Owens Corning's Roofing Segment Drove Above-Consensus 2Q Performance; FVE Increased to $68
Shares of Owens Corning traded higher on July 24 after the no-moat-rated manufacturer of insulation, fiberglass composites, and roofing products handily beat consensus expectations. Consolidated sales grew over 5% year over year to $1.9 billion (5% higher than the consensus estimate) and adjusted diluted EPS increased 11% to $1.31 (13% above consensus). Owens Corning's headline second-quarter performance was welcomed after poor first-quarter results. However, deeper analysis shows that the firm'...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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