OWENS CORNING Reports Positive Financial Results for Second Quarter of FY2023
August 22, 2023
☀️Earnings Overview
For the second quarter of FY2023, which ended June 30 2023, OWENS CORNING ($NYSE:OC) reported total revenue of USD 2563.0 million, a 1.5% decrease from the same period in the prior year. Net income for the quarter was USD 345.0 million, representing a 0.6% increase from the same quarter in the previous year.
Share Price
On Wednesday, OWENS CORNING announced positive financial results for the second quarter of FY2023. Stock opened at $132.8 and closed at $138.5, a 5.9% increase from last closing price of 130.8. This was the highest closing price since August of this year, indicating strong performance in the second quarter. This was largely driven by strong sales in their roofing, insulation and composites segments as well as improved operating efficiencies and cost savings initiatives.
Looking ahead, OWENS CORNING is optimistic about their future prospects and plans to continue to focus on innovation and cost savings to further improve their financial performance. They are confident that these strategies will bring long-term growth and shareholder value over the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Owens Corning. More…
| Total Revenues | Net Income | Net Margin |
| 9.71k | 1.32k | 12.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Owens Corning. More…
| Operations | Investing | Financing |
| 1.47k | -385 | -930 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Owens Corning. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 11k | 5.94k | 55.84 |
Key Ratios Snapshot
Some of the financial key ratios for Owens Corning are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.6% | 29.5% | 18.7% |
| FCF Margin | ROE | ROA |
| 9.8% | 23.1% | 10.3% |
Analysis
At GoodWhale, we conducted a thorough analysis of the financials of OWENS CORNING. We found that OWENS CORNING is a low-risk investment in terms of its financial and business aspects, as indicated by its risk rating. Our analysis also revealed two risk warnings associated with its income sheet and balance sheet. To gain further insight into these risks, we encourage you to register with us to check it out. With our comprehensive analysis and advice, you can make an informed decision about investing in OWENS CORNING. More…
Peers
Owens-Corning Inc is an international building materials and fiberglass insulation company that has been in business since 1938. It is one of the leading competitors in the building material industry, alongside Apogee Enterprises Inc, Viglacera Corp, and CSR Ltd. All of these companies produce a variety of products such as windows, doors, roofing products and insulation, and offer services such as installation and maintenance.
– Apogee Enterprises Inc ($NASDAQ:APOG)
Apogee Enterprises Inc is a leading provider of value-added glass and metal products serving the architectural and picture framing industries. As of 2022, the company has a market cap of 1.04B and a Return on Equity of 12.55%. Apogee’s market cap reflects its strong business fundamentals, as well as its presence in the architecture and picture framing industries. The company’s return on equity highlights its ability to generate returns from the shareholders’ investments, demonstrating its financial stability and efficiency.
– Viglacera Corp ($HOSE:VGC)
CSR Ltd is a leading international provider of technology, services and solutions for building and infrastructure products. The company has a market cap of 2.38B as of 2022, reflecting its strong financial stability and performance. CSR also has an impressive return on equity of 18.03%, which indicates that the company is efficiently able to utilize its shareholders’ investments to generate revenue. CSR is committed to developing innovative solutions to meet the needs of the global construction industry, while also improving the efficiency and sustainability of its operations.
Summary
OWENS CORNING‘s second quarter of FY2023 saw a slight decrease in total revenue of 1.5%, compared to the same period last year, but net income increased by 0.6%. This modest growth resulted in a positive movement in the company’s stock price. Investors might consider OWENS CORNING as a potential investment option, judging from its solid financials and the upward trend of its stock price. Nonetheless, investors should conduct further research to make an informed decision.
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