Owens Corning gains after Q2 profit beat

Owens Corning

26/07/2023 15:01

** Owens Corning's  OC.N  stock up 4.3% at $136.45 after
construction supplies firm's qtrly report tops expectations
    ** Co posts Q2 adj EPS of $4.22, well above Refinitiv
consensus of $3.23, and rev of $2.56 bln in-line with avg
estimate
    ** Roofing net sales increased 10% to $1.1 bln in qtr on
higher volumes related to storm activity, co says
    ** Co says while economics growth expected to slow, it
anticipates end markets to be stable near term
    ** It forecasts Q3 sales to be similar to yr-ago qtr, and to
generate high-teen EBIT margins
    ** In Q3 last year, Owens reported rev of $2.52 bln
    ** Avg rating among 18 analysts is "hold" and median PT is
$135, per Refinitiv
    ** With move on Weds, OC shares up ~60% YTD compared to PHLX
Housing index's  .HGX  ~43% gain

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))