Owens Corning (NYSE: OC) reported Q3 EPS of $4.15, $0.26 better than the analyst estimate of $3.89. Revenue for the quarter came in at $2.48 billion versus the consensus estimate of $2.53 billion.

Fourth-Quarter 2023 Outlook

The key economic factors that impact the company’s businesses are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production.
Weaker macroeconomic trends outside of the U.S. and increasing interest rates continue to result in slower global economic growth, but the company expects most of its building and construction end markets to be relatively stable in the near term.
For fourth-quarter 2023, the company expects overall performance to result in net sales slightly below the fourth quarter of 2022, while generating mid-teen EBIT margins.

Current 2023 financial outlook is presented below:

General Corporate Expenses: $215 million to $225 million

Interest Expense: $70 million to $80 million

Effective Tax Rate on Adjusted Earnings: 24% to 26%

Cash Tax Rate on Adjusted Earnings: 24% to 26%(1)

Capital Additions: Approximately $520 million

Depreciation and Amortization: $510 million to $520 million(2)

The above outlook excludes the impact of any acquisitions or divestitures not yet completed.
(1) Previously 26% to 28%.
(2) Previously $520 million to $530 million.

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