Owens Corning (OC) Tops Q3 EPS by 28c, Offers Outlook
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EPS Growth %: +29.6%
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Gross margin: 374M
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Owens Corning (NYSE: OC) reported Q3 EPS of $0.96, $0.28 better than the analyst estimate of $0.68. Revenue for the quarter came in at $1.46 billion versus the consensus estimate of $1.42 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 $80 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. Full-year benefit from asphalt deflation is now expected to be around $60 million, positioning the business to meet or exceed last year’s EBIT performance.
Insulation should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage. The company expects revenue growth of about 10 percent in the second half with full-year operating leverage of around 40 percent.
The company now estimates an effective tax rate of 32 percent to 34 percent, and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company’s estimated $2 billion U.S. tax net operating loss carryforward.
The company now expects full-year corporate expenses to be around $110 million. Interest expense for the full-year is expected to be about $110 million and capital expenditures approximately $380 million.
For the full year 2015, the company now expects adjusted EBIT to be at or above the high end of its previous guidance range of $460 million to $500 million.
For earnings history and earnings-related data on Owens Corning (OC) click here.
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