Owens Cornings has first-quarter loss

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Building materials maker Owens Corning reported a first-quarter loss as it took charges related to cost reductions, including facility closures in Europe.

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.

The 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.

Owens Cornings has a facility in Aiken County.


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