Owens Corning Inc OC 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.
Gross profit increased by 4.9% Y/Y to $727 million, and margin expanded by 192 bps to 29.3%.
Operating income declined by 24% Y/Y to $462 million, with margin contracting 540 bps to 18.6%.
Sales by segments: Composites $567 million (-11% Y/Y), Insulation $913 million (-5% Y/Y), and Roofing $1.08 billion (+8 Y/Y).
Adjusted EBITDA rose by 6% Y/Y to $644 million, and margin expanded by 200 bps to 26%.
Operating Cash Flow for the quarter was $691 million, compared to $461 million in 3Q22. Free cash flow stood at $581 million.
During the quarter, the company returned $187 million to shareholders through dividends and share repurchases.
For 4Q23, the company expects overall performance to result in net sales slightly below 4Q22 while generating mid-teen EBIT margins.
For FY23, Owens Corning continues to expect general corporate expenses of $215 million - $225 million and capital additions of ~$520 million.
Price Action: OC shares are trading lower by 0.23% at $123.07 premarket on the last check Wednesday.
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