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Owens Corning 1Q results bounce back with housing

TOLEDO, Ohio (AP) -- Owens Corning posted a profit for the first three months of the year amid rising demand for its roofing and insulation material as construction picked up in the recovering U.S. housing market.

The results released Wednesday beat analyst estimates, helping to lift Owens Corning's stock by more than 5 percent in afternoon trading.

The company made $22 million, or 18 cents per share. That compares with a loss of $46 million, or 38 cents per share, at the same time last year.

If not for certain costs unrelated to its ongoing business, Owens Corning would have made 29 cents per share. That adjusted figure was a dime above the average estimate among analysts polled by FactSet.

Revenue was in line with analysts' estimates for $1.35 billion, virtually unchanged from the same time last year.

Owens Corning, based in Toledo, Ohio, is benefiting from a recent upturn in home building and home improvements in many parts of the country. As demand improved, Owens raised its roofing prices earlier this month, which is expected to fatten the company's profit margins later this year.

Insulation prices are also bouncing back, although the company said they remain well below historical averages.

Owens Corning shares rose $2.25, or 5.6 percent, to $42.37 in afternoon trading.