Owens Corning Inc. (NYSE:OC) shares rose Wednesday after the building materials company reported first-quarter earnings that topped Wall Street expectations despite lower revenue and margin pressure.

Earnings Snapshot

The company reported adjusted earnings of $1.22 per share, beating analysts' estimates of 95 cents per share.

Revenue declined 10% year over year to $2.265 billion, exceeding the consensus estimate of $2.162 billion.

Adjusted EBITDA fell 35% from a year earlier to $369 million, while adjusted EBITDA margin narrowed to 16% from 22% in the prior-year quarter.

Operating cash outflow totaled $154 million, compared with an outflow of $49 million a year earlier. Free cash outflow was $387 million.

Owens Corning ended the quarter with $272 million in cash and cash equivalents.

Segment Performance

The Roofing segment reported sales of $960 million, down 14% year over year. EBITDA for the segment totaled $231 million, with a margin of 24%.

The Insulation segment posted sales of $867 ...