Owens-Corning reported a smaller than expected improvement in fourth quarter earnings as building material operating earnings slipped to US$85m from a record US£100m in 1998s final quarter. Despite the result, the glass composites and building materials maker is expanding production both in the US and at is operations in India. Chief financial officer J Thurston Roach said the 15% decline was due to lower US roofing sales and rising PVC prices in Europe. The quarter nevertheless capped an exceptional year of success for Owens Corning that left annual earnings per share at US$4.67, Roach told analysts, adding the company "begins the new year with momentum." The 15% decline in fourth quarter building material earnings was more than offset by a 10% increase in composites systems.
