Owens Corning Reports Q3 Sales Dip, Expects Marginal Annual Revenue Decline
Portfolio Pulse from Akanksha Bakshi
Owens Corning Inc reported a 2% YoY decline in Q3 FY23 net sales to $2.48 billion, missing the consensus of $2.53 billion. Adjusted EPS was $4.15, up from $3.61 in 3Q22, beating the consensus of $3.82. The company returned $187 million to shareholders through dividends and share repurchases. For 4Q23, the company expects net sales slightly below 4Q22 while generating mid-teen EBIT margins. OC shares are trading lower by 0.23% at $123.07 premarket.
October 25, 2023 | 1:29 pm
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Owens Corning reported a decline in Q3 FY23 net sales and expects a slight decline in 4Q23 sales. However, it beat EPS estimates and returned $187 million to shareholders. Its shares are trading lower premarket.
Owens Corning's lower than expected sales and forecast for a slight decline in 4Q23 sales could negatively impact investor sentiment, leading to a potential decrease in its stock price. However, the company's higher than expected EPS and return of capital to shareholders could provide some support to the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100