Improving U.S. housing market and composites demand should drive better margins for Owens Corning.
Shares of no-moat-rated Owens Corning traded down about 9% on July 25 after the firm reported disappointing second-quarter results. While reported revenue was up 14% year over year to $1.8 billion, we calculate that organic revenue growth was less than 2%. Even with the sales contribution from acquisitions, revenue missed the consensus estimate by about $33 million. While organic sales growth was relatively tepid, we think Owens Corning's significant earnings miss triggered the sell-off. The fir...Owens Corning is engaged in manufacturing and delivering a range of insulation, roofing, and fiberglass composite materials. The company's Composites segment includes vertically integrated downstream activities. The company manufactures, fabricates and sells glass reinforcements in the form of fiber. The company's Insulation segment includes a portfolio of high, mid and low-temperature products with a geographic mix of United States, Canada, Europe, Asia-Pacific and Latin America, a market mix of residential, commercial, industrial and other markets, and a channel mix of retail, contractor and distribution. The company's products in the Roofing segment are laminate and strip asphalt roofing shingles.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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