It has been about a month since the last earnings report for Owens Corning (OC). Shares have lost about 4.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Owens Corning due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.Second-Quarter ReportOwens Corning posted second-quarter 2018 results, with earnings and revenues missing the Zacks Consensus Estimate. The company’s performance was marred to some extent due to operational headwinds. The company reported earnings per share of $1.17 in the quarter, which missed the consensus mark of $1.44 cents by 18.8%. Earnings declined 1.7% from the year-ago quarter’s figure of $1.19.Net sales of $1.82 billion in the quarter missed the consensus mark of $1.87 billion. The same improved 14% on a year-over-year basis, courtesy of contributions from acquisitions and successful pricing actions in Roofing and Insulation.Segment Sales DetailsThe company has three reportable segments — the Composites, Insulation and Roofing segment.Sales in the Composites segment was $541 million, up 1% year over year. Sales in the Insulation segment surged 55% to $682 million, while the same for the Roofing segment fell 4% to $659 million.Balance SheetAs of Jun 30 2018, the company had cash and cash equivalents of $149 million compared with $246 million as on Dec 31, 2017.During second-quarter 2018, Owens Corning repurchased 252,000 shares of its common stock for $20 million. At the end of the quarter, 6.2 million shares were available for repurchase under the current authorization.2018 Earnings OutlookIn Roofing, the company expects the U.S. asphalt shingle market to be down mid-single digits on lower storm demand. The impact of asphalt and transportation inflation is expected to be offset by strong pricing performance.In Composites, the company expects consistent growth in the glass fiber market and expects EBIT to be slightly below the prior-year quarter’s tally owing to higher manufacturing costs, lower volume and higher-than-anticipated inflation.In Insulation, the company continues to expect EBIT growth of $150 million.The company estimates an effective tax rate of 26% to 28%. The company expects general corporate expenses between $135 million and $140 million in 2018 compared with $140-$150 million expected earlier.The company expects to convert adjusted earnings into free cash flow at about 100%.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month.VGM ScoresAt this time, Owens Corning has a nice Growth Score of B, however its momentum is doing a bit better with an A. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.Based on our scores, the stock is equally suitable for value and momentum investors while growth investors may want to look elsewhere.OutlookOwens Corning has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Owens Corning Inc (OC): Free Stock Analysis Report To read this article on Zacks.com click here.