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Owens Corning (OC) Reports Q2 Earnings: What Key Metrics Have to Say
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Owens Corning (OC - Free Report) reported $2.56 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 1.5%. EPS of $4.22 for the same period compares to $3.83 a year ago.
The reported revenue represents a surprise of +1.79% over the Zacks Consensus Estimate of $2.52 billion. With the consensus EPS estimate being $3.30, the EPS surprise was +27.88%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Owens Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Composites: $620 million versus the four-analyst average estimate of $628.39 million. The reported number represents a year-over-year change of -13.8%.
Net Sales- Insulation: $905 million compared to the $933.80 million average estimate based on four analysts. The reported number represents a change of -3.1% year over year.
Net Sales- Roofing: $1.12 billion versus the four-analyst average estimate of $995.08 million. The reported number represents a year-over-year change of +10.3%.
Net Sales- Corporate eliminations: -$85 million versus the three-analyst average estimate of -$73.55 million. The reported number represents a year-over-year change of +6.3%.
EBIT- Composites: $87 million compared to the $73.57 million average estimate based on four analysts.
EBIT- Insulation: $163 million compared to the $142.15 million average estimate based on four analysts.
EBIT- Roofing: $338 million compared to the $229.94 million average estimate based on four analysts.
EBIT- Corporate Eliminations: -$101 million compared to the -$65.55 million average estimate based on two analysts.
Shares of Owens Corning have returned +2% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
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Owens Corning (OC) Reports Q2 Earnings: What Key Metrics Have to Say
Owens Corning (OC - Free Report) reported $2.56 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 1.5%. EPS of $4.22 for the same period compares to $3.83 a year ago.
The reported revenue represents a surprise of +1.79% over the Zacks Consensus Estimate of $2.52 billion. With the consensus EPS estimate being $3.30, the EPS surprise was +27.88%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Owens Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Sales- Composites: $620 million versus the four-analyst average estimate of $628.39 million. The reported number represents a year-over-year change of -13.8%.
- Net Sales- Insulation: $905 million compared to the $933.80 million average estimate based on four analysts. The reported number represents a change of -3.1% year over year.
- Net Sales- Roofing: $1.12 billion versus the four-analyst average estimate of $995.08 million. The reported number represents a year-over-year change of +10.3%.
- Net Sales- Corporate eliminations: -$85 million versus the three-analyst average estimate of -$73.55 million. The reported number represents a year-over-year change of +6.3%.
- EBIT- Composites: $87 million compared to the $73.57 million average estimate based on four analysts.
- EBIT- Insulation: $163 million compared to the $142.15 million average estimate based on four analysts.
- EBIT- Roofing: $338 million compared to the $229.94 million average estimate based on four analysts.
- EBIT- Corporate Eliminations: -$101 million compared to the -$65.55 million average estimate based on two analysts.
View all Key Company Metrics for Owens Corning here>>>Shares of Owens Corning have returned +2% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.