Owens Corning’s Insulation Business Was the Bright Spot of a Tough 1Q; We Maintain Our $80 FVE
Owens Corning’s stock price declined 11% on April 25 after the no-moat insulation, roofing, and fiberglass composites manufacturer reported a 260-basis-point decline in adjusted operating margin, which resulted in a sizable EPS miss ($0.80 actual versus $0.95 consensus). While the company’s top line grew about 14% year over year to $1.69 billion (versus $1.63 billion consensus), most of that increase was due to the Foamglas and Paroc acquisitions. Although we were disappointed with Owens Corning...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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