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Compared to Estimates, Owens Corning (OC) Q1 Earnings: A Look at Key Metrics

Zacks Equity Research
·2 min read

For the quarter ended March 2023, Owens Corning (OC) reported revenue of $2.33 billion, down 0.6% over the same period last year. EPS came in at $2.77, compared to $2.84 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $2.22 billion, representing a surprise of +4.81%. The company delivered an EPS surprise of +25.91%, with the consensus EPS estimate being $2.20.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how Owens Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Net Sales- Insulation: $919 million versus $811.22 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +7% change.

  • Net Sales- Roofing: $895 million versus the four-analyst average estimate of $833.93 million. The reported number represents a year-over-year change of +6.8%.

  • Net Sales- Composites: $585 million versus the four-analyst average estimate of $581.38 million. The reported number represents a year-over-year change of -18.1%.

  • Net Sales- Corporate eliminations: -$68 million versus the three-analyst average estimate of -$76.58 million.

  • EBIT- Composites: $49 million versus the four-analyst average estimate of $48.75 million.

  • EBIT- Roofing: $209 million compared to the $167.03 million average estimate based on four analysts.

  • EBIT- Insulation: $156 million versus the four-analyst average estimate of $129.66 million.

View all Key Company Metrics for Owens Corning here>>>

Shares of Owens Corning have returned +9.3% over the past month versus the Zacks S&P 500 composite's +2.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research