Owens Corning (OC) Misses Estimates

Owens Corning Inc

released financial results on Wednesday morning that missed Wall Street estimates. Owens Corning Inc announced that its 3rd quarter net earnings fell to $58 million, or 46 cents per share, down from $80 million, or 63 cents per share, a year earlier. The company's adjusted earnings fell to $44 million, or 35 cents per share, down from $78 million, or 61 cents per share, a year earlier The company reported that revenue fell to $1.186 billion, down from $1.348 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 37 cents per share, on revenue of $1.26 billion. Chairman and chief executive officer Mike Thaman said, "Owens Corning repurchased $100 million of shares during the quarter based on our strong outlook. We're on track to deliver significant EBIT growth in 2010 in a difficult economic environment. "Strong global demand in Composites has fueled momentum in the segment. We are pleased with the timing of the start-up of our new manufacturing capacity in China. Our Building Materials segment is experiencing challenging market conditions. Despite that, Roofing and Insulation continue to demonstrate that they are great businesses for our company." The company said that it expects adjusted 2010 EBIT will be in the range of $360 million to $390 million. Owens Corning Inc (

) finished the previous trading day at $28.20 per share. The consensus price target of analysts covering the company's stock is $33.78 per share. Read more