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June 20, 2014
11:27 EDTLPX, AWI, MAS, BECN, PGEM, OCOwens Corning slips after roofing prompts lower earnings outlook
Shares of building materials maker Owens Corning (OC) are falling after the company cut its guidance for its full-year 2014 earnings before interest and taxes. WHAT'S NEW: Owens Corning reduced its FY14 EBIT outlook to $416M from $500M as well as slashed its roofing volumes guidance for the first half of this year to be 20% lower than volumes in the same period of last year. The company expects to recover a portion of this volume shortfall in the second half of the year, but noted that continued weakness in the second quarter has introduced further uncertainty in the FY14 financial outlook for the company's roofing business. The company continues to see improvement in the year-over-year performance of both its insulation and composites businesses. Earnings growth in these two businesses is expected to more than offset the weaker financial performance in the roofing business year-over-year, Owens Corning noted. WHAT'S NOTABLE: Three days ago, Goldman upgraded the building products sector to Attractive from Neutral based on reduced expectations and accelerating U.S. macroeconomic conditions. The firm said that non-residential construction is at an inflection and it expects existing homes sales growth to increase. As part of the sector change, the firm upgraded Armstrong World (AWI) to Conviction Buy from Buy and downgraded Ply Gem (PGEM) to Sell from Neutral. OTHERS TO WATCH: Others in the building materials space include Masco Corporation (MAS), Beacon Roofing Supply (BECN) and Louisiana-Pacific (LPX). PRICE ACTION: During morning trading, shares of Owens Corning fell $1.90 or 4.6%, to $39.40. Meanwhile, Masco was down 1.8%, Beacon Roofing Supply was down 3.6% and Ply Gem was down 0.6%.
News For OC;BECN;AWI;PGEM;MAS;LPX From The Last 14 Days
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November 24, 2015
10:56 EDTBECNBeacon Roofing says majority of company's acquisitions tuck-in
10:55 EDTBECNBeacon Roofing says environment 'fertile' for acquisitions
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10:19 EDTBECNBeacon Roofing says November trending ahead of last year
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10:12 EDTBECNBeacon Roofing sees FY16 EPS 'in the range of $1.80,' consensus $1.81
Notes that current FY16 analyst consensus is "a wide range," with a high of $2.00 and a low of $1.60.
10:11 EDTBECNBeacon Roofing sees FY16 revenue $3.8B-$4B, consensus $3.88B
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08:02 EDTBECNBeacon Roofing reports Q4 adjusted EPS 75c, consensus 69c
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November 19, 2015
07:46 EDTOCOwens Corning price target raised to $55 from $50 at BB&T
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November 18, 2015
13:27 EDTBECNBeacon Roofing management to meet with William Blair
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November 17, 2015
11:24 EDTOCOwens Corning to host investor day
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November 13, 2015
16:40 EDTMASAppaloosa gives quarterly update on stakes
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