance, we are maintaining our outlook of at least $100 million of adjusted EBIT growth.

"In the third quarter, our Roofing business sustained strong margin performance.  Roofing volumes trailed the market, but have largely tracked the market on a year-to-date basis," Thaman said. "Insulation achieved its ninth consecutive quarter of EBIT improvement and is once again a positive contributor to the company's earnings.  Composites EBIT declined sequentially due to manufacturing performance and lower volumes."

Consolidated Third-Quarter 2013 Highlights

Owens Corning's safety performance improved 6 percent year to date.

Adjusted EBIT in the third quarter of 2013 was $119 million, up from $81 million in the same period of 2012. In the third quarter of 2013, the company had certain items that were not the result of current operations.  Before adjusting for these items, third-quarter 2013 EBIT was $106 million.  This compares favorably with a third-quarter 2012 EBIT of $59 million. 

During the third quarter, Owens Corning repurchased 1.4 million shares of the company's common stock for $54 million. As of September 30, 2013, 8.6 million shares remained available for repurchase under the company's current authorization.

In the quarter, the company reached an agreement to close and sell a Composites facility in Hangzhou, China in exchange for approximately $70 million from the local government.  Cash proceeds are expected to be received by the middle of 2014, and a pre-tax gain of $30 million to $40 million is expected at the transaction closing.