Please reference Slide 2. Before we begin, we offer a couple of reminders. First, today's presentation will include forward-looking statements based on our current forecasts and estimates of future events. Second, these statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially. Please refer to the cautionary statements and the risk factors identified in our SEC filings for a more detailed explanation of the inherent limitations of such forward-looking statements. This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of GAAP to non-GAAP are found within the financial tables of our earning release.For those of you following along with our slide presentation, we will begin on Slide 4. And now, opening remarks from our Chairman and CEO, Mike Thaman, who will be followed by our CFO, Duncan Palmer. Mike will then provide comments on our outlook prior to the Q&A session. Mike? Michael H. Thaman Thank you, Thierry, and good morning, everyone. We appreciate you joining us today to discuss our third quarter 2011 results. I'm pleased to report that Owens Corning delivered record earnings performance in the third quarter. Owens Corning continues to benefit from strong execution and a resilient portfolio of market-leading businesses. We are on track to deliver another year of significant earnings growth. Net sales for the quarter totaled $1.5 billion, a 22% increase over the third quarter of 2010. Third quarter EBIT of $177 million was nearly double that of the same period last year. Third quarter adjusted net earnings performance of $124 million represents a historic high for our company. And all 3 of our businesses increased both revenue and EBIT during the quarter, contributing to both top and bottom line growth. Before Duncan provides a more detailed review of our quarterly results, I will comment on how we were performing relative to the expectations we have previously shared with you.
We will start with our guidance. We began the year expecting full year EBIT of $475 million. As you may recall, we knew that we had a back-end loaded year when we gave this guidance. We are very pleased to see the momentum that has built across Owens Corning over the last 2 quarters. Last quarter, we raised this guidance to $500 million based on our view that the volume outlook across our businesses at that time. Our current estimate for the year is EBIT in the range of $450 million to $490 million, consistent with our original guidance.There are 2 market-based reasons for this provided outlook: First, we now expect some of the storm-related demand in Roofing to carry over into 2012. Last quarter, we reported that storm-related volume was approaching the highest level we have seen in 15 years. I spent time with our Roofing customers in the quarter, and I continue to feel comfortable that our volume expectations are supported by market feedback. We currently believe that we will see [Audio Gap] previously expected as a portion of this demand will carry over into the early part of 2012, which will serve to sustain momentum in our Roofing business into next year. Secondly, we now have a moderated view of growth in the Composites market in 2011. Third quarter volumes were up compared with the same period last year, but down slightly from the second quarter. In the quarter, we believe that industrial production growth expectations moderated and that some customers are taking more cautious view towards future growth expectations, resulting in some destocking in this market. Overall, Composites volumes remain stable. Based on the midpoint of our EBIT outlook, we expect adjusted earnings per share of nearly 40% for the second consecutive year. This is consistent with the EPS growth estimate we provided in the second quarter.
Now I would like to review how we're performing relative to the other expectations we set for 2011. First, we said that we will continue our progress in creating an injury-free workplace. After 9 months, our rate of injuries has improved by 25% over our full year 2010 performance. This positions us well for a 10th consecutive year of safety improvement.We said that Roofing EBIT margins of 20% were achievable for a third consecutive year. Strong momentum in the second quarter continued into the third as the business delivered EBIT of $156 million and EBIT margins of 24% and 21% margins on a year-to-date basis. We remain focused on growth and profitability and are confident in achieving our 20% margin goal for the year. Read the rest of this transcript for free on seekingalpha.com