The upcoming report from Owens Corning (OC) is expected to reveal quarterly earnings of $2.82 per share, indicating a decline of 21.5% compared to the year-ago period. Analysts forecast revenues of $2.52 billion, representing an increase of 9.4% year over year.
The current level reflects a downward revision of 0.8% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Owens Corning metrics that are commonly monitored and projected by Wall Street analysts.
The average prediction of analysts places 'Net Sales- Insulation' at $927.69 million. The estimate indicates a change of +2.6% from the prior-year quarter.
The consensus estimate for 'Net Sales- Roofing' stands at $1.09 billion. The estimate indicates a year-over-year change of +13.9%.
Analysts expect 'EBIT- Insulation' to come in at $149.90 million. The estimate compares to the year-ago value of $161 million.
Analysts forecast 'EBIT- Roofing' to reach $307.35 million. Compared to the current estimate, the company reported $286 million in the same quarter of the previous year.
View all Key Company Metrics for Owens Corning here>>>
Shares of Owens Corning have demonstrated returns of +6.1% over the past month compared to the Zacks S&P 500 composite's -0.5% change. With a Zacks Rank #4 (Sell), OC is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Owens Corning Inc (OC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
