NEW YORK (TheStreet) -- Shares of building materials maker Owens Corning (OC)are falling after the company cut its guidance for its full-year 2014 earnings before interest and taxes.

WHAT'S NEW: Owens Corning reduced its FY14 EBIT outlook to $416M from $500M as well as slashed its roofing volumes guidance for the first half of this year to be 20% lower than volumes in the same period of last year. The company expects to recover a portion of this volume shortfall in the second half of the year, but noted that continued weakness in the second quarter has introduced further uncertainty in the FY14 financial outlook for the company's roofing business. The company continues to see improvement in the year-over-year performance of both its insulation and composites businesses. Earnings growth in these two businesses is expected to more than offset the weaker financial performance in the roofing business year-over-year, Owens Corning noted.

WHAT'S NOTABLE: Three days ago, Goldman upgraded the building products sector to Attractive from Neutral based on reduced expectations and accelerating U.S. macroeconomic conditions. The firm said that non-residential construction is at an inflection and it expects existing homes sales growth to increase. As part of the sector change, the firm upgraded Armstrong World (AWI)to Conviction Buy from Buy and downgraded Ply Gem (PGEM)to Sell from Neutral.

OTHERS TO WATCH: Others in the building materials space include Masco Corporation (MAS), Beacon Roofing Supply (BECN)and Louisiana-Pacific (LPX).

PRICE ACTION: During morning trading, shares of Owens Corning fell $1.90 or 4.6%, to $39.40. Meanwhile, Masco was down 1.8% and Beacon Roofing Supply was down 3.6%.

Reporting by Gina Gioldassis.

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Owens Corning Slips After Roofing Prompts Lower Earnings Outlook

Surrey SM1 4QT, UK (PRWEB) June 21, 2014

One of the most experienced roofing experts in the market flatroofservices.co.uk has confirmed that it has slashed 20% off its current rates in a recent price review designed to mainstream greater affordability to its wide range of roofing services.

According to a statement released by the company, the 20% cut takes effect immediately and homeowners looking for quality roofing services have a very great chance to explore the expertise of a proven and highly rated provider without having to spend a lot of money in the process. Flatroofservices.co.uk notes that the 20% cut will herald a very important start towards building better momentum in mainstreaming affordability in roofing services and even in the future, the provider says it will continue to explore all available opportunities to make its services cheaper.

According to many industry analysts in the roofing sector, flatroofservices.co.uk has done remarkably well to deliver professional roofing services to a huge portion of homeowners across the country. However one thing that has made the company stand out in recent years has been its ability to mix affordability and reliable services. The launch of a 20% cut in current rates has been seen by many observers as a good show of the growing commitment and dedication flatroofservices.co.uk has shown in delivering affordable roofing services.

The slower economic growth in the west has taken its toll on a lot of people and the opportunity to save remarkably on roofing expenses should be a great reprieve for any person. Flatroofservices.co.uk is confident that the 20% cut in normal rates will help promote wider access to its services so that in the end the firm gets a chance to serve as many people as possible. In addition to this, the roofing expert is looking forward to the impact of the cut in the coming months or perhaps even years.

The need to explore the expertise of an expert as far as roofing services are considered is a fact known all too well by a lot of home owners across the world. Although quite often quality roofing services are perceived to be expensive, companies such as flatroofservices.co.uk have done very well to mainstream better affordability in their services. For more on the discount and how you can get quality roofing services please visit http://www.flatroofservices.co.uk.

About flatroofservices.co.uk

Flatroofservices.co.uk is a leading roofing expert that offers a wide range of roofing services to home owners across the world. The provider has over 30 years of experience in the sector and has been keen on delivering affordable and quality roofing services for all home owners over these years.

Company details

Flatroofservices.co.uk

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Experienced Roofing Expert Flatroofservices.co.uk To Slash 20% Off Its Current Rates In The Coming Months

Owens Corning (OC) cut its earnings guidance for the full year amid continued weakness at the companys roofing business.

The maker of residential and commercial building products said Friday the weakness in roofing volumes seen during the first quarter dragged on into April and May. Roofing volumes may fall as much as 20% year-over-year in the first half of 2014, but Owens Corning anticipates recovering a portion of the volume shortfall in the second half.

Owens Corning now expects 2014 adjusted earnings before interest and taxes to merely surpass the prior years $416 million. The company previously forecasted EBIT of $500 million.

Shares dropped 6.1% to $38.78 in recent trading. The stock had been up 1.4% on the year through Thursdays close.

Owens Corning, one of the largest producers of fiberglass materials, is coming off a strong year in which its insulation business returned to profitability. The company projected continued improvement in 2014, citing an uptick in construction activity.

Along with its fourth-quarter earnings report, Owens Corning unveiled its first dividend since 2000.

On Friday, Owens Corning reiterated its forecast for year-over-year improvement in insulation and composites. Earnings growth in those two businesses is expected to more than offset weaker results from roofing.

The Toledo, Ohio-based company is scheduled to report second-quarter results on July 23 prior to the opening bell.

Follow Matthew Rocco on Twitter @MatthewRocco

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Owens Corning Dampens 2014 Outlook

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