Ahead Of The Bell: Owens Corning

HARTFORD, Conn. (AP) — Analysts revised their estimates on Owens Corning Inc. Friday after the building products maker reported a first-quarter loss due to turmoil in the housing market and global economy.

Analyst J. Keith Johnson of Morgan Keegan and Co. cut his 2009 profit estimate to 31 cents per share from 39 cents per share. He reduced his second-quarter earnings estimate to 7 cents per share from 17 cents per share.

However, he said cost cutting and other moves should help Owens Corning improve its performance as the economy recovers.

"Owens Corning continues to adjust the operating structure, and when combined with cost cuts should improve overall performance once conditions stabilize," Johnson said.

Meanwhile, analyst Keith Hughes of SunTrust Robinson Humphrey raised his second-quarter estimate to a profit of 4 cents per share from a loss of 7 cents per share. He cut his third-quarter estimate to breakeven from 14 cents per share and reduced his fourth quarter forecast to a loss of a penny per share from a profit of 11 cents per share.