Owens Corning Q1 Profit Plunges - Quick Facts

(RTTNews) - Composites and building materials company Owens Corning (OC) reported that first-quarter net income to company plunged to $18 million or $0.15 per share from $120 million or $1.01 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $22 million or $0.19 per share, compared to $35 million or $0.29 per share in the year-ago quarter.

On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.13 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased to $1.21 billion from $1.28 billion in the same quarter last year. Analysts expected revenue of $1.24 billion for the quarter.

Looking ahead, the company said it continues to expect to benefit in 2015 from sustained improvement in the U.S. housing market and moderate global growth.