August 3, 2011 / 1:07 PM / 6 years ago

UPDATE 1-Owens Corning Q2 beats Wall Street view

* Q2 adj EPS $0.61 vs est $0.58

* Q2 rev $1.5 bln vs est $1.4 bln

* Sees FY11 adj earnings growth of 40 pct (Follows alerts)

Aug 3 (Reuters) - Building materials maker Owens Corning posted a better-than-expected quarterly profit helped by a strong demand for its roofing products, and forecast an over 40 percent growth in full-year adjusted earnings.

The company, whose products include glass-fiber reinforcements and engineered materials for composite systems, reported net income of $78 million, or 62 cents per share, compared with $937 million, or $7.33 per share, a year ago.

Excluding items, the company, known for its Pink Panther mascot and trademark PINK glass fiber insulation, earned 61 cents per share.

Revenue rose 7 percent to $1.5 billion.

Analysts, on average, expected earnings of 58 cents per share, on revenue of $1.4 billion, according to Thomson Reuters I/B/E/S.

Revenue from roofing business, which forms a large part of Owen Corning's key building materials segment, rose about 13 percent to $645 million.

Storm activity in the United States in the first half of the year created momentum in demand that is expected to continue into the second half, the company said in a statement.

Shares of the Toledo, Ohio-based company closed at $34.11 on Tuesday on the New York Stock Exchange. (Reporting by Eileen Anupa Soreng in Bangalore; Editing by Sriraj Kalluvila) ((eileen.soreng@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5919; Reuters messaging: eileen.soreng.thomsonreuters.com@reuters.net)

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