Owens Corning (NYSE: OC), a global building and construction
materials leader, today reported second-quarter 2023 results.
- Reported Net Sales of $2.6 Billion, Similar to Prior Year
- Expanded Adjusted EBIT Margins to 21% and Adjusted EBITDA
Margins to 26%
- Delivered Diluted EPS of $3.78 and Adjusted Diluted EPS of
$4.22
- Generated Operating Cash Flow of $494 Million and Free Cash
Flow of $372 Million
- Returned $160 Million to Shareholders through Dividends and
Share Repurchases
“Owens Corning delivered another outstanding quarter
highlighting the capability of our teams, the value of our product
lines, and the earnings power of our company,” said Board Chair and
Chief Executive Officer Brian Chambers. “Our second quarter results
continued to demonstrate the progress we have made in elevating the
performance of the enterprise to generate higher, more resilient
earnings. As we move forward, we will remain focused on delivering
strong financial results and positioning the company for long-term
success.”
Enterprise Performance
($ in millions, except per share
amounts)
Second-Quarter
Six Months
2023
2022
Change
2023
2022
Change
Net Sales
$2,563
$2,601
$(38)
(1%)
$4,894
$4,947
$(53)
(1%)
Net Earnings Attributable to OC
345
343
2
1%
728
647
81
13%
Adjusted EBIT
534
525
9
2%
895
942
(47)
(5%)
As a Percent of Net Sales
21%
20%
N/A
N/A
18%
19%
N/A
N/A
Adjusted EBITDA
664
656
8
1%
1,151
1,199
(48)
(4%)
As a Percent of Net Sales
26%
25%
N/A
N/A
24%
24%
N/A
N/A
Diluted EPS
3.78
3.49
0.29
8%
7.94
6.52
1.42
22%
Adjusted Diluted EPS
4.22
3.85
0.37
10%
6.98
6.77
0.21
3%
Operating Cash Flow
494
466
28
6%
330
624
(294)
(47%)
Free Cash Flow
372
361
11
3%
50
412
(362)
(88%)
Enterprise Strategy
Highlights
- In the second quarter, the safety performance resulted in a
recordable incident rate (RIR) of 0.59.
- Owens Corning continues to invest in accelerating new product
and process innovation to support customers and generate additional
growth. In the second quarter, 6 new or refreshed products were
launched bringing the first-half total to 17 launches.
- Owens Corning continues to be recognized as a leader in
environmental, social, and governance matters and in May published
its 17th annual Sustainability Report. Earlier this year, the
company completed a major renewable electricity supply agreement,
which is expected to come online in stages through 2024,
contributing significantly to reducing carbon emissions. In
combination with existing wind-driven virtual power purchase
agreements (VPPAs) operating in Finland and Sweden, the new
agreement means that 100 percent of the company’s European
production sites and science and technology centers will be covered
by contracts and VPPAs supplying renewable electricity.
Cash Returned to
Shareholders
- During the second quarter, the company returned $160 million to
shareholders through dividends and share repurchases. The company
paid a quarterly cash dividend of $47 million and repurchased 1.1
million shares of common stock for $113 million. As of the end of
the quarter, 11.8 million shares were available for repurchase
under the current authorization.
“Our strong and consistent cash generation combined with our
solid financial position provide us the flexibility to execute on
our enterprise strategy, while remaining committed to maintaining
our investment-grade balance sheet and returning approximately 50%
of free cash flow to shareholders over time," said Executive Vice
President and Chief Financial Officer Ken Parks.
Other Notable Highlights
- In May, Owens Corning was recognized for its workplace fairness
and inclusion practices and policy by DiversityInc as one of its
Top 50 companies. Participation in the Top 50 survey measures
overall performance in six key areas of diversity and inclusion
management: leadership accountability, talent programs, workforce
practices, supplier diversity, philanthropy, and human capital
diversity metrics.
Segment Performance
- Composites net sales decreased 14% to $620 million in
second-quarter 2023 compared with second-quarter 2022, primarily
due to lower volumes and the expected net headwind from the impact
of previously announced divestitures and acquisitions. EBIT
decreased $67 million to $87 million while maintaining 14% EBIT
margins and 21% EBITDA margins, on the impact of lower sales
volumes and the resulting production downtime. Additionally, the
net impact from the divestitures and acquisitions contributed to
the year-over-year EBIT decline. Positive price realization and
favorable delivery more than offset input cost inflation.
- Insulation net sales decreased 3% to $905 million in
second-quarter 2023 compared with second-quarter 2022, primarily
due to lower volumes partially offset by positive price realization
and favorable product and customer mix. EBIT increased $6 million
to $163 million, expanding EBIT margins to 18% and EBITDA margins
to 24%, on positive price realization and favorable customer and
product mix, which more than offset lower volumes, input cost
inflation, and higher manufacturing costs.
- Roofing net sales increased 10% to $1.1 billion in
second-quarter 2023 compared with second-quarter 2022, primarily
due to higher volumes related to storm activity in the quarter and
positive price realization. EBIT increased $80 million to $338
million, expanding EBIT margins to 30% and EBITDA margins to 32%,
primarily due to positive price realization and higher volumes.
Lower input costs, including delivery, more than offset higher
manufacturing costs.
Third-Quarter 2023
Outlook
- The key economic factors that impact the company’s businesses
are residential repair and remodeling activity, U.S. housing
starts, global commercial construction activity, and global
industrial production.
- Inflation continues to moderate while increasing interest rates
and ongoing geopolitical tensions continue to result in slower
global economic growth. While global economic growth is expected to
be lower year-over-year, the company expects many of its end
markets to be relatively stable in the near term.
- For third-quarter 2023, the company expects overall performance
to result in net sales similar to the comparable quarter in the
prior year, while generating high-teen EBIT margins.
Current 2023 financial outlook is presented below:
General Corporate Expenses
$215 million to $225
million(1)
Interest Expense
$70 million to $80 million(2)
Effective Tax Rate on Adjusted
Earnings
24% to 26%
Cash Tax Rate on Adjusted Earnings
26% to 28%
Capital Additions
Approximately $520 million
Depreciation and Amortization
$520 million to $530 million
The above outlook excludes the impact of any acquisitions or
divestitures not yet completed. (1) Previously $195 million to $205
million. (2) Previously $95 million to $105 million.
Second-Quarter 2023 Conference Call and
Presentation Wednesday, July 26, 2023 9 a.m. Eastern
Time
All Callers
- Live dial-in telephone number: U.S. 1.833.470.1428; Canada
1.833.950.0062; and other international locations
+1.404.975.4839.
- Entry number: 387004 (Please dial in 10-15 minutes
before conference call start time)
- Live webcast: https://events.q4inc.com/attendee/303565889
Telephone and Webcast
Replay
- Telephone replay will be available one hour after the end of
the call through August 2, 2023. In the U.S., call 1.866.813.9403.
In Canada, call 1.226.828.7578. In other international locations,
call +1.929.458.6194.
- Conference replay number: 582192.
- Webcast replay will be available for one year using the above
link.
About Owens Corning
Owens Corning is a global building and construction materials
leader committed to building a sustainable future through material
innovation. Our three integrated businesses – Composites,
Insulation, and Roofing – provide durable, sustainable,
energy-efficient solutions that leverage our unique material
science, manufacturing, and market knowledge to help our customers
win and grow. We are global in scope, human in scale with
approximately 19,000 employees in 31 countries dedicated to
generating value for our customers and shareholders and making a
difference in the communities where we work and live. Founded in
1938 and based in Toledo, Ohio, USA, Owens Corning posted 2022
sales of $9.8 billion. For more information, visit
www.owenscorning.com.
Use of Non-GAAP Measures
Owens Corning uses non-GAAP measures in its earnings press
release that are intended to supplement investors' understanding of
the company's financial information. These non-GAAP measures
include EBIT, adjusted EBIT, EBITDA, adjusted EBITDA, adjusted
earnings, adjusted diluted earnings per share attributable to Owens
Corning common stockholders ("adjusted EPS"), adjusted pre-tax
earnings, and free cash flow. When used to report historical
financial information, reconciliations of these non-GAAP measures
to the corresponding GAAP measures are included in the financial
tables of this press release. Specifically, see Table 2 for EBIT,
adjusted EBIT, EBITDA, and adjusted EBITDA, Table 3 for adjusted
earnings and adjusted EPS, and Table 8 for free cash flow.
For purposes of internal review of Owens Corning's
year-over-year operational performance, management excludes from
net earnings attributable to Owens Corning certain items it
believes are not representative of ongoing operations. The non-GAAP
financial measures resulting from these adjustments (including
adjusted EBIT, adjusted EBITDA, adjusted earnings, adjusted EPS,
and adjusted pre-tax earnings) are used internally by Owens Corning
for various purposes, including reporting results of operations to
the Board of Directors, analysis of performance, and related
employee compensation measures. Management believes that these
adjustments result in a measure that provides a useful
representation of its operational performance; however, the
adjusted measures should not be considered in isolation or as a
substitute for net earnings attributable to Owens Corning as
prepared in accordance with GAAP.
Free cash flow is a non-GAAP liquidity measure used by
investors, financial analysts and management to help evaluate the
company's ability to generate cash to pursue opportunities that
enhance shareholder value. The company defines free cash flow as
net cash flow provided by operating activities, less cash paid for
property, plant and equipment. Free cash flow is not a measure of
residual cash flow available for discretionary expenditures due to
the company's mandatory debt service requirements. Free cash flow
is used internally by the company for various purposes, including
reporting results of operations to the Board of Directors of the
company and analysis of performance.
Management believes that these measures provide a useful
representation of our operational performance and liquidity;
however, the measures should not be considered in isolation or as a
substitute for net cash flow provided by operating activities or
net earnings attributable to Owens Corning as prepared in
accordance with GAAP.
When the company provides forward-looking expectations for
non-GAAP measures, the most comparable GAAP measures and a
reconciliation between the non-GAAP expectations and the
corresponding GAAP measures are generally not available without
unreasonable effort due to the variability, complexity and limited
visibility of the adjusting items that would be excluded from the
non-GAAP measures in future periods. The variability in timing and
amount of adjusting items could have significant and unpredictable
effect on our future GAAP results.
Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements are subject to risks, uncertainties and other factors
and actual results may differ materially from any results projected
in the statements. These risks, uncertainties and other factors
include, without limitation: levels of residential and commercial
or industrial construction activity; demand for our products;
industry and economic conditions including, but not limited to,
supply chain disruptions, recessionary conditions, inflationary
pressures, interest rate and financial markets volatility, and the
viability of banks and other financial institutions; availability
and cost of energy and raw materials; levels of global industrial
production; competitive and pricing factors; relationships with key
customers and customer concentration in certain areas; issues
related to acquisitions, divestitures and joint ventures or
expansions; climate change, weather conditions and storm activity;
legislation and related regulations or interpretations, in the
United States or elsewhere; domestic and international economic and
political conditions, policies or other governmental actions, as
well as war and civil disturbance (such as Russia’s invasion of
Ukraine); changes to tariff, trade or investment policies or laws;
uninsured losses, including those from natural disasters,
catastrophes, pandemics, theft or sabotage; environmental,
product-related or other legal and regulatory liabilities,
proceedings or actions; research and development activities and
intellectual property protection; issues involving implementation
and protection of information technology systems; foreign exchange
and commodity price fluctuations; our level of indebtedness; our
liquidity and the availability and cost of credit; our ability to
achieve expected synergies, cost reductions and/or productivity
improvements; the level of fixed costs required to run our
business; levels of goodwill or other indefinite-lived intangible
assets; price volatility in certain wind energy markets in the
U.S.; loss of key employees and labor disputes or shortages; and
defined benefit plan funding obligation; and factors detailed from
time to time in the company’s Securities and Exchange Commission
filings. The information in this news release speaks as of July 26,
2023, and is subject to change. The company does not undertake any
duty to update or revise forward-looking statements except as
required by federal securities laws. Any distribution of this news
release after that date is not intended and should not be construed
as updating or confirming such information.
Owens Corning Company News / Owens Corning Investor Relations
News
Table 1
Owens Corning and
Subsidiaries
Consolidated Statements of
Earnings
(unaudited)
(in millions, except per share
amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
NET SALES
$
2,563
$
2,601
$
4,894
$
4,947
COST OF SALES
1,811
1,867
3,553
3,594
Gross margin
752
734
1,341
1,353
OPERATING EXPENSES
Marketing and administrative expenses
207
201
411
385
Science and technology expenses
28
24
56
47
Gain on sale of site
—
—
(189
)
—
Other expense (income), net
30
22
42
(6
)
Total operating expenses
265
247
320
426
OPERATING INCOME
487
487
1,021
927
Non-operating income
—
(2
)
—
(4
)
EARNINGS BEFORE INTEREST AND
TAXES
487
489
1,021
931
Interest expense, net
23
26
45
54
EARNINGS BEFORE TAXES
464
463
976
877
Income tax expense
121
119
251
226
Equity in net earnings (loss) of
affiliates
1
(1
)
1
(1
)
NET EARNINGS
344
343
726
650
Net (loss) earnings attributable to
non-redeemable and redeemable noncontrolling interests
(1
)
—
(2
)
3
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
345
$
343
$
728
$
647
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
OWENS CORNING COMMON STOCKHOLDERS
Basic
$
3.81
$
3.51
$
8.01
$
6.56
Diluted
$
3.78
$
3.49
$
7.94
$
6.52
WEIGHTED AVERAGE COMMON SHARES
Basic
90.5
97.6
90.9
98.6
Diluted
91.3
98.4
91.7
99.3
Table 2
Owens Corning and
Subsidiaries
EBIT Reconciliation
Schedules
(unaudited)
Adjusting income (expense) items to EBIT
are shown in the table below (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Restructuring costs
$
(47
)
$
(11
)
$
(65
)
$
(17
)
Gain on sale of Shanghai, China
facility
—
—
—
27
Gains on sale of certain precious
metals
—
7
2
11
Acquisition-related costs
—
(3
)
—
(3
)
Impairment loss on Chambery, France assets
held for sale
—
(29
)
—
(29
)
Gain on sale of Santa Clara, California
site
—
—
189
—
Total adjusting items
$
(47
)
$
(36
)
$
126
$
(11
)
The reconciliation from Net earnings
attributable to Owens Corning to EBIT and Adjusted EBIT, and the
reconciliation from EBIT to EBITDA and adjusted EBITDA are shown in
the table below (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
345
$
343
$
728
$
647
Net (loss) earnings attributable to
non-redeemable and redeemable noncontrolling interests
(1
)
—
(2
)
3
NET EARNINGS
344
343
726
650
Equity in net earnings (loss) of
affiliates
1
(1
)
1
(1
)
Income tax expense
121
119
251
226
EARNINGS BEFORE TAXES
464
463
976
877
Interest expense, net
23
26
45
54
EARNINGS BEFORE INTEREST AND TAXES
487
489
1,021
931
Less: Adjusting items from above
(47
)
(36
)
126
(11
)
ADJUSTED EBIT
$
534
$
525
$
895
$
942
Net sales
$
2,563
$
2,601
$
4,894
$
4,947
ADJUSTED EBIT as a % of Net sales
21
%
20
%
18
%
19
%
EARNINGS BEFORE INTEREST AND TAXES
$
487
$
489
$
1,021
$
931
Depreciation and amortization
159
138
286
270
EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION
646
627
1,307
1,201
Less: Adjusting items from above
(47
)
(36
)
126
(11
)
Accelerated depreciation and amortization
included in restructuring
(29
)
(7
)
(30
)
(13
)
ADJUSTED EBITDA
$
664
$
656
$
1,151
$
1,199
Net sales
$
2,563
$
2,601
$
4,894
$
4,947
ADJUSTED EBITDA as a % of Net sales
26
%
25
%
24
%
24
%
Table 3
Owens Corning and
Subsidiaries
EPS Reconciliation
Schedules
(unaudited)
(in millions, except per share
data)
A reconciliation from Net earnings
attributable to Owens Corning to adjusted earnings and a
reconciliation from diluted earnings per share to adjusted diluted
earnings per share are shown in the tables below:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
RECONCILIATION TO ADJUSTED
EARNINGS
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
345
$
343
$
728
$
647
Adjustment to remove adjusting items
(a)
47
36
(126
)
11
Adjustment to remove tax expense (benefit)
on adjusting items (b)
(11
)
(2
)
35
4
Adjustment to tax expense to reflect pro
forma tax rate (c)
4
2
3
10
ADJUSTED EARNINGS
$
385
$
379
$
640
$
672
RECONCILIATION TO ADJUSTED DILUTED
EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON
STOCKHOLDERS
DILUTED EARNINGS PER COMMON SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
$
3.78
$
3.49
$
7.94
$
6.52
Adjustment to remove adjusting items
(a)
0.51
0.37
(1.37
)
0.11
Adjustment to remove tax expense on
adjusting items (b)
(0.12
)
(0.02
)
0.38
0.04
Adjustment to tax expense to reflect pro
forma tax rate (c)
0.05
0.01
0.03
0.10
ADJUSTED DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
$
4.22
$
3.85
$
6.98
$
6.77
RECONCILIATION TO DILUTED SHARES
OUTSTANDING
Weighted-average number of shares
outstanding used for basic earnings per share
90.5
97.6
90.9
98.6
Non-vested restricted stock units and
performance share units
0.8
0.8
0.8
0.7
Weighted-average number of shares
outstanding and common equivalent shares used for diluted earnings
per share
91.3
98.4
91.7
99.3
(a)
Please refer to Table 2 "EBIT
Reconciliation Schedules" for additional information on adjusting
items.
(b)
The tax impact of adjusting items is based
on our expected tax accounting treatment and rate for the
jurisdiction of each adjusting item.
(c)
To compute adjusted earnings, we apply a
full year pro forma effective tax rate to each quarter presented.
For 2023, we have used a full year pro forma effective tax rate of
25%, which is the mid-point of our 2023 effective tax rate guidance
of 24% to 26%. For comparability, in 2022, we have used an
effective tax rate of 24%, which was our 2022 effective tax rate,
excluding the adjusting items referenced in (a) and (b).
Table 4
Owens Corning and
Subsidiaries
Consolidated Balance
Sheets
(unaudited)
(in millions, except per share
data)
ASSETS
June 30, 2023
December 31,
2022
CURRENT ASSETS
Cash and cash equivalents
$
968
$
1,099
Receivables, less allowance of $13 at June
30, 2023 and $11 at December 31, 2022
1,413
961
Inventories
1,288
1,334
Assets held for sale
—
45
Other current assets
122
117
Total current assets
3,791
3,556
Property, plant and equipment, net
3,723
3,729
Operating lease right-of-use assets
224
204
Goodwill
1,387
1,383
Intangible assets
1,565
1,602
Deferred income taxes
20
16
Other non-current assets
291
262
TOTAL ASSETS
$
11,001
$
10,752
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,201
$
1,345
Current operating lease liabilities
59
52
Other current liabilities
572
707
Total current liabilities
1,832
2,104
Long-term debt, net of current portion
3,004
2,992
Pension plan liability
76
78
Other employee benefits liability
116
118
Non-current operating lease
liabilities
165
152
Deferred income taxes
438
388
Other liabilities
311
299
Total liabilities
5,942
6,131
Redeemable noncontrolling interest
25
25
OWENS CORNING STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share
(a)
—
—
Common stock, par value $0.01 per share
(b)
1
1
Additional paid in capital
4,143
4,139
Accumulated earnings
4,427
3,794
Accumulated other comprehensive
deficit
(637
)
(681
)
Cost of common stock in treasury (c)
(2,920
)
(2,678
)
Total Owens Corning stockholders’
equity
5,014
4,575
Noncontrolling interests
20
21
Total equity
5,034
4,596
TOTAL LIABILITIES AND EQUITY
$
11,001
$
10,752
(a)
10 shares authorized; none issued or
outstanding at June 30, 2023, and December 31, 2022
(b)
400 shares authorized; 135.5 issued and
89.8 outstanding at June 30, 2023; 135.5 issued and 91.9
outstanding at December 31, 2022
(c)
45.7 shares at June 30, 2023, and 43.6
shares at December 31, 2022
Table 5
Owens Corning and
Subsidiaries
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Six Months Ended
June 30,
2023
2022
NET CASH FLOW PROVIDED BY OPERATING
ACTIVITIES
Net earnings
$
726
$
650
Adjustments to reconcile net earnings to
cash provided by operating activities:
Depreciation and amortization
286
270
Deferred income taxes
43
16
Provision for pension and other employee
benefits liabilities
3
1
Stock-based compensation expense
27
25
Gains on sale of certain precious
metals
(2
)
(11
)
Gain on sale of site
(189
)
—
Other adjustments to reconcile net
earnings to cash provided by operating activities
1
22
Changes in operating assets and
liabilities
(559
)
(330
)
Pension fund contribution
(3
)
(2
)
Payments for other employee benefits
liabilities
(6
)
(5
)
Other
3
(12
)
Net cash flow provided by operating
activities
330
624
NET CASH FLOW USED FOR INVESTING
ACTIVITIES
Cash paid for property, plant, and
equipment
(280
)
(212
)
Proceeds from the sale of assets or
affiliates
189
27
Investment in subsidiaries and affiliates,
net of cash acquired
—
(173
)
Derivative settlements
—
20
Other
(11
)
(2
)
Net cash flow used for investing
activities
(102
)
(340
)
NET CASH FLOW USED FOR FINANCING
ACTIVITIES
Purchases of noncontrolling interest
—
(9
)
Net decrease in short-term debt
—
(5
)
Dividends paid
(95
)
(70
)
Purchases of treasury stock
(275
)
(330
)
Finance lease payments
(16
)
(15
)
Other
1
—
Net cash flow used for financing
activities
(385
)
(429
)
Effect of exchange rate changes on
cash
27
(4
)
Net decrease in cash, cash equivalents,
and restricted cash
(130
)
(149
)
Cash, cash equivalents and restricted cash
at beginning of period
1,107
966
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH AT END OF PERIOD
$
977
$
817
Table 6
Owens Corning and
Subsidiaries
Segment Information
(unaudited)
Composites
The table below provides a summary of net
sales, EBIT, depreciation and amortization expense and EBITDA for
the Composites segment (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net sales
$
620
$
719
$
1,205
$
1,433
% change from prior year
-14
%
23
%
-16
%
25
%
EBIT
$
87
$
154
$
136
$
308
EBIT as a % of net sales
14
%
21
%
11
%
21
%
Depreciation and amortization
expense
$
43
$
48
$
87
$
91
EBITDA
$
130
$
202
$
223
$
399
EBITDA as a % of net sales
21
%
28
%
19
%
28
%
Insulation
The table below provides a summary of net
sales, EBIT, depreciation and amortization expense and EBITDA for
the Insulation segment (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net sales
$
905
$
934
$
1,824
$
1,793
% change from prior year
-3
%
16
%
2
%
19
%
EBIT
$
163
$
157
$
319
$
286
EBIT as a % of net sales
18
%
17
%
17
%
16
%
Depreciation and amortization
expense
$
57
$
51
$
108
$
104
EBITDA
$
220
$
208
$
427
$
390
EBITDA as a % of net sales
24
%
22
%
23
%
22
%
Roofing
The table below provides a summary of net
sales, EBIT, depreciation and amortization expense and EBITDA for
the Roofing segment (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net sales
$
1,123
$
1,018
$
2,018
$
1,856
% change from prior year
10
%
11
%
9
%
14
%
EBIT
$
338
$
258
$
547
$
434
EBIT as a % of net sales
30
%
25
%
27
%
23
%
Depreciation and amortization
expense
$
16
$
17
$
32
$
31
EBITDA
$
354
$
275
$
579
$
465
EBITDA as a % of net sales
32
%
27
%
29
%
25
%
Table 7
Owens Corning and
Subsidiaries
Corporate, Other and
Eliminations
(unaudited)
Corporate, Other and
Eliminations
The table below provides a summary of EBIT
and depreciation and amortization expense for the Corporate, Other
and Eliminations category (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Restructuring costs
$
(47
)
$
(11
)
$
(65
)
$
(17
)
Gain on sale of Shanghai, China
facility
—
—
—
27
Gain on sale of Santa Clara, California
site
—
—
189
—
Gains on sale of certain precious
metals
—
7
2
11
Acquisition-related costs
—
(3
)
—
(3
)
Impairment loss on Chambery, France assets
held for sale
—
(29
)
—
(29
)
General corporate expense and other
(54
)
(44
)
(107
)
(86
)
EBIT
$
(101
)
$
(80
)
$
19
$
(97
)
Depreciation and amortization
$
43
$
22
$
59
$
44
Table 8
Owens Corning and
Subsidiaries
Free Cash Flow Reconciliation
Schedule
(unaudited)
The reconciliation from net cash flow
provided by operating activities to free cash flow is shown in the
table below (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
NET CASH FLOW PROVIDED BY OPERATING
ACTIVITIES
$
494
$
466
$
330
$
624
Less: Cash paid for property, plant and
equipment
(122
)
(105
)
(280
)
(212
)
FREE CASH FLOW
$
372
$
361
$
50
$
412
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725233993/en/
Media Inquiries: Todd Romain 419.248.7826
Investor Inquiries: Amber Wohlfarth 419.248.5639
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