Building and construction materials manufacturer Owens Corning (NYSE: OC) will be reporting results this Wednesday before the bell. Here’s what to expect.
Owens Corning missed analysts’ revenue expectations last quarter, reporting revenues of $2.14 billion, down 16.8% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EPS 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 14% year on year, a reversal from the 25.4% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to 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 Q1 results, giving us a hint as to what we can expect. Simpson delivered year-on-year revenue growth of 9.1%, beating analysts’ expectations by 6.4%, and Masco reported revenues up 6.5%, topping estimates by 4.6%. Simpson traded up 2.5% following the results while Masco was also up 12.9%.
Read our full analysis of Simpson’s results here and Masco’s results here.
There has been positive sentiment among investors in the home construction materials segment, with share prices up 7.6% on average over the last month. Owens Corning is up 10% during the same time and is heading into earnings with an average analyst price target of $138.19 (compared to the current share price of $116.86).
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