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OC

Owens Corning

$55.60

1.24 (2.28%)

06:06
04/24/19
04/24
06:06
04/24/19
06:06

Owens Corning provides market outlook

In Insulation, the company expects growth in global construction and industrial insulation markets as well as improved operating performance will drive earnings growth in the technical and other building insulation businesses. As a result of a softer macro outlook, the company now expects positive price to be more than offset by lower volumes and production curtailments in the North American residential fiberglass insulation business. In Composites, the company continues to expect growth in the glass fiber market, although the global industrial production growth outlook has softened, primarily in Europe. Expects volume growth and improved operating performance to be offset by inflation. In Roofing, the company continues to expect relatively flat U.S. shingle end-market demand with industry shipments slightly below last year, assuming average storm demand. For Owens Corning, the company anticipates a favorable geographic mix comparison with the prior year and a higher share of shipments. Contribution margins through the Q1 position the business for continued strong performance. 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 expects general corporate expenses to be between $140 million and $150 million. Capital additions are expected to total approximately $500M, with an increased focus on productivity improvements. Interest expense is expected to be approximately $130M . The company anticipates sustaining strong conversion of adjusted earnings into free cash flow.

  • 24

    Apr

OC Owens Corning
$55.60

1.24 (2.28%)

02/05/19
LEHM
02/05/19
NO CHANGE
Target $58
LEHM
Overweight
Owens Corning risk/reward favorable into Q4 results, says Barclays
Barclays analyst Matthew Bouley sees a favorable risk/reward for Owens Corning into its Q4 results following his "positive" insulation distributor checks. While ARMA data driving potential upside to Q4 is now well-appreciated, price realization in Insulation is an incremental positive supporting 2019 estimates, Bouley tells investors in a pre-earnings research note. The analyst also believes Owens shares do not fully reflect the potential benefits of lower asphalt prices, which he thinks "lend support in light of broader demand uncertainty." He keeps an Overweight rating on Owens Corning with a $58 price target.
02/26/19
ZELM
02/26/19
DOWNGRADE
ZELM
Hold
Owens Corning downgraded to Hold from Buy at Zelman
03/11/19
JEFF
03/11/19
NO CHANGE
JEFF
Jefferies upgrades Materials sector to Market Weight from Underweight
Jefferies analyst Steven DeSanctis upgraded the Materials sector to Market Weight from Underweight citing early signs of "green shoots" in China, a turn in the inventory cycle, and housing data that "does not look as bad as the stocks reflected in 2018." The analyst says Jefferies likes industries associated with housing and would be selective in Metals & Mining. The firm is Overweight Technology, Discretionary, Industrials and Energy.
03/26/19
JPMS
03/26/19
NO CHANGE
Target $36.5
JPMS
Neutral
Beacon Roofing Q2 miss negative for Owens Corning, says JPMorgan
Largely driven by the quarter's harsh weather, Beacon Roofing Supply (BECN) last night announced weaker than expected preliminary Q2 results, JPMorgan analyst Michael Rehaut tells investors in a research note. The preannouncement is a negative read-through for Owens Corning (OC), adds the analyst, who points out that his Q1 earnings per share estimate of 52c is already below the Street's 61c consensus. The analyst keeps a Neutral rating on Beacon Roofing with a $36.50 price target. The stock's valuation appropriately reflects the company's temporarily elevated leverage, recent challenges surrounding sales consistency and guidance, as well as upside potential over the next two years from the Allied integration, says Rehaut.

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