Owens Corning (NYSE:OC) reported Q1 EPS of $0.04 cents, ex-items, topping consensus analyst estimates for a loss of $0.04 cents. Revenues for the quarter declined 20.6% year-over-year to $1.07 billion, missing analyst estimates of $1.2 billion. The quarter was highlighted by strong roofing sales that grew 49% year-over-year, continuing the momentum begun in the second quarter of 2008. However, sales of insulation and other building materials suffered from the deteriorated housing market. Chairman and CEO Mike Thaman said, "We are taking aggressive actions to reduce costs and to cut capital spending by a combined $300 million. . .These reductions and strong Roofing profits that utilize our net operating loss, give us confidence that $150 million in free cash flow this year is achievable." The company is planning to take steps to curtail 2009 costs by about $160 million. Company sees 2009 capex of $225 million, which is a reduction of about $140 million compared with 2008, excluding precious metal purchases.

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