Hello again,
Got up too early this morning, so keep pestering you. (G~)
Found another value play~OWC. OWC just hit 2-year low the other day. Disappointing earning was out. And I found this post interesting.
TOLEDO, Ohio, Sept. 17 /PRNewswire/ -- Owens Corning (NYSE, Toronto: OWC)
announced today that earnings for the third quarter and full year 1997 are
expected to be below analysts' current estimates.
"We are adjusting our guidance due to factors including continued pricing
pressures in our Insulation business, delayed improvements in Composites
pricing, and lower volume in the roofing market due to fewer late-summer
storms -- impacting both our Roofing Systems business and sales of composites
and asphalt to other roofing manufacturers," said Glen H. Hiner, Owens Corning
chairman and CEO.
The company expects its third quarter earnings to be within the range of
$1.00 to $1.05, and earnings for the year in the range of $3.70 to $3.80,
which is 15 to 18 percent below the first-call mean of $4.49. These revised
figures include one-time favorable tax adjustments totaling $0.22, to be taken
in the third quarter.
"We are disappointed with our current business climate, but our
fundamental direction is correct. Our System Thinking strategy, complemented
by our recent acquisitions, provides the platform for our growth. Despite
this year's adverse environment, we have successfully grown our market
position globally," Hiner said. "Looking ahead we expect 1998 sales to exceed
$5 billion, along with double-digit earnings growth.
"Given the current pricing environment, we are -- and will be --
aggressively pursuing cost reductions to increase both earnings and cash
flow," Hiner added.
Owens Corning is a world leader in high performance glass fiber composites
and building materials with 1996 sales of $3.8 billion. The company's web site can be reached at www.owenscorning.com.
OWC is now on the move, and recently has been restarted as a buy from CS Boston.
OWC's earning report: biz.yahoo.com
Also did some research on SIII. Vector Vest has its value pegged at 18. With its new disappointing earning, they surely have to revise it. Does anybody know SIII's book value?
Iris
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