Ahead Of The Bell: Owens Corning

"Longer-term, a significant recovery will occur, but timing of this is uncertain," Hughes said in a note to investors Friday.

The Toledo, Ohio-based company on Thursday reported a loss of $28 million, or 23 cents per share, for the three months ended March 31. That compares with a loss of $13 million, or 10 cents per share, during the same period last year.

Excluding one-time charges for restructuring, asset impairments and other items, Owens Corning earned $5 million, or 4 cents per share, matching the average estimate of analysts polled by Thomson Reuters.