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Owens Corning (OC) Tops Q2 EPS by 25c; Updates on FY15 Outlook

July 22, 2015 7:28 AM EDT

Owens Corning (NYSE: OC) reported Q2 EPS of $0.79, $0.25 better than the analyst estimate of $0.54. Revenue for the quarter came in at $1.41 billion versus the consensus estimate of $1.41 billion.

Outlook

The company continues to expect to benefit in 2015 from sustained improvement in the U.S. housing market and moderate global growth.

In Composites, the company now expects a full-year EBIT improvement of about $60 million based on current volume and pricing strength, including the impact of $25 million in currency headwinds.

In Roofing, the company continues to expect that the full-year U.S. shingle market will be in line with last year. Based on the decline in first-half shipments, the market is expected to grow mid-single digits in the second half.

Insulation should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage.

The company estimates an effective tax rate of 30 percent to 32 percent, and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company’s $2.2 billion U.S. tax net operating loss carryforward.

The company expects general corporate expenses to be at the bottom of the range of $120 million to $130 million in 2015, and capital expenditures of approximately $380 million. Interest expenses are expected to be about $110 million.

For the full year 2015, the company expects adjusted EBIT between $460 million and $500 million, with most of the variability within this range driven by the Roofing business.

For earnings history and earnings-related data on Owens Corning (OC) click here.



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