Owens Corning Q2 revenue and adjusted EPS beat estimates
Owens Corning Q2 revenue and adjusted EPS beat estimates
Overview
US building products maker's Q2 revenue was flat yr/yr, beating analyst expectations
Adjusted EPS for Q2 beat analyst expectations
Company returned $264 mln to shareholders via dividends and share repurchases
Outlook
Owens Corning sees Q3 revenue at $2.6 bln to $2.7 bln, slightly below prior year
Company expects Q3 adjusted EBITDA margin of 20% to 22%
Owens Corning anticipates $40 mln incremental Q3 costs from inflation tied to Iran conflict
Result Drivers
COMMERCIAL EXECUTION - Co attributed Q2 performance to disciplined commercial work and execution of company-specific initiatives
BRANDED PRODUCTS DEMAND - Demand for high-performing branded building products supported Q2 results, per company
COST SYNERGIES - Co achieved $135 mln of enterprise run-rate cost synergies, exceeding its commitment, and is on track for further structural cost improvements
Company press release: ID:nBwc7M53ja
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales | Beat | $2.76 bln | $2.65 bln (16 Analysts) |
Q2 Adjusted EPS | Beat | $3.93 | $3.08 (16 Analysts) |
Q2 EPS |
| $3.84 |
|
Q2 Adjusted EBITDA | Beat | $660 mln | $561.42 mln (12 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction supplies & fixtures peer group is "buy"
Wall Street's median 12-month price target for Owens Corning is $165.00, about 13.4% above its August 4 closing price of $145.53
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago
Reuters Recommended Reads
Aug 4 - Fortune Brands Q2 adjusted EPS beats estimates
Aug 4 - BlueLinx Q2 sales beat estimates as specialty, structural products grow
Aug 4 - Trex Company Q2 sales beat estimates, driven by volume growth
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)