In a release on
Fourth-quarter 2013 adjusted earnings were
"In 2013, our insulation business returned to profitability. This was an important achievement for our company," said Chairman and Chief Executive Officer
"All three businesses improved in 2013, benefitting from a stable and growing global economy and a recovering U.S. housing market," Thaman added. "We expect similar growth in 2014 and we are working to maintain the momentum we established last year."
The decision to declare a dividend conveys the confidence of the Board of Directors in the company's long-term financial outlook and cash flow generation. The company will make an initial quarterly payment of
Consolidated Fourth-Quarter and Full-Year 2013 Results
-Adjusted earnings before interest and taxes (EBIT) in the fourth quarter of 2013 was
-Full-year adjusted EBIT was
In 2014, the company expects to deliver
We expect the Roofing business to deliver another strong year in 2014 and anticipate that the market will grow on new construction with flat to potentially improving re-roofing demand.
Insulation should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage.
In Composites, the company expects recovering market conditions to drive price improvement of
The company estimates a long-term effective tax rate of 28 percent to 30 percent, and a long-term effective cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company's
The company expects general corporate expenses to be
The cash dividend to be paid in April will mark the company's first such payment since 2000. Future dividend declarations will be made at the discretion of the Board of Directors and will be based on such factors as the company's earnings, financial condition, cash requirements, future prospects and other factors.
Next Earnings Announcement
First-quarter 2014 results will be announced on
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In a release on