Owens Corning Reports Q1 2011 Results - Q1 In Line With Company Expectecations; On Target To Deliver $475 Million In Adjusted Ebit In 2011

Owens Corning recently reported consolidated net sales decreased 2% to $1.24BN in Q1 of 2011, compared with $1.27BN in Q1 of 2010. First-quarter 2011 net earnings were $24 million, or $0.19 per diluted share, compared with net earnings of $48 million, or $0.38 per diluted share, in the first quarter of 2010. First-quarter adjusted earnings, when adjusted to the company's expected full-year effective tax rate of 28%, were $25 million, or $0.20 per diluted share, compared with $53 million, or $0.42 per diluted share, in the first quarter of 2010. (See Tables 1, 2 and 3 from the website for a discussion and reconciliation of these items.) "Owens Corning delivered profit in line with our expectations for the first quarter driven by continued strong performance in the Composites and Roofing businesses," said Chairman and Chief Executive Officer Mike Thaman. "We remain confident in our guidance of $475 million in adjusted EBIT for 2011. "During the quarter we made operating investments to expand our Composites capacity and convert Insulation facilities to produce our new EcoTouch(TM) insulation," Thaman added. "We expect that these investments, combined with improving economic conditions and our recent pricing actions, will improve profitability throughout the balance of the year."