By Rob Curran
Owens Corning’s third-quarter earnings and sales fell as rising mortgage rates took a toll on demand for home-building supplies.
The Toledo, Ohio, building-materials maker posted net income of $337 million, or $3.71 a share, for the quarter ended Sept. 30, down from $470 million, or $4.84 a share, a year earlier.
Stripping out certain one-time items, Owens Corning posted adjusted earnings of $4.15, topping the average analyst target of $3.89 a share, as tallied by FactSet.
Owens Corning’s third-quarter sales fell 2% to $2.48 billion, short of the average $2.54 billion estimate from analysts polled by FactSet.
Owens Corning makes roofing shingles, insulation and other building products, which leave it vulnerable to shifts in the housing market. Roofing sales fell 8% to $1.1 billion in the three-month period.
“Weaker macroeconomic trends outside of the U.S. and increasing interest rates continue to result in slower global economic growth, but the company expects most of its building and construction end markets to be relatively stable in the near term,” said Owens Corning, in a statement.
Owens Corning said it returned $187 million to shareholders through dividends and share repurchases during the third quarter.
Write to Rob Curran at rob.curran@dowjones.com
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