Owens Corning beats by $0.18, reports revs in-line :
- Reports Q1 (Mar) earnings of $0.53 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus of $0.35; revenues rose 2.3% year/year to $1.23 bln vs the $1.24 bln Capital IQ Consensus.
- Adjusted EBIT in the first quarter of 2016 were $118 mln, up from $60 mln in 2015. Reported EBIT for the first quarter was $116 mln, compared with $58 mln during the same period in 2015.
- Outlook: In Composites, the company expects continued growth in the glass fiber market, driven by moderate global industrial production growth. Based on the strong start to the year, Owens Corning now expects EBIT improvement of at least $30 mln. In Roofing, given the strong start to the year and recent storm activity, the company now sees upside to its prior guidance of modest market growth in 2016.
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