Owens Corning’s second quarter 2010 adjusted earnings were $73 million, compared with $62 million in the second quarter of 2009. Second quarter 2010 net earnings were $937 million, compared with $33 million in the second quarter of 2009.

“The strength and diversity of our business portfolio produced another great quarter,” says Mike Thaman, chairman and CEO. “Composites demonstrated operating leverage on improved sequential demand. Roofing continued its strong margin performance despite weakness in volumes late in the quarter that have persisted through July.

Composites

Net sales in the Composites segment were $491 million for the 2010 quarter, up 26% from the same period in 2009. Most of this increase came from higher volumes. Demand in the Reinforcements business continued the sequential improvement that began in the first quarter of 2009. Prices also improved sequentially in the second quarter, and were a little higher than in the same period in 2009.

EBIT in the Composites segment increased by $61 million to $42 million for the second quarter, compared with a loss of $19 million during the same period in 2009. This improvement was mainly a result of higher sales volumes. EBIT in the quarter was helped by higher selling prices as compared with the same period in 2009. Selling prices continued to increase through the second quarter.

Owens Corning believes that overall demand in the Composites segment will continue to improve as global industrial demand increases, but the rate of market recovery is still uncertain. The company has increased production to meet improved market demand, which will result in much higher capacity utilisation during the year as compared to 2009.

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