Owens Corning Q1 Profit Surges; Adj. EPS Miss Estimates - Quick Facts

(RTTNews) - Composites and building materials company Owens Corning (OC) reported Wednesday that its first-quarter net earnings attributable to the company were $120 million or $1.01 per share,significantly higher than last year's $22 million or $0.18 per share.

Adjusted earnings, which excluded items, were $35 million or $0.29 per share, same as last year. On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales of $1.28 billion dropped from $1.35 billion in 2013. Analysts estimated sales of $1.34 billion for the quarter.

Chairman and Chief Executive Officer Mike Thaman said, "Our first-quarter 2014 performance was led by continued improvement in Insulation and Composites, which offset the impact of weaker-than-expected roofing volumes."

Looking ahead for fiscal year 2014, the company continues to expect to deliver $500 million in adjusted EBIT based on the current outlook for an improving U.S. housing market and moderate global growth.

Thaman added, "We anticipate the performance of our Roofing business to improve throughout the balance of the year. The current outlook for our markets and the momentum in our Insulation and Composites businesses support another strong year of earnings growth."