Owens Corning (OC) reports Q3: everything you need to know ahead of earnings
Building and construction materials manufacturer Owens Corning (NYSE:OC) will be announcing earnings results this Wednesday morning. Here’s what to expect.
Owens Corning beat analysts’ revenue expectations last quarter, reporting revenues of $2.76 billion, flat year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
Is Owens Corning a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Owens Corning’s revenue to decline 2.2% year on year, in line with the 2.9% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Owens Corning has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Owens Corning’s peers in the home construction materials segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Masco delivered year-on-year revenue growth of 2.6%, beating analysts’ expectations by 2%, and Hayward reported revenues up 6.5%, topping estimates by 3.2%. Masco traded up 6.7% following the results while Hayward was also up 19.5%.
Read our full analysis of Masco’s results here and Hayward’s results here.
Investors in the home construction materials segment have had steady hands going into earnings, with share prices flat over the last month. Owens Corning is up 7.6% during the same time and is heading into earnings with an average analyst price target of $146.31 (compared to the current share price of $126.39).
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