Annual sales rise at Owens Corning
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.”
Blaze destroys Eagle Lumber building in Vermont
In a blaze captured on YouTube, a Stamford, Vt., facility owned by Eagle Lumber went up in flames in one of the biggest fires in the city’s history.
Some 50 fire fighters were called in to battle the fire. According to an article in the Bennington Banner, the facility is described as a "lumber processing building" and some of the equipment inside the building was insured.
The cause of the fire is not suspicious, according to Vermont state fire marshals, who are asking the public to come forward with any information regarding the blaze.
Slowdown seen in sales of B.C. lumber to China
According to an article in The Globe and Mail, sales of British Columbia lumber to China have declined dramatically — a major reversal from the strong sales of 2011.
Analysts continue to expect more growth in 2012, but Statistics Canada estimated a mere $67 million in B.C.-to-China lumber sales in December, down 36% from the same month in the previous year.
Canada lumber companies — including Canfor, whose CEO Don Kayne visited China last week with Canadian Prime Minister Stephen Harper — look to China as an increasingly important trading partner given the lack of construction in the United States.