Owens Corning Shares Falling Hard In #PreMarket
Early Friday morning, Owens Corning (NYSE: OC) announced that it has lowered its full-year 2014 earnings expectations based on continued weakness in roofing.
Shares of Owens have plummeted as much as eight percent following the press release.
The following bullets are highlights from the press release.
- Previous full-year 2014 adjusted EBIT guidance of $500 million, now forecasting above last year's result of $416 million.
- The company estimates roofing volume down as much as 20 percent in first half of 2014 compared to same period last year.
- Earnings growth in Insulation and Composite business expected to more than offset roofing weakness.
- Owens Corning second-quarter 2014 results will be announced on July 23, 2014.
Shares of Owens Corning are currently down about 6.8 percent in the pre-market.
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