Owens Corning reports net loss for Q3
Owens Corning, the Toledo, Ohio-based producer of building materials systems and composite solutions, saw net sales of $1.6 billion in the third quarter, up 28 percent from $1.3 billion in the year-ago period. Owens Corning attributed the sales increase to a strong performance in the roofing and asphalt and composites businesses.
The company reported a net loss of $810 million, compared with net earnings of $112 million in the third quarter of 2007.
For its internal use, and as explained in its press release, Owens Corning excludes certain losses that it says are not comparable year over year. Not counting these “certain items it believes are not the result of current operations,” the company reports that it shows a small profit.
“I’m pleased with the quarter as the results are in line with our objectives for the year,” said Mike Thaman, chairman and CEO. “We’ve maintained a strong balance sheet and are benefiting from a solid capital structure that provides more than adequate liquidity.”
USG reports third-quarter net loss of $40 million
USG, the Chicago-based building products company, announced a net loss of $40 million for the third quarter, compared with net earnings of $7 million in the year-ago period.
Net sales were $1.2 billion for the quarter, down 8 percent from 1.3 billion in the same period last year.
The company’s consolidated third-quarter results included restructuring charges of $5 million, related to manufacturing plant shutdowns and the closure of distribution locations.
“Our focus on costs and efficiencies, including capacity closures and overhead reductions, has helped to mitigate the effects of the downturn in all our markets,” said William C. Foote, USG chairman and CEO. “As conditions continue to deteriorate in the broader economy, we are preparing plans to significantly reduce costs further, improve operational efficiency and maintain our liquidity.”
USG’s North American gypsum business recorded third-quarter net sales of $610 million, down 13 percent from last year. L&W Supply and its subsidiaries, which comprise USG’s building products distribution business, saw net sales of $526 million, down 14 percent compared to the third quarter of 2007.
Lawn and garden group partners with mergers and acquisitions expert
The Lawn & Garden Performance Group (LGPG), which specializes in bringing lawn and garden companies together through mergers and acquisitions, strategic alliances and business partnerships, has entered into a marketing partnership with mergers and acquisitions expert Alison Tanner, the Gilbert, Ariz.-based group announced.
Tanner has wide-ranging experience as both an investor and a senior corporate development executive. She spent 13 years on Wall Street as an analyst and portfolio manager for companies including Salomon Brothers and Fred Alger Management before joining the successful turnaround team at Sensormatic Electronics, where she oversaw e-commerce and investor relations.
Tanner also served as senior vp-corporate development and chief strategist for eDiets.com, a leading provider of online weight loss solutions, where she launched the award-winning DeliciouslyYours, a portion-controlled nationwide fresh meal delivery service, and accelerated the company’s entry into the corporate hosted services market through the acquisition of Nutrio.com.
“The Lawn & Garden Performance Group is thrilled to be working with Alison Tanner in our mergers and acquisitions and business partnerships division,” said Rick Pontz, president of LGPG. “We continue to provide our clients with the most outstanding and comprehensive mergers and acquisition and business partnerships services available within the lawn and garden industry.”