Owens Corning Analysts Cut Their Forecasts After Q3 Results

Owens Corning Inc TMO reported upbeat earnings for its third quarter, while sales missed expectations.

Owens Corning reported a third-quarter FY23 net sales decline of 2% year-over-year to $2.48 billion, missing the consensus of $2.53 billion. Adjusted EPS was $4.15, up from $3.61 in 3Q22, above the consensus of $3.82.

For FY23, Owens Corning continues to expect general corporate expenses of $215 million - $225 million and capital additions of ~$520 million.

Owens Corning shares rose 2.6% to trade at $113.50 on Thursday.

These analysts made changes to their price targets on Owens Corning following earnings announcement.

  • Barclays cut the price target on Owens Corning from $185 to $153. Barclays analyst Matthew Bouley maintained an Overweight rating.
  • RBC Capital slashed the price target on Owens Corning from $168 to $155. RBC Capital analyst Mike Dahl maintained an Outperform rating on the stock.

Now Read This: Top 5 Real Estate Stocks That Could Lead To Your Biggest Gains in October

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetIntraday UpdateMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!