Owens Corning Sees Q3 Revenues Above Market After Higher Q2 Results - Update

(RTTNews) - Owens Corning (OC), while reporting higher second-quarter profit and revenues, on Wednesday issued third-quarter revenue outlook above market estimates.

For the third quarter, the company projects revenue from continuing operations to be slightly down to in-line with prior year, approximately $2.7 billion to $2.8 billion.

The Wall Street analysts on average expect the company to record revenues of $2.69 billion. Analysts' estimates typically exclude special items.

The enterprise is expected to generate adjusted EBITDA margin from continuing operations of approximately 23% to 25%.

Owens Corning expects near-term market demand for non-discretionary roofing repair activity to decline in the third quarter driven by lower storm activity versus prior year, with demand for its products outpacing the market.

In the second quarter, earnings totaled $333 million or $3.91 per share, compared with $257 million or $2.91 per share last year.

Adjusted earnings were $360 million or $4.21 per share for the period, compared to $4.39 last year.

The company's revenue for the period rose 10.0% to $2.747 billion from $2.497 billion last year.

The Street expected earnings of $3.82 per share on revenues of $2.71 billion for the quarter.

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