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Owens Corning (NYSE:OC) on Wednesday reported earnings for the third quarter that beat the average estimate among Wall Street analysts. Its share price was little changed in premarket trading.
Net earnings slumped 28% to $337 million, or $3.71 a share, in the quarter from $470 million, or $4.84 a share, a year earlier. Adjusted EPS of $4.15 was ahead of the consensus estimate of $3.86.
Revenue fell 2% to $2.48 billion, compared with the consensus estimate of $2.53 billion, during the three-month period ended September 30.
“Owens Corning delivered another strong quarter, as our global teams executed incredibly well in response to dynamic market conditions,” Brian Chambers, chair and chief executive, said in a statement. “These results demonstrate our ongoing ability to outperform prior cycles as we position the company for long-term success.”
Sales in its roofing segment grew 8% to $1.1 billion amid stronger demand partly attributed to storm damage to buildings.
Insulation sales fell 5% from a year earlier to $913 million on lower volumes in the North American residential segment and its technical and global insulation business, partly offset with higher prices.
Composites net sales decreased 11% to $567 million, mostly because of lower volumes and price declines resulting from lower spot prices in glass reinforcements, Owens Corning (OC) said in its statement.