Owens Corning Drops 10% After 2023 Q3 Earnings Report, Still Beats Street
Surpassing expectations, stock still drops more than 10%, slowly recovering but still down at end of trading on Friday; roofing remains a bright spot in company financials
Owens Corning[NYSE: OC] reported mixed results for the third quarter of 2023, reporting net sales of $2.5 billion, similar to the year prior, wherein earnings surpassed the Zacks Consensus Estimate, and increased year-over-year, net sales missed the consensus mark and declined from the prior year.
During the Q3 earnings call on October 25, OC noted sales declined due to lower sales volumes in both the insulation and composites segments, partially offset by higher selling prices.