Owens Earnings Ahead of Estimates
Owens Corning (NYSE:OC)’s stock has surged by over 4% after the company delivered an excellent second quarter, with earnings of $1.29 per share on sales of $1.55 billion, versus analyst estimates of $0.86 and $1.47 billion, respectively. Sales advanced by 9.9% year-over-year, aided by strong roofing and insulation demand due to the robust housing market. In terms of guidance, Owens expects adjusted EBIT of at least $700 million for full year 2016. During the first quarter, the number of funds tracked by Insider Monkey with long positions in Owens Corning went up by four to 41.
Energy Company’s Results Better than Expected
Hess Corp. (NYSE:HES) is 2% in the red this morning after reporting a loss $1.1 per share on revenue of $1.27 billion for the second quarter. Although sales fell by 34.5% year-over-year, Hess’ top line beat the consensus by $20 million, while the company’s bottom line exceeded analysts’ estimates by $0.13 per share. Hess averaged 313,000 BOE of production per day and the company cut its E&P capex to $485 million for the quarter. Management sees net production of 315,000-325,000 BOEPD excluding Libya and capex of around $2.1 billion for the full year. The number of funds with holdings in Hess Corp. (NYSE:HES) rose by five quarter-over-quarter to 39 at the end of March.
General Dynamics Reports Mixed Results
Shares of General Dynamics Corporation (NYSE:GD) are moderately higher today after the company reported earnings of $2.44 per share on sales of $7.67 billion for the second quarter. Although revenue missed the consensus estimate by $200 million, General Dynamics’ bottom-line beat the average analyst estimate by $0.13 per share. Operating margin inched up 30 basis points to 14% and the company’s management anticipates full-year EPS will be in the range of $9.20 to $9.70. Among the investors tracked by us, 43 funds had a bullish position in General Dynamics Corporation (NYSE:GD) at the end of the first quarter.