Building and construction materials manufacturer Owens Corning (NYSE:OC) will be reporting earnings tomorrow before market open. Here's what investors should know.
Owens Corning met analysts' revenue expectations last quarter, reporting revenues of $2.3 billion, down 1.3% year on year. It was a decent quarter for the company, with a solid beat of analysts' earnings estimates but a miss of analysts' organic revenue estimates.
Is Owens Corning a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Owens Corning's revenue to grow 14.1% year on year to $2.92 billion, a reversal from the 1.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $4.35 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Owens Corning has missed Wall Street's revenue estimates twice over the last two years.
Looking at Owens Corning's peers in the home construction materials segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Masco's revenues decreased 1.7% year on year, meeting analysts' expectations, and Hayward reported flat revenue, in line with consensus estimates. Masco traded up 9.7% following the results while Hayward was also up 9.7%.
Read our full analysis of Masco's results here and Hayward's results here.
There has been positive sentiment among investors in the home construction materials segment, with share prices up 2.8% on average over the last month. Owens Corning is up 1.4% during the same time and is heading into earnings with an average analyst price target of $192.7 (compared to the current share price of $169.68).
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