Why Owens Corning's Shares Jumped Today
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Owens Corning jumped as much as 15% today after the company reported earnings.
So what: Fourth-quarter revenue was up 10% to $1.28 billion and earnings per share quadrupled to $0.44. Those figures easily topped the $1.21 billion in revenue and $0.27 per share in earnings that analysts expected.
Now what: The roofing, insulation, and composites businesses all saw improvements in performance, and management now expects $500 million in adjusted earnings before interest and taxes for the current year. The performance also gave management enough confidence to instituted a dividend, which will be $0.16 per share, paid on April 3, 2014. The construction industry continues to improve and after a blowout quarter I think there's room for the stock to run higher, even after today's pop.
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The article Why Owens Corning's Shares Jumped Today originally appeared on Fool.com.Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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