Owens Corning (OC) Beats Q3 Earnings and Revenue Estimates

Group 1: Earnings Performance - Owens Corning reported quarterly earnings of $4.38 per share, exceeding the Zacks Consensus Estimate of $4.01 per share, and up from $4.15 per share a year ago, representing an earnings surprise of 9.23% [1] - The company posted revenues of $3.05 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.17%, and compared to year-ago revenues of $2.48 billion [2] - Over the last four quarters, Owens Corning has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Owens Corning shares have increased by approximately 23.2% since the beginning of the year, outperforming the S&P 500's gain of 21.2% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $3.06 for the coming quarter and $15.34 for the current fiscal year [4][7] - The current estimate revisions trend for Owens Corning is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Building Products - Miscellaneous industry, to which Owens Corning belongs, is currently in the bottom 38% of the Zacks industry rankings, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]