NEW YORK - Owens Corning (NYSE:OC) reported third-quarter earnings that beat analyst expectations, sending shares up 1.34% in premarket trading Wednesday.
The building materials manufacturer posted adjusted earnings per share of $4.38, surpassing the consensus estimate of $4.05. Revenue came in at $3 billion, slightly below analysts' projections of $3.04 billion but up 23% year-over-year.
"Our third-quarter results demonstrate the impact of the strategic choices and structural improvements we have made to strengthen Owens Corning (NYSE:GLW) and build a company that continues to deliver strong free cash flow and sustainably higher margins despite a challenging market environment," said Chair and CEO Brian Chambers.
The company's Roofing segment saw net sales of $1.1 billion, relatively flat compared to the prior year. The Insulation segment grew sales 4% to $946 million, while the newly acquired Doors business contributed $573 million in its first full quarter as a reporting segment.
Owens Corning generated $699 million in operating cash flow and $558 million in free cash flow during the quarter. The company returned $252 million to shareholders through dividends and share repurchases.
For the fourth quarter, Owens Corning expects net sales growth of around 20%, including revenue from the Doors segment. The company anticipates mid-teens EBIT margin and EBITDA margin of approximately 20%.
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