Housing Recovery Is 'Fragile': Owens Corning CEO
If the earnings results of building materials maker Owens Corning are a good barometer, the housing market has started a slight recovery. And that's about how its chief executive characterizes it.
“We’re coming back from the bottom in the housing market,” Owens Corning CEO Mike Thaman told CNBC Wednesday, “but it’s a fragile recovery in housing today.”
Earlier in the day, the company topped Wall Street estimates by reporting net income of $48 million, or 38 cents a share, for the first quarter, sending stock prices to a 52-week high. The earnings reversed a year-ago loss of $2.8 million, or 23 cents a share.