Owens Corning profits fall in third quarter

Owens Corning, a housing materials manufacturer, said its third quarter revenue fell 12 percent to $1.19 billion, Fox Business reported. Wall Street had predicted revenue of $1.26 billion.

The company said that a struggling housing market and weak demand accounted for the shrinking revenue.

However, although the $58 million in profits were down from a year ago, they did beat analysts estimates. This was mainly due to higher prices and increased demand outside the United States.