OC: 2Q26 ARMA Roofing Shingle Shipments +0.2% YoY

研报英文原文证据摘录

OC: 2Q26 ARMA Roofing Shingle Shipments +0.2% YoY

Homebuilders & Building Products

FLASH

FLASH: OWENS CORNING (OC) July 22, 2026

OC: 2Q26 ARMA Roofing Shingle Shipments +0.2% YoY Rating:

OutperformCorroborating our channel checks, 2Q26 ARMA shipments were roughly flat YoY, Price:

above OC's down LSD to MSD industry guidance, creating modest upside to OC $139.86

Roofing estimates. Price Target:

$170

% Upside:

ARMA released 2Q26 Roofing Industry Shipments this afternoon (7/22). 2Q26 US 21.6%

Shingle manufacturer shipments increased +0.2% YoY and increased +17.6% QoQ,

Source: FactSet, Wolfe Research

posting the second best 2Q sequential improvement since 2Q17 as the industry Priced as of 07/22/26

continues working from a low base in 4Q25/1Q26. The flattish performance was

above OC's down LSD to MSD guidance and was generally in-line with our channel

checks as distributors continued reloading inventory in 2Q ahead of manufacturer

price increases. Most OEMs and distributors came into the year low on inventory

and the pickup in demand has driven a tight supply/demand environment with certain

markets seeing some shortages of product. While the first spring Roofing price Trevor Allinson, CFA tallinson@wolferesearch.com

increase stuck, traction on the second increase has been mixed with variation by (636) 338-1466

market and channel. Large Builders are generally not taking pricing, a consistent View Trevor’s Research

View OC Modelthem across our checks, while smaller builders are taking some of the pricing. Price View Comp Table

performance and storm demand will be the keys moving forward, particularly given

very easy storm comps in 2H26. Paul Przybylski pprzybylski@wolferesearch.com

(636) 338-1465

While the modestly better 2Q shipments provide a positive read to OC's Roofing