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Owens Corning (OC) Reports Q1 Earnings: What Key Metrics Have to Say

Zacks Equity Research
·2 min read

Owens Corning (OC) reported $2.3 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 1.3%. EPS of $3.59 for the same period compares to $2.77 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $2.26 billion, representing a surprise of +1.75%. The company delivered an EPS surprise of +18.09%, with the consensus EPS estimate being $3.04.

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: $904 million compared to the $914.41 million average estimate based on two analysts. The reported number represents a change of -1.6% year over year.

  • Net Sales- Composites: $523 million versus $503.05 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -10.6% change.

  • Net Sales- Roofing: $957 million compared to the $912.95 million average estimate based on two analysts. The reported number represents a change of +6.9% year over year.

  • EBIT- Composites: $46 million versus $24.08 million estimated by two analysts on average.

  • EBIT- Roofing: $286 million versus the two-analyst average estimate of $263.94 million.

  • EBIT- Insulation: $161 million compared to the $143.56 million average estimate based on two analysts.

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

Shares of Owens Corning have returned +2.1% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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Zacks Investment Research