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News > Companies
Owens sees lower 3Q net
September 17, 1997: 9:06 a.m. ET

Company expects quarterly earnings down by as much as 27 cents a share
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NEW YORK (CNNfn) - Owens Corning said Wednesday it expects third-quarter earnings to fall short of analysts' estimates by as much as 27 cents a share.
     The housing products maker said it anticipates earnings of $1 to $1.05 a share, compared with a forecast $1.33 a share in an earnings survey published by First Call.
     The figures include a one-time tax credit of 22 cents a share, the company said in a statement.
     Owens expects earnings for the year to be $3.70 to $3.80 a share, or as much as 18 percent below First Call's estimates of $4.49 a share.
     "We are disappointed with our current business climate, but our fundamental direction is correct," Chief Executive Glen Hiner said.
     The company, based in Toledo, Ohio, produces roofing systems, asphalt and insulation, among other products.
     Owens (OWC) had sales of $3.8 billion in 1996. Back to top

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