Owens Corning has announced a rise in its fourth-quarter earnings compared to the same period last year. This result also surpassed the financial market's expectations.
The company's earnings reached $131 million, translating to $1.46 per share. This shows a jump from last year's fourth quarter, where they reported $124 million in earnings or $1.32 per share.
After adjusting for specific items, the reported earnings of Owens Corning were presented as $287 million or $3.21 per share for the period.
On average, market analysts had predicted the company would earn $2.85 per share, based on figures compiled by Thomson Reuters. These predictions usually exclude any special items.
The company's revenue for the quarter experienced a slight increase of 0.4% as it moved up to $2.30 billion from the previous year's $2.29 billion.
Key highlights of Owens Corning's earnings, based on Generally Accepted Accounting Principles (GAAP), include the following:
- Fourth Quarter Earnings: $131 million, up from last year's $124 million
- Fourth Quarter Earnings per Share (EPS): $1.46, which is higher than last year's $1.32
- Revenue for the Fourth Quarter: $2.30 billion, slight increase from last year's $2.29 billion
- Analysts had estimated an earnings per share (EPS) of $2.85.
