Owens Corning (NYSE: OC) reported Q1 EPS of $0.19, $0.06 better than the analyst estimate of $0.13. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.24 billion.

Outlook

The company continues to expect to benefit in 2015 from sustained improvement in the U.S. housing market and moderate global growth.

Insulation should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage.

In Composites, the company previously expected EBIT improvement of $50 million less foreign currency impact of $20 million associated with a stronger U.S. dollar. Based on a strong start to the year, the company now anticipates a full-year EBIT improvement of up to $70 million less foreign exchange impact of $25 million at current exchange rates.

In Roofing, the company continues to expect the full year market demand to be in line with last year. Market dynamics in the first quarter positioned the business for stronger volumes at better margins for the remainder of the year.

The company estimates an effective tax rate of 30 percent to 32 percent, and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company’s $2.2 billion U.S. tax net operating loss carryforward.

The company expects general corporate expenses to be $120 million to $130 million in 2015. Capital expenditures in 2015 are now expected to total approximately $380 million, a $25 million increase over the prior estimate due to a portion of the cost for the construction of the new mineral wool plant. Interest expenses are expected to be about $110 million.

For earnings history and earnings-related data on Owens Corning (OC) click here.