Owens Corning (OC) posted first-quarter 2013 net earnings of $22 million, or $0.18 per share, compared to a net loss of $46 million, or $0.38 per share, in 2012.
Charges related to cost reduction actions declined to $1 million from $34 million last year.
First-quarter 2013 adjusted earnings were $35 million, or $0.29 per share, compared with $11 million, or $0.09 per share, during the same period one year ago.
The company reported consolidated net sales of $1.3 billion in the first quarter of 2013, essentially flat with the same period in 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share on revenues of $1.35 billion for the quarter. Analysts' estimates typically exclude special items.
The company continues to expect at least $100 million in adjusted EBIT improvement over 2012 as a result of company actions, an improving U.S. housing market, and moderate global growth. It anticipates that the rate of the U.S. housing market recovery and its impact on the margin performance of the Building Materials businesses will largely determine the upside to this guidance.
Roofing is expected to achieve improved full-year margins versus 2012.
The company said that it will announce its second-quarter 2013 results at 11 a.m. ET on Wednesday, July 24, 2013.
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