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OC

Owens Corning

$63.41

-0.055 (-0.09%)

06:02
10/23/19
10/23
06:02
10/23/19
06:02

Owens Corning provides 2019 outlook

"The company's outlook is based on an environment consistent with consensus expectations for global industrial production growth, U.S. housing starts, and global commercial and industrial construction growth. In Insulation, the company expects earnings growth in the technical and other building insulation businesses. The company anticipates this earnings growth will be more than offset by lower volumes and production curtailments in the North American residential fiberglass insulation business. In addition, the company is taking actions to optimize its network and improve its cost position in the North American residential fiberglass insulation business. Enabled by prior investments in productivity and process technologies, these actions are estimated to generate annual savings of approximately $25 million by 2021, with about $20 million achieved in 2020. They will result in charges of approximately $30 million, of which about $15 million is non-cash. In Composites, the company continues to expect growth in the glass fiber market, although at a lower rate than its previous outlook. The company expects volume growth and improved operating performance to largely offset inflation. In Roofing, the company continues to expect U.S. shingle industry shipments to be relatively flat. For Owens Corning, the company still anticipates a higher share of shipments and a favorable geographic mix comparison with the prior year. Contribution margins position the business for continued strong performance. The company estimates an effective tax rate of 26% to 28%, and a cash tax rate of 9% to 11% on adjusted pre-tax earnings, due to the company's U.S. tax net operating loss and foreign tax credit carryforwards. The company now expects general corporate expenses of $110 million to $115 million, compared with the previous range of $125 million to $135 million. Capital additions are expected to total approximately $460 million, compared with $475 million previously. Interest expense is expected to be approximately $130 million. The company anticipates sustaining strong conversion of adjusted earnings into free cash flow. The company plans to prioritize free cash flow to ongoing dividends and reduction of the term loan associated with the purchase of Paroc. Additionally, free cash flow could be deployed for share repurchases under the company's existing authorization."

  • 23

    Oct

OC Owens Corning
$63.41

-0.055 (-0.09%)

10/09/19
EXAN
10/09/19
INITIATION
EXAN
Outperform
Owens Corning initiated with an Outperform rating at Exane BNP Paribas
10/22/19
BUCK
10/22/19
UPGRADE
BUCK
Buy
Owens Corning upgraded to Buy from Neutral at Buckingham
10/22/19
BUCK
10/22/19
UPGRADE
Target $79
BUCK
Buy
Buckingham upgrades Owens Corning to Buy, boosts target to $79 from $59
Buckingham analyst Megan McGrath upgraded Owens Corning to Buy from Neutral with a price target of $79, up from $59. The company's installation business should benefit from recent improved volumes in residential U.S. construction and potentially improved price stability, McGrath tells investors in a research note. Further, its roofing business could see some upside in upcoming quarters from better weather as well as any higher storm activity in late 2019 and early 2020, adds the analyst. She sees Owens Corning's near-term risk as positive view.
10/22/19
10/22/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Discovery (DISCA) upgraded to Outperform from In-Line at Imperial Capital with analyst David Miller sayign amidst changes in the Media sector, and against "various levels of turmoil" within many of the company's peers, Discovery has emerged "as one of the cleaner stories in the sector." 2. Dropbox (DBX) upgraded to Buy from Neutral at Nomura Instinet with analyst Christopher Eberle saying the company is nearing an inflection in revenue after six quarters of deceleration as a public company and its current valuation is attractive. 3. Workday (WDAY) and Anaplan (PLAN) upgraded to Outperform from In Line at Evercore ISI. 4. Owens Corning (OC) upgraded to Buy from Neutral at Buckingham with analyst Megan McGrath saying the company's installation business should benefit from recent improved volumes in residential U.S. construction and potentially improved price stability. 5. Bank of America (BAC) upgraded to Overweight from Neutral at Atlantic Equities. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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