Owens Corning reports lower first-quarter sales and wider loss
Updated
Updated · MarketWatch · May 6
Owens Corning reports lower first-quarter sales and wider loss
8 articles · Updated · MarketWatch · May 6
Net sales fell to $2.27 billion from $2.53 billion, while the loss widened to $105 million, though adjusted earnings of $1.22 a share beat FactSet estimates.
Roofing led the decline, with sales dropping to $960 million from $1.12 billion, while Wall Street expectations for revenue were $2.18 billion.
The residential building-products market has been pressured by stagnant housing activity, weaker new construction and slower repair work, with fewer storms last year also reducing demand for roof shingles.
Will the $3.9B Masonite acquisition save Owens Corning from the housing crisis, or is it a high-stakes gamble?
As costs soar and rates climb, is the entire US building industry on the brink of a multi-year crisis?
Facing financial losses, will Owens Corning fix its polluting factory or sacrifice community health for its bottom line?