Reuters: Global Markets: Owens Corning posts Q1 loss; shares fall

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Owens Corning posts Q1 loss; shares fall Apr 25th 2012, 14:36 Wed Apr 25, 2012 10:36am EDT (Reuters) - Building materials maker Owens Corning (OC.N) reported a first-quarter loss as it took charges related to cost reductions, including facility closures in Europe, sending its shares down 9 percent. The company recorded $55 million in charges during the quarter, $34 million of which are related to severance, it said in a filing with the U.S. Securities and Exchange Commission. Owens Corning, known for its Pink Panther mascot and trademark PINK glass fiber insulation, said it expects additional charges of about $80 million during 2012 and 2013. First quarter net loss was $46 million, or 38 cents per share, compared with a profit of $24 million, or 19 cents per share, a year ago. On an adjusted basis, the company earned 9 cents a share. Revenue rose about 9 percent to $1.35 billion. Analysts on average had expected revenue of $1.30 billion, according to Thomson Reuters I/B/E/S. Shares of the Toledo, Ohio-based company fell to $31.42 in morning trade on Wednesday on the New York Stock Exchange, making the stock one of the top percentage losers on the exchange. They were trading down 7 percent at $32.26. (Reporting by Suzannah Benjamin in Bangalore; Editing by Don Sebastian) Link this Share this Digg this Email Reprints

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