NEW YORK (TheStreet) -- Shares of Owens Corning (OC - Get Report) were gaining 2.7% to $46.09 on Wednesday after the insulation, roofing, and fiberglass composites maker beat analysts' estimates for earnings in the third quarter. They reported before today's market open.

Owens Corning reported earnings of 96 cents a share for the third quarter, above analysts' estimates of 68 cents a share for the quarter. Revenue grew 5.8% year over year to $1.46 billion for the quarter, compared to analysts' estimates of $1.42 billion.

Composites revenue grew 2% year over year in the third quarter, insulation revenue grew 11%, and roofing revenue grew 6%.

"Owens Corning had a very strong quarter, as all three businesses made substantial contributions to earnings," Chairmand and CEO Mike Thaman said in a statement. "Our businesses performed at double-digit margin levels as a result of positive macro trends and strong commercial and operational execution."

About 5.1 million shares of Owens Corning were traded by 3:46 p.m. Wednesday, above the company's average trading volume of about 1.6 million shares a day.

TheStreet Ratings team rates OWENS CORNING as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate OWENS CORNING (OC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and attractive valuation levels. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.

You can view the full analysis from the report here: OC

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