Owens Corning's Doors Segment Shines: $311M Contribution Powers 9% Revenue Growth In Q2
Portfolio Pulse from Akanksha Bakshi
Owens Corning Inc. (NYSE:OC) reported a 9% year-over-year growth in Q2 fiscal 2024 net sales to $2.789 billion, beating the consensus of $2.760 billion. The Doors segment contributed $311 million in net sales. Adjusted EPS was $4.64, above the consensus of $4.33. Adjusted EBIT and EBITDA also saw increases. The company returned $52 million to shareholders through dividends and expects strong performance in Q3 and 2024. Despite positive results, OC shares are trading lower by 2.69% at $159.93.
August 06, 2024 | 3:20 pm
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Owens Corning reported strong Q2 fiscal 2024 results with a 9% YoY growth in net sales, driven by the Doors segment. Adjusted EPS and EBITDA also saw significant increases. Despite the positive earnings report, OC shares are trading lower by 2.69%.
The strong Q2 results, particularly the contribution from the Doors segment, indicate positive operational performance. However, the current decline in share price suggests market concerns or profit-taking. The overall positive earnings and future outlook should support the stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100