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Early Friday morning Owens Corning
OC announced that it has lowered it full-year 2014 earnings expectations based on continued weakness in roofing.
Shares of Owens have plummeted as much as 8 percent following the press release.
The following bullets are highlights from the press release.
- Previous full-year 2014 adjusted EBIT guidance of $500 million, now forecasting above last year's result of $416 million.
- The company estimates roofing volume down as much as 20 percent in first half of 2014 compared to same period last year.
- Earnings growth in Insulation and Composite business expected to more than offset roofing weakness.
- Owens Corning second-quarter 2014 results will be announced on July 23, 2014
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