Owens Corning Lowers 2018 EBIT Guidance Due to Lower Volume and Higher Input Costs
Shares of no-moat-rated Owens Corning closed the Oct. 24 trading day down almost 10% after the firm missed Wall Street's revenue and EPS estimates and lowered its 2018 adjusted EBIT guidance due to slowing volume and persistent input cost inflation. While third-quarter revenue was up 7% year over year, we calculate that the Paroc acquisition, which closed in February, accounted for all the revenue growth. Based on our analysis, sales would have been slightly down year over year excluding Paroc. ...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.
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