Morningstar

Morningstar, Inc.

Equity Bottom-Up

Shares of no-moat-rated Owens Corning sold off on April 24 following the firm's disappointing first-quarter earnings release. Reported sales of $1.7 billion declined almost 1.5% year over year, adjusted operating income fell nearly 24% to $116 million, and adjusted EPS of $0.54 was 34% lower than the year-ago quarter. All three metrics missed consensus expectations. Paroc, which was acquired in early February 2018, contributed a full three months of sales during first-quarter 2019 compared with…

During the late 2000s, Owens Corning, a leading manufacturer of fiberglass insulation, roofing shingles and components, and glass fiber composites, took a beating due to the perfect storm of the steepest housing contraction in U.S. history and the mistimed emergence of Chinese glass fiber capacity. However, the firm has since recovered, as EBIT margins have improved from 2.9% in 2012 to 11.6% in 2018, although 2018 was a more challenging year than management expected due to inflationary pressure…

United States

Owens Corning produces residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. The Company offers its products globally to various industries.

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