Owens Corning, a housing materials manufacturer, said its third quarter revenue fell 12 percent to $1.19 billion, Fox Business reported. Wall Street had predicted revenue of $1.26 billion.
The company said that a struggling housing market and weak demand accounted for the shrinking revenue.
However, although the $58 million in profits were down from a year ago, they did beat analysts estimates. This was mainly due to higher prices and increased demand outside the United States.
Advertisement
Related Stories
Single-Family Homes
What Does It Cost to Build a Single-Family Home?
A closer look at the itemized costs in each stage of construction for a single-family home
Builders
A Look at the Boom in Home Builder Stocks During 2023
In 2023, stocks for the 10 biggest U.S. home builders outperformed the S&P 500. What does that say about the housing market?
Financials
Housing Demand Could Rebound in 2024 as Mortgage Rates Ease
The Mortgage Bankers Association predicts lower mortgage rates could bring homebuyers back into the market in 2024
