Why Owens Corning Shares Are Gaining Today
Portfolio Pulse from Nabaparna Bhattacharya
Owens Corning Inc's Q2 FY23 net sales decreased by 1.5% YoY to $2.56 billion, beating the consensus of $2.54 billion. Adjusted EPS was $4.22, above the consensus of $3.23. The company's gross profit rose 2.5% YoY to $752 million. The company held cash and equivalents of $968 million at the end of Q2. For Q3 2023, the company expects net sales similar to the comparable quarter in the prior year, while generating high-teen EBIT margins. The company revised its guidance for FY23.
July 26, 2023 | 12:45 pm
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Owens Corning reported better than expected Q2 FY23 results with net sales and adjusted EPS beating consensus. The company's gross profit also increased YoY. The company revised its FY23 guidance.
Owens Corning reported better than expected Q2 FY23 results, which is likely to have a positive impact on its stock price. The company's gross profit also increased YoY, indicating improved profitability. However, the company revised its FY23 guidance, which could impact investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100