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OC

Owens Corning

$65.37

-0.615 (-0.93%)

06:34
07/25/18
07/25
06:34
07/25/18
06:34

Owens Corning sees "substantial" earnings growth in 2H18

Owens Corning continues to expect an environment consistent with consensus expectations for U.S. housing starts and global industrial production growth. Expects the price momentum generated in the first-half to drive substantial earnings growth in the second-half, resulting in a full-year adjusted EBIT outlook of $925M-$975M. The company estimates an effective tax rate of 26% to 28%, and a cash tax rate of 10% to 12% on adjusted pre-tax earnings, due to the company's U.S. tax net operating loss and foreign tax credit carryforwards. The company has improved its outlook for general corporate expenses to $135M-$140M in 2018. Capital additions in 2018 are expected to total approximately $500M. Interest expense is expected to be $125M-$130M. In 2018, the company expects to convert adjusted earnings into free cash flow at about 100%.

  • 25

    Jul

OC Owens Corning
$65.37

-0.615 (-0.93%)

06/19/18
SBSH
06/19/18
INITIATION
Target $73
SBSH
Neutral
Owens Corning assumed with a Neutral at Citi
Citi analyst Scott Schrier assumed coverage of Owens Corning with a Neutral rating and $73 price target. The analyst took over coverage of the Building Products, Construction Materials group.
06/19/18
ZELM
06/19/18
UPGRADE
ZELM
Buy
Owens Corning upgraded to Buy from Hold at Zelman
06/28/18
RBCM
06/28/18
NO CHANGE
Target $80
RBCM
Outperform
Owens Corning price target lowered to $80 from $88 at RBC Capital
RBC Capital analyst Michael Eisen reiterated an Outperform rating but lowered his price target on Owens Corning to $80. The analyst notes that while he sees a material re-acceleration of earnings growth in the second half of FY18 "as higher prices take hold across the portfolio to offset input cost inflation headwinds," he is updating his model based on adjustments for price, volume, input costs, and less favorable FX outlook. Eisen adds that Owens Corning should trade at a slightly discount to the peer group given the "cyclical risk and greater input cost inflation headwinds".
07/10/18
JEFF
07/10/18
NO CHANGE
JEFF
Buy
Roofing margin concerns overblown, says Jefferies
Jefferies analyst Philip Ng attributes the recent pullback in shares of Owens Corning (OC) and Beacon Roofing (BECN) to concerns over roofing margins with inflation rising. However, the analyst's roofing distributor survey indicates these concerns are overblown. Small and medium-sized distributors throughout the country have been able to realize 15% price increase cumulatively from March, May, and June, Ng tells investors in a research note. The analyst sees strong pricing momentum in roofing and insulation, but notes that roofing demand has been mixed. He keeps Buy ratings on Owens Corning, Beacon Roofing and TopBuild (BLD).

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APRN

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SBUX

Starbucks

$90.02

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IMRN

Immuron

$6.62

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TWLO

Twilio

$146.09

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Spartan Motors

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  • 06

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LEA

Lear

$127.00

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  • 26

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ARW

Arrow Electronics

$64.20

-4.62 (-6.71%)

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UGAZ

VelocityShares 3x Long Natural Gas ETN

$16.31

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  • 25

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APRN

Blue Apron

$8.37

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