Owens Corning (NYSE: OC) is expected to report Q2 earnings on July 24. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Owens Corning's revenues will increase 5.0% and EPS will expand 29.6%.

The average estimate for revenue is $1.46 billion. On the bottom line, the average EPS estimate is $0.70.

Revenue details
 Last quarter, Owens Corning notched revenue of $1.35 billion. GAAP reported sales were 0.3% higher than the prior-year quarter's $1.35 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.29. GAAP EPS were $0.18 for Q1 compared to -$0.38 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 17.2%, 180 basis points better than the prior-year quarter. Operating margin was 6.3%, 230 basis points better than the prior-year quarter. Net margin was 1.6%, 500 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $5.44 billion. The average EPS estimate is $2.03.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 436 members out of 463 rating the stock outperform, and 27 members rating it underperform. Among 86 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 84 give Owens Corning a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Owens Corning is outperform, with an average price target of $45.90.

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