By Denny Jacob
Owens Corning logged higher-than-expected sales in its latest quarter and forecast continued growth in the current quarter.
The building materials company posted a loss of $258 million, or $2.97 a share, compared to earnings of $131 million, or $1.46 a share, a year earlier.
Stripping out certain one-time items, earnings came in at $3.22 a share. Analysts polled by FactSet expected $2.91 a share.
Sales rose to $2.84 billion from $2.30 billion. Analysts polled by FactSet expected $2.77 billion.
Chief Executive Brian Chambers said the company's efforts to focus on building products in North America and Europe helped lead to a transformative year. Owens' next areas of focus would be detailed at its next investor day in May, he added.
Owens forecast revenue from continuing operations to grow mid-20% in the first quarter.
Among the factors that influences its outlook, the company said it expects near-term demand for non-discretionary repair activity to remain stable as the year begins while residential new construction and remodeling is expected to remain soft.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 24, 2025 06:23 ET (11:23 GMT)
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