- Owens Corning Inc OC first-quarter FY23 net sales inched down by 0.6% year-over-year to $2.33 billion, beating the consensus of $2.22 billion.
- Sales by segments: Composites $585 million (down 18% Y/Y), Insulation $919 million (up 7% Y/Y), and Roofing $895 million (up 7% Y/Y).
- Gross profit slumped 4.8% Y/Y to $589 million. Gross margin plunged 110 bps to 25.3%.
- Operating income increased 21.4% Y/Y to $534 million, with a margin of 22.9%, up 410 bps. The company launched 11 new or refreshed products in Q1.
- Adjusted EBITDA fell by 10% Y/Y to $487 million, and margin contracted by 200 bps to 21%.
- Adjusted EPS was $2.77, down 5% Y/Y, above the consensus of $2.22.
- Owens Corning generated cash and equivalents of $765 million at the end of Q1.
- "In addition to driving strong financial performance in the near-term, we continue to make strategic investments that will expand our growth potential and enhance our earnings over the long-term," said Board Chair and Chief Executive Officer Brian Chambers.
- Outlook: For 2Q23, Owens Corning expects a moderate decline in net sales with mid-teen EBIT margins. Ongoing inflation, higher interest rates, and continued geopolitical tensions will likely drag many of the company's end markets.
- The company reiterated its guidance for FY23. Owens Corning expects general corporate expenses of $195 million - $205 million, capital additions of ~$520 million, and depreciation and amortization of $520 million - $530 million.
- Price Action: OC shares are trading higher by 1.77% at $101.72 premarket on the last check Wednesday.
OCOwens-Corning Inc
$139.023.38%
Edge Rankings
Momentum
30.12
Growth
58.49
Quality
-
Value
38.06
Price Trend
Short
Medium
Long
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