Company Performance - Owens Corning reported revenue of $2.79 billion, missing analysts' expectations of $2.92 billion but showing an increase from $2.56 billion in the same quarter of 2023 [2] - The company realized revenue of $311 million from its acquisition of Masonite, which significantly impacted overall revenue performance [3] - Owens Corning generated $336 million of free cash flow in the quarter and returned $52 million to shareholders via dividends [8] Market Context - The stock of Owens Corning is down over 10% for the week following the earnings report, attributed to a broader market sell-off [1] - The company is heavily reliant on a healthy market for new home construction and remodeling activities, which are currently under pressure [5] - Investors are cautious as discretionary repair and remodeling activities are expected to remain soft in the near term, while demand for non-discretionary items is anticipated to be healthy [6] Analyst Sentiment - Analysts maintain a Moderate Buy rating on Owens Corning stock, with a consensus price target of $184.23, indicating an 18.19% upside potential [11] - The Royal Bank of Canada raised its price target for Owens Corning from $211 to $213, reflecting continued bullish sentiment [11] - Historical trends suggest that the current dip in stock price may present a buying opportunity, as the stock has previously recovered from similar sell-offs [9][10] Financial Metrics - The company ended the quarter with a debt-to-adjusted EBITDA ratio of 2.2x, at the low end of its target range of 2x to 3x [8] - Owens Corning's forward P/E ratio of 9.8x is significantly lower than the average in the Construction Materials sector, indicating potential value [8] Trading Activity - Short interest in Owens Corning stock spiked by 11% in the last month, suggesting increased pressure on the stock [12] - The Options Chain indicates significant interest in Put options as a hedge, with strike prices at $170 and $175 [12]

Owens Corning (OC) reported mixed results for second-quarter 2024, wherein earnings surpassed the Zacks Consensus Estimate but net sales missed the same. On a year-over-year basis, both earnings and net sales increased on the back of strong commercial execution and manufacturing performance as well as the strategic choice to acquire Masonite. Owens Corning's shares gained 4.1% in the day trading session, but fell 5% in the after-hour trading session on Aug 6. Inside the Headlines The company reported adjust ...

Owens Corning (NYSE:OC) Q2 2024 Earnings Conference Call August 6, 2024 9:00 AM ET Company Participants Amber Wohlfarth - Vice President, Investor Relations, Corporate Affairs Brian Chambers - Chair and CEO Todd Fister - Chief Financial Officer Conference Call Participants Michael Rehaut - JPMorgan John Lovallo - UBS Stephen Kim - Evercore ISI Kathryn Thompson - Thompson Research Group Elizabeth Ann Langan - Barclays Sam Reid - Wells Fargo Chris Kalata - RBC Susan Maklari - Goldman Sachs Garik Shmois - Loop ...

Owens Corning (OC) reported $2.79 billion in revenue for the quarter ended June 2024, representing a yearover-year increase of 8.8%. EPS of $4.64 for the same period compares to $4.22 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $2.87 billion, representing a surprise of -2.95%. The company delivered an EPS surprise of +6.18%, with the consensus EPS estimate being $4.37. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Owens Corning (OC) came out with quarterly earnings of $4.64 per share, beating the Zacks Consensus Estimate of $4.37 per share. This compares to earnings of $4.22 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 6.18%. A quarter ago, it was expected that this construction materials company would post earnings of $3.04 per share when it actually produced earnings of $3.59, delivering a surprise of 18.09%. Over the last four qu ...

Analysts on Wall Street project that Owens Corning (OC) will announce quarterly earnings of $4.37 per share in its forthcoming report, representing an increase of 3.6% year over year. Revenues are projected to reach $2.87 billion, increasing 12.1% from the same quarter last year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this pe ...

The construction materials company's shares have seen an increase of 3.67% over the last month, not keeping up with the Construction sector's gain of 10.96% and outstripping the S&P 500's loss of 0.21%. In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.63 per share and a revenue of $11.21 billion, indicating changes of +8.39% and +15.84%, respectively, from the former year. Our research suggests that these changes in estimates have a direct relationship with upcoming ...

Owens Corning's (OC) focus on improving manufacturing efficiencies, ongoing product innovation, effective pricing strategies as well as reducing costs has been driving growth. Also, its focus on higher-value applications centering around building, construction, renewable energy and infrastructure markets bodes well. Moreover, targeted acquisitions are reinforcing its market position and contributing to its overall success. Image Source: Zacks Investment Research The growth prospect of this current Zacks Ran ...

Prior to today's trading, shares of the construction materials company had lost 2.24% over the past month. This has was narrower than the Construction sector's loss of 4.68% and lagged the S&P 500's gain of 3.22% in that time. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $15.48 per share and a revenue of $11.23 billion, representing changes of +7.35% and +16.03%, respectively, from the prior year. Our research demonstrates that these adjustments in estimates directly ...

Core Insights - The article emphasizes the importance of utilizing Zacks Premium and its various tools, such as the Zacks Style Scores and Zacks Rank, to enhance stock market investment strategies and achieve better returns. Group 1: Zacks Style Scores - Zacks Style Scores provide a unique rating system for stocks based on value, growth, and momentum characteristics, helping investors identify securities with high potential for market outperformance [2][15]. - The Value Style Score focuses on identifying attractive and discounted stocks using ratios like P/E, PEG, and Price/Sales [3]. - The Momentum Style Score assists investors in capitalizing on upward or downward trends in stock prices, utilizing factors like one-week price change and monthly earnings estimate changes [4]. Group 2: Zacks Rank and Performance - The Zacks Rank is a proprietary stock-rating model that leverages earnings estimate revisions to guide investors in building successful portfolios [5]. - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [17]. - A stock's earnings estimate revisions are crucial in determining its potential for investment, as they work in conjunction with the Zacks Rank [18]. Group 3: Company Spotlight - Owens Corning (OC) - Owens Corning (OC) is highlighted as a stock to watch, currently holding a 1 (Strong Buy) rating on the Zacks Rank and a VGM Score of B [12][20]. - Analysts have revised OC's earnings estimate higher for fiscal 2024, with the Zacks Consensus Estimate increasing by $1.79 to $15.48 per share, and the company has an average earnings surprise of 17.4% [8]. - OC is recognized as a leader in building materials and composite solutions, with a strong focus on glass fiber technology for various high-performance markets [19].