Owens Corning (OC) Misses Q3 EPS by 12c, Revenues Miss
Owens Corning (NYSE: OC) reported Q3 EPS of $1.54, $0.12 worse than the analyst estimate of $1.66. Revenue for the quarter came in at $1.82 billion versus the consensus estimate of $1.9 billion.
“The company executed well in the quarter with improved operating performance and significant commercial progress, particularly related to pricing actions and roofing market share. Adjusted EBIT for the quarter improved to a record level despite lower market volumes and persistent inflation,” said Chairman and Chief Executive Officer Mike Thaman. “Weaker than expected market conditions across all three businesses, which impacted third-quarter results, are expected to continue during the fourth-quarter. As a result, we have lowered our 2018 outlook and now expect adjusted EBIT to be in line with last year. Looking forward, we believe continued strong execution positions the company, and all three businesses, for EBIT growth in 2019.”
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