Owens Corning Delivers Q3 Earnings Beat, Forecasts Strong Q4 Despite Market Headwinds
Owens Corning Delivers Q3 Earnings Beat, Forecasts Strong Q4 Despite Market Headwinds
Adjusted EPS was $4.38, up from $4.18 a year ago, above the consensus of $4.05.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.
歐文康寧公司(紐交所:OC)報告稱，第三季度淨銷售額同比增長23%，達到30.46億美元，略高於30.43億美元的共識。
Sales by segments: Composites $534 million (-6%), Insulation $946 million (+4%), and Roofing $1.1 billion (relatively flat).
按板塊銷售情況分別爲：複合材料53400萬美元(-6%)，隔熱材料94600萬美元(+4%)，屋頂11億美元(基本持平)。
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.
門業務報告首個完整季度的營收，淨銷售額爲57300萬美元。公司指出，該業務的市場環境仍然具有挑戰性，較少的自願性維修和改造支出影響了需求和價格。
Adjusted EPS was $4.38, up from $4.18 a year ago, above the consensus of $4.05.
調整後的每股收益爲4.38美元，高於一年前的4.18美元，超過4.05美元的共識。
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.
調整後的EBIt從51800萬美元增至58200萬美元，毛利率爲19%（與去年同期的21%相比）。調整後的EBITDA增長19%，達到76600萬美元，毛利率從去年同期的26%下降至25%。
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.
營運現金流爲69900萬美元，高於69100萬美元，自由現金流爲55800萬美元(-4%)。在第三季度，公司通過分紅和回購股份返還了25200萬美元。
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."
執行副總裁兼首席財務官託德·費斯特(Todd Fister)表示：「我們還執行了20000萬美元的股份回購計劃，兌現了向股東返還大量現金的承諾。」
Q4 Outlook: Despite tougher market conditions, the company anticipates strong performance driven by portfolio and cost structure changes.
第四季度展望：儘管市場條件更加嚴峻，但公司預計由於組合和成本結構的變化，業績將保持強勁。
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.
該公司預計淨銷售增長約20%，遺留業務營業收入略低於第四季度FY23，加上門窗板塊增加的營業收入。
The company forecasts a mid-teens EBIT margin and an EBITDA margin of about 20% for the fourth quarter of FY24.
公司預計FY24第四季度的EBIt利潤率爲中等數位，EBITDA利潤率約20%。
Owens Corning expects near-term demand to be impacted by ongoing challenging conditions in most markets and normalizing seasonality.
歐文康寧預計短期需求將受到大多數市場持續嚴峻的條件和季節特徵的影響。
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.
2024展望：歐文康寧目前預計一般公司費用約爲25000萬美元（之前爲25500萬至265000萬美元），資本支出約爲6500萬美元左右。
Investors can gain exposure to the stock via SPDR Series Trust SPDR Homebuilders ETF (NYSE:XHB) and SmartETFs Sustainable Energy II ETF (NYSE:SOLR).
投資者可以通過SPDR Series Trust SPDR住宅建築者ETF（紐交所：XHB）和smartetfs sustainable energy ii etf（紐交所：SOLR）獲得該股票的曝光。
Price Action: OC shares traded lower by 4.11% at $175.05 premarket at the last check Wednesday.
股價走勢：OC股票週三最後一次交易時盤前下跌4.11%，報175.05美元。
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譯文內容由第三人軟體翻譯。
