Shares of Owens Corning (OC) gained modestly during pre-market trading on Wednesday, after the company delivered better-than-expected fourth quarter net sales of $1.72 billion, up 7% year-over-year. Wall Street had expected the insulation and roofing company to report net sales of just $1.68 billion.
In Q4, the company swung to a profit of $1.55 per share from a loss of $0.04 per share in the year-over period. Excluding one-off items, earnings grew 24% to $1.38 per share, surpassing the Street consensus of $1.29 per share.
Fourth quarter adjusted EBIT stood at $228 million, compared to $215 million in the prior-year quarter.
OC shares gained 1% immediately following the announcement of the results. The stock has lost almost 37% of its value in the trailing 52 weeks, hurt by the general weakness in the home-improvement market.
CEO Mike Thaman said, “Owens Corning had another record year in terms of revenue and adjusted EBIT, with all three businesses delivering double-digit EBIT margins. Today, Owens Corning is a more resilient and diversified company, better able to generate attractive returns for investors through the cycle.”
It may be noted that COO Brian Chambers will succeed Mike Thaman as the company’s CEO, effective April 18.
For full-year 2019, the Toledo, Ohio-based firm has guided capital additions of about $500 million, with an increased focus on productivity improvements. It also anticipates strong conversion of adjusted earnings into free cash flow during this period.
General corporate expenses are projected in the range of $140 million to $150 million.
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