Owens Corning misses by $0.05, misses on revs
Reports Q1 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.34; revenues fell 5.3% year/year to $1.28 bln vs the $1.34 bln consensus.
Highlights:
For the full year 2014, the co continues to expect to deliver $500 mln in adjusted EBIT based on the current outlook for an improving U.S. housing market and moderate global growth.
The Roofing business is expected to deliver another strong year in 2014 on market growth in new construction and flat to potentially improving re-roofing demand. The first-quarter volume weakness adds some additional risk to the company's financial outlook.
Insulation should continue to benefit from growth in U.S. residential new constructi
Highlights:
- Adjusted EBIT Flat with Prior Year; Insulation and Composites Performance Continued to Strengthen, Offset by Weaker-than-Expected Roofing Volumes
- Insulation delivered profitable quarter; marking the 11th consecutive quarter of EBIT improvement
- Composites improved EBIT by $18 million on better pricing and operating performance
- Roofing volumes weaker than expected; anticipate improvement as year progresses
For the full year 2014, the co continues to expect to deliver $500 mln in adjusted EBIT based on the current outlook for an improving U.S. housing market and moderate global growth.
The Roofing business is expected to deliver another strong year in 2014 on market growth in new construction and flat to potentially improving re-roofing demand. The first-quarter volume weakness adds some additional risk to the company's financial outlook.
Insulation should continue to benefit from growth in U.S. residential new constructi