Owens Corning Delivers Q3 Earnings Beat, Forecasts Strong Q4 Despite Market Headwinds

Owens Corning Inc. (NYSE:OC) reported a 23% year-over-year growth in third-quarter net sales to $3.046 billion, marginally beating the consensus of $3.043 billion.

Sales by segments: Composites $534 million (-6%), Insulation $946 million (+4%), and Roofing $1.1 billion (relatively flat).

Doors reported revenue in its first full quarter, with net sales of $573 million. The company noted that market conditions remained challenging for this business, with decreased discretionary repair and remodel spending impacting demand and price.

Adjusted EPS was $4.38, up from $4.18 a year ago, above the consensus of $4.05.

Adjusted EBIT increased to $582 million from $518 million, with a 19% margin (vs. 21% prior-year quarter). Adjusted EBITDA rose 19% to $766 million, and the margin contracted to 25% ...