Owens Corning (NYSE: OC) reported Q1 EPS of $0.85, $0.26 better than the analyst estimate of $0.59. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.3 billion.

"Owens Corning is off to a great start in 2017. The company capitalized on market growth and delivered an outstanding result in the quarter,” said Chairman and Chief Executive Officer Mike Thaman. “All three businesses are executing on our priorities, and we are well-positioned to achieve another year of strong performance.”

2017 Outlook

• The company continues to expect an environment consistent with consensus expectations for U.S. housing starts and moderate global industrial production growth.
• In Roofing, the company expects continued growth in new construction and reroof demand in 2017. This growth is not expected to offset anticipated declines in the storm markets, particularly Texas. First-quarter shipments were influenced by the timing of a March price increase. Despite strong first-quarter growth in volume, the company expects flat volumes in the first half of the year.
• In Composites, the company expects continued growth in the glass fiber market, driven by moderate global industrial production growth. The company anticipates a third consecutive year of record EBIT, with growth of about $25 million primarily from improved operating performance. Continued strong volume performance could provide some improvement to this outlook.
• In Insulation, the business returned to revenue growth in the quarter, benefiting from continued recovery in the U.S. residential market. The company continues to expect to deliver revenue growth of about $100 million, with EBIT of $160 million or more.
• The company estimates an effective tax rate of 32 percent to 34 percent, and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company’s $1.8 billion U.S. tax net operating loss carryforward.
• The company continues to expect general corporate expenses to be between $120 million and $130 million in 2017. Capital additions in 2017 are expected to total approximately $375 million. Interest expense is expected to be about $110 million.

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