The Missing Ingredient for Big Tech's $3T Recipe?

Big Tech doesn't build everything; they buy what's next. And only Emteq's tech offers real behavior insights for smart glasses, key to unlocking the $3T XR market. Their patented sensors track live facial muscle movements. With health-focused smart glasses in demand, only Emteq has this tech.

Owens Corning Delivers Q3 Earnings Beat, Forecasts Strong Q4 Despite Market Headwinds

Lekha Gupta
November 06, 2024

Owens Corning Inc. (NYSE:OC) reported a 23% year-over-year growth in third-quarter net sales to $3.046 billion, marginally beating the consensus of $3.043 billion.

Sales by segments: Composites $534 million (-6%), Insulation $946 million (+4%), and Roofing $1.1 billion (relatively flat).

Doors reported revenue in its first full quarter, with net sales of $573 million. The company noted that market conditions remained challenging for this business, with decreased discretionary repair and remodel spending impacting demand and price.

Adjusted EPS was $4.38, up from $4.18 a year ago, above the consensus of $4.05.

Adjusted EBIT increased to $582 million from $518 million, with a 19% margin (vs. 21% prior-year quarter). Adjusted EBITDA rose 19% to $766 million, and the margin contracted to 25% from 26% a year ago quarter.

Operating cash flow totaled $699 million, up from $691 million, and free cash flow stood at $558 million (-4%). During the third quarter, the company returned $252 million through dividends and share repurchases.

Executive Vice President and Chief Financial Officer Todd Fister said, ”We also executed a $200 million share repurchase program that delivered on our commitment to return significant cash to shareholders.”

Q4 Outlook: Despite tougher market conditions, the company anticipates strong performance driven by portfolio and cost structure changes.

The company expects net sales growth of around 20%, with legacy business revenue slightly below fourth-quarter FY23, plus added revenue from the Doors segment.

The company forecasts a mid-teens EBIT margin and an EBITDA margin of about 20% for the fourth quarter of FY24.

Owens Corning expects near-term demand to be impacted by ongoing challenging conditions in most markets and normalizing seasonality.

2024 Outlook: Owens Corning currently expects general corporate expenses of around $250 million (vs. $255 million-$265 million prior) and capital additions of ~$650 million.

Investors can gain exposure to the stock via SPDR Series Trust SPDR Homebuilders ETF (NYSE:XHB) and SmartETFs Sustainable Energy II ETF (NYSE:SOLR).

Price Action: OC shares traded lower by 4.11% at $175.05 premarket at the last check Wednesday.

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