Owens Corning (NYSE: OC) reported Q3 EPS of $1.25, $0.01 worse than the analyst estimate of $1.26. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.63 billion.

2017 Outlook

• The company continues to anticipate an environment consistent with consensus expectations for U.S. housing starts and improving global industrial production growth.
• In Roofing, third-quarter volumes remained strong for both shingles and components. For the first nine months of 2017, industry shingle shipments were up by about 7%. Given this performance, the company now expects 2017 market growth to be in the mid-single digits, with a relatively flat market in the fourth quarter.
• In Composites, the business continued to perform to expectations with improved operating performance and higher volumes. The results were negatively impacted by a $10 million bad debt charge primarily associated with a large Brazilian customer. The company continues to expect the operating performance of the business to be consistent with previous guidance. As a result of the third-quarter charge, the company now expects EBIT growth of about $20 million for the full year versus the previous guidance of $30 million of improvement.
• In Insulation, EBIT grew as a result of stronger pricing and better volumes as well as the positive contribution of the FOAMGLAS® business. While U.S. volume growth slowed in September, the business is experiencing a recovery in volume growth early in the fourth quarter. The company continues to expect to deliver revenue growth of more than $250 million and EBIT of about $185 million.
• The company estimates an effective tax rate of 32% to 34%, and a cash tax rate of 10% to 12% on adjusted pre-tax earnings, due to the company’s $1.8 billion U.S. tax net operating loss carryforward.
• The company expects general corporate expenses to be approximately $140 million in 2017. Capital additions in 2017 are expected to total approximately $385 million. Interest expense is expected to be about $110 million.
• For full-year 2017, the company continues to expect adjusted EBIT of at least $825 million.

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