Third-quarter 2011 net earnings were $124 million, compared with net earnings of $58 million in the third quarter of 2010. 

"Owens Corning delivered record earnings performance in the third quarter," says Chairman and CEO Mike Thaman. "We continue to benefit from strong execution in an uncertain economy and a resilient portfolio of market-leading businesses."

Net sales for the company's Composites business for the 2011 third quarter (ended 31 September) were $496 million, up 4% on the 2010 third quarter.

"The company's current-year estimate for EBIT is now in the range of $460 million to $490 million, reflecting our expectation that some portion of the storm-related demand for our Roofing products will materialise in 2012, as well as a moderated view of growth in the Composites market in 2011," Thaman notes.

"At the midpoint of this EBIT range, we anticipate delivering a second consecutive year of Adjusted EPS growth of nearly 40%."

Owens Corning (NYSE: OC), headquartered in Toledo, Ohio, USA, is a global producer of residential and commercial building materials, glass fibre reinforcements and engineered materials for composite systems.