Owens Corning (NYSE: OC), a global building and construction
materials leader, today reported third-quarter 2023 results.
- Reported Net Sales of $2.5 Billion, Similar to Prior Year
- Grew Adjusted EBIT Margins to 21% and Adjusted EBITDA Margins
to 26%
- Delivered Diluted EPS of $3.71 and Adjusted Diluted EPS of
$4.15
- Generated Operating Cash Flow of $691 Million and Free Cash
Flow of $581 Million
- Returned $187 Million to Shareholders through Dividends and
Share Repurchases
“Owens Corning delivered another strong quarter, as our global
teams executed incredibly well in response to dynamic market
conditions. The sustained quality and consistency of performance
reflects the strength of our team, our market positions and our
strategy,” said Board Chair and Chief Executive Officer Brian
Chambers. “These results demonstrate our ongoing ability to
outperform prior cycles as we position the company for long-term
success.”
Enterprise Performance
($ in millions, except per share
amounts)
Third-Quarter
Nine Months
2023
2022
Change
2023
2022
Change
Net Sales
$2,479
$2,529
$(50)
(2%)
$7,373
$7,476
$(103)
(1%)
Net Earnings Attributable to OC
337
470
(133)
(28%)
1,065
1,117
(52)
(5%)
Adjusted EBIT
518
487
31
6%
1,413
1,429
(16)
(1%)
As a Percent of Net Sales
21%
19%
N/A
N/A
19%
19%
N/A
N/A
Adjusted EBITDA
644
608
36
6%
1,795
1,807
(12)
(1%)
As a Percent of Net Sales
26%
24%
N/A
N/A
24%
24%
N/A
N/A
Diluted EPS
3.71
4.84
(1.13)
(23%)
11.64
11.32
0.32
3%
Adjusted Diluted EPS
4.15
3.61
0.54
15%
11.11
10.36
0.75
7%
Operating Cash Flow
691
461
230
50%
1,021
1,085
(64)
(6%)
Free Cash Flow
581
367
214
58%
631
779
(148)
(19%)
Enterprise Strategy
Highlights
- In the third quarter, the safety performance resulted in a
recordable incident rate (RIR) of 0.66.
- Owens Corning continues to invest in accelerating new product
and process innovation to support customers and generate additional
growth. In the third quarter, 8 new or refreshed products were
launched bringing the total through nine months to 25
launches.
- In September, Owens Corning joined the European Alliance to
Save Energy to partner in its mission to advance energy efficiency
and contribute to a more sustainable Europe. The membership will
strengthen the company’s partnership with key stakeholders in the
region and support Owens Corning’s mission to build a more
sustainable future through material innovation.
- In October, the company announced that the Roofing team with
its partners, has proven at scale a pilot to reclaim 100% of
materials from recycled waste shingles. The team is also conducting
studies with the National Center for Asphalt Technology to leverage
recycled shingles in asphalt paving applications. Together, these
initiatives support the company’s goal of recycling two million
tons of shingles annually in the U.S. by 2030.
Cash Returned to
Shareholders
- During the third quarter, the company returned $187 million to
shareholders through dividends and share repurchases. The company
paid a quarterly cash dividend of $47 million and repurchased 1.0
million shares of common stock for $140 million. As of the end of
the quarter, 10.8 million shares were available for repurchase
under the current authorization.
“I am thrilled to partner with Brian as CFO as we execute the
enterprise strategy to grow and strengthen the company. We remain
committed to maintaining our investment-grade balance sheet,
returning cash to shareholders, and investing in organic growth and
acquisitions to advance our strategy," said Executive Vice
President and Chief Financial Officer Todd Fister. “Year-to-date
through the third quarter, we generated $1 billion of operating
cash flow and $631 million of free cash flow, while returning more
than $500 million to shareholders through share repurchases and
dividends.”
Other Notable Highlights
- Owens Corning recently earned placement in the Top 10 of the
100 Best Corporate Citizens list for the sixth consecutive year.
The list recognizes outstanding environmental, social, and
governance performance and transparency among the largest, publicly
traded companies in the U.S. The company placed first within its
industry category.
Segment Performance
- Roofing net sales increased 8% to $1.1 billion in third-quarter
2023 compared with third-quarter 2022, with strong demand in
several markets driven primarily by higher levels of storm
activity, in addition to favorable mix and positive price. EBIT
increased $114 million to $343 million, expanding EBIT margins to
32% and EBITDA margins to 33%. The EBIT improvement was primarily
due to positive price/cost as well as higher volumes.
- Insulation net sales decreased 5% to $913 million in
third-quarter 2023 compared with third-quarter 2022. The change was
primarily due to lower volumes in both the North American
residential insulation and technical and global insulation
businesses partially offset by positive price realization. EBIT
decreased $23 million to $150 million, with EBIT margins of 16% and
EBITDA margins of 22%, on lower volumes and planned maintenance
downtime and production investments, partially offset by positive
price realization.
- Composites net sales decreased 11% to $567 million in
third-quarter 2023 compared with third-quarter 2022, primarily due
to lower volumes and price declines resulting from lower spot
prices in glass reinforcements. EBIT decreased $46 million to $80
million while delivering 14% EBIT margins and 22% EBITDA margins.
With slowing demand for glass reinforcements, the company continued
to take actions to balance inventories with corresponding
production downtime.
Fourth-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.
- Weaker macroeconomic trends outside of the U.S. and increasing
interest rates continue to result in slower global economic growth,
but the company expects most of its building and construction end
markets to be relatively stable in the near term.
- For fourth-quarter 2023, the company expects overall
performance to result in net sales slightly below the fourth
quarter of 2022, while generating mid-teen EBIT margins.
Current 2023 financial outlook is presented below:
General Corporate Expenses
$215 million to $225 million
Interest Expense
$70 million to $80 million
Effective Tax Rate on Adjusted
Earnings
24% to 26%
Cash Tax Rate on Adjusted Earnings
24% to 26%(1)
Capital Additions
Approximately $520 million
Depreciation and Amortization
$510 million to $520
million(2)
The above outlook excludes the impact of any acquisitions or
divestitures not yet completed. (1) Previously 26% to 28%. (2)
Previously $520 million to $530 million.
Third-Quarter 2023 Conference Call and
Presentation Wednesday, October 25, 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: 691905 (Please dial in 10-15 minutes
before conference call start time)
- Live webcast: https://events.q4inc.com/attendee/569379892
Telephone and Webcast
Replay
- Telephone replay will be available one hour after the end of
the call through November 1, 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: 986151.
- 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; 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 October 25, 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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
NET SALES
$
2,479
$
2,529
$
7,373
$
7,476
COST OF SALES
1,752
1,836
5,305
5,430
Gross margin
727
693
2,068
2,046
OPERATING EXPENSES
Marketing and administrative expenses
201
201
612
586
Science and technology expenses
29
26
85
73
Gain on equity method investment
—
(130
)
—
(130
)
Gain on sale of site
—
—
(189
)
—
Other expense (income), net
35
(12
)
77
(18
)
Total operating expenses
265
85
585
511
OPERATING INCOME
462
608
1,483
1,535
Non-operating income
(1
)
(2
)
(1
)
(6
)
EARNINGS BEFORE INTEREST AND
TAXES
463
610
1,484
1,541
Interest expense, net
17
28
62
82
EARNINGS BEFORE TAXES
446
582
1,422
1,459
Income tax expense
110
114
361
340
Equity in net earnings of affiliates
1
1
2
—
NET EARNINGS
337
469
1,063
1,119
Net (loss) earnings attributable to
non-redeemable and redeemable noncontrolling interests
—
(1
)
(2
)
2
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
337
$
470
$
1,065
$
1,117
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
OWENS CORNING COMMON STOCKHOLDERS
Basic
$
3.74
$
4.88
$
11.75
$
11.42
Diluted
$
3.71
$
4.84
$
11.64
$
11.32
WEIGHTED AVERAGE COMMON SHARES
Basic
90.0
96.3
90.6
97.8
Diluted
90.9
97.1
91.5
98.7
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Restructuring costs
$
(41
)
$
(12
)
$
(106
)
$
(29
)
Gain on sale of Shanghai, China
facility
—
—
—
27
Gains on sale of certain precious
metals
—
7
2
18
Acquisition and divestiture-related
costs
—
(2
)
—
(5
)
Impairment loss on Chambery, France assets
held for sale
—
—
—
(29
)
Gain on remeasurement of Fiberteq equity
investment
—
130
—
130
Paroc marine recall
(14
)
—
(14
)
—
Gain on sale of Santa Clara, California
site
—
—
189
—
Total adjusting items
$
(55
)
$
123
$
71
$
112
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
337
$
470
$
1,065
$
1,117
Net (loss) earnings attributable to
non-redeemable and redeemable noncontrolling interests
—
(1
)
(2
)
2
NET EARNINGS
337
469
1,063
1,119
Equity in net earnings of affiliates
1
1
2
—
Income tax expense
110
114
361
340
EARNINGS BEFORE TAXES
446
582
1,422
1,459
Interest expense, net
17
28
62
82
EARNINGS BEFORE INTEREST AND TAXES
463
610
1,484
1,541
Less: Adjusting items from above
(55
)
123
71
112
ADJUSTED EBIT
$
518
$
487
$
1,413
$
1,429
Net sales
$
2,479
$
2,529
$
7,373
$
7,476
ADJUSTED EBIT as a % of Net sales
21
%
19
%
19
%
19
%
EARNINGS BEFORE INTEREST AND TAXES
$
463
$
610
$
1,484
$
1,541
Depreciation and amortization
160
130
446
400
EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION
623
740
1,930
1,941
Less: Adjusting items from above
(55
)
123
71
112
Accelerated depreciation and amortization
included in restructuring
(34
)
(9
)
(64
)
(22
)
ADJUSTED EBITDA
$
644
$
608
$
1,795
$
1,807
Net sales
$
2,479
$
2,529
$
7,373
$
7,476
ADJUSTED EBITDA as a % of Net sales
26
%
24
%
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
RECONCILIATION TO ADJUSTED
EARNINGS
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
337
$
470
$
1,065
$
1,117
Adjustment to remove adjusting items
(a)
55
(123
)
(71
)
(112
)
Adjustment to remove tax (benefit) expense
on adjusting items (b)
(11
)
—
24
4
Adjustment to tax (benefit) expense to
reflect pro forma tax rate (c)
(4
)
4
(1
)
14
ADJUSTED EARNINGS
$
377
$
351
$
1,017
$
1,023
RECONCILIATION TO ADJUSTED DILUTED
EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON
STOCKHOLDERS
DILUTED EARNINGS PER COMMON SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
$
3.71
$
4.84
$
11.64
$
11.32
Adjustment to remove adjusting items
(a)
0.61
(1.27
)
(0.78
)
(1.13
)
Adjustment to remove tax (benefit) expense
on adjusting items (b)
(0.12
)
—
0.26
0.04
Adjustment to tax (benefit) expense to
reflect pro forma tax rate (c)
(0.05
)
0.04
(0.01
)
0.13
ADJUSTED DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
$
4.15
$
3.61
$
11.11
$
10.36
RECONCILIATION TO DILUTED SHARES
OUTSTANDING
Weighted-average number of shares
outstanding used for basic earnings per share
90.0
96.3
90.6
97.8
Non-vested restricted stock units and
performance share units
0.9
0.8
0.9
0.9
Weighted-average number of shares
outstanding and common equivalent shares used for diluted earnings
per share
90.9
97.1
91.5
98.7
(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
September 30,
2023
December 31,
2022
CURRENT ASSETS
Cash and cash equivalents
$
1,323
$
1,099
Receivables, less allowance of $12 at
September 30, 2023 and $11 at December 31, 2022
1,300
961
Inventories
1,232
1,334
Assets held for sale
—
45
Other current assets
94
117
Total current assets
3,949
3,556
Property, plant and equipment, net
3,688
3,729
Operating lease right-of-use assets
216
204
Goodwill
1,378
1,383
Intangible assets
1,526
1,602
Deferred income taxes
19
16
Other non-current assets
293
262
TOTAL ASSETS
$
11,069
$
10,752
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,161
$
1,345
Current operating lease liabilities
60
52
Other current liabilities
605
707
Total current liabilities
1,826
2,104
Long-term debt, net of current portion
3,002
2,992
Pension plan liability
73
78
Other employee benefits liability
116
118
Non-current operating lease
liabilities
156
152
Deferred income taxes
430
388
Other liabilities
316
299
Total liabilities
5,919
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
4,152
4,139
Accumulated earnings
4,718
3,794
Accumulated other comprehensive
deficit
(703
)
(681
)
Cost of common stock in treasury (c)
(3,063
)
(2,678
)
Total Owens Corning stockholders’
equity
5,105
4,575
Noncontrolling interests
20
21
Total equity
5,125
4,596
TOTAL LIABILITIES AND EQUITY
$
11,069
$
10,752
(a)
10 shares authorized; none issued or
outstanding at September 30, 2023, and December 31, 2022
(b)
400 shares authorized; 135.5 issued and
88.9 outstanding at September 30, 2023; 135.5 issued and 91.9
outstanding at December 31, 2022
(c)
46.6 shares at September 30, 2023, and
43.6 shares at December 31, 2022
Table 5
Owens Corning and
Subsidiaries
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Nine Months Ended
September 30,
2023
2022
NET CASH FLOW PROVIDED BY OPERATING
ACTIVITIES
Net earnings
$
1,063
$
1,119
Adjustments to reconcile net earnings to
cash provided by operating activities:
Depreciation and amortization
446
400
Deferred income taxes
40
48
Provision for pension and other employee
benefits liabilities
3
2
Stock-based compensation expense
38
38
Gains on sale of certain precious
metals
(2
)
(18
)
Gain on equity method investment
—
(130
)
Gain on sale of site
(189
)
—
Other adjustments to reconcile net
earnings to cash provided by operating activities
20
(1
)
Changes in operating assets and
liabilities
(384
)
(333
)
Pension fund contribution
(4
)
(5
)
Payments for other employee benefits
liabilities
(8
)
(5
)
Other
(2
)
(30
)
Net cash flow provided by operating
activities
1,021
1,085
NET CASH FLOW USED FOR INVESTING
ACTIVITIES
Cash paid for property, plant, and
equipment
(390
)
(306
)
Proceeds from the sale of assets or
affiliates
189
103
Investment in subsidiaries and affiliates,
net of cash acquired
(6
)
(417
)
Derivative settlements
—
52
Other
(12
)
(5
)
Net cash flow used for investing
activities
(219
)
(573
)
NET CASH FLOW USED FOR FINANCING
ACTIVITIES
Purchases of noncontrolling interest
—
(9
)
Net decrease in short-term debt
(1
)
(5
)
Dividends paid
(142
)
(103
)
Purchases of treasury stock
(419
)
(536
)
Finance lease payments
(24
)
(23
)
Other
1
1
Net cash flow used for financing
activities
(585
)
(675
)
Effect of exchange rate changes on
cash
8
(45
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
225
(208
)
Cash, cash equivalents and restricted cash
at beginning of period
1,107
966
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH AT END OF PERIOD
$
1,332
$
758
Table 6
Owens Corning and
Subsidiaries
Segment Information
(unaudited)
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net sales
$
1,084
$
1,003
$
3,102
$
2,859
% change from prior year
8
%
15
%
8
%
14
%
EBIT
$
343
$
229
$
890
$
663
EBIT as a % of net sales
32
%
23
%
29
%
23
%
Depreciation and amortization
expense
$
16
$
15
$
48
$
46
EBITDA
$
359
$
244
$
938
$
709
EBITDA as a % of net sales
33
%
24
%
30
%
25
%
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net sales
$
913
$
965
$
2,737
$
2,758
% change from prior year
-5
%
18
%
-1
%
19
%
EBIT
$
150
$
173
$
469
$
459
EBIT as a % of net sales
16
%
18
%
17
%
17
%
Depreciation and amortization
expense
$
51
$
52
$
159
$
156
EBITDA
$
201
$
225
$
628
$
615
EBITDA as a % of net sales
22
%
23
%
23
%
22
%
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net sales
$
567
$
638
$
1,772
$
2,071
% change from prior year
-11
%
8
%
-14
%
20
%
EBIT
$
80
$
126
$
216
$
434
EBIT as a % of net sales
14
%
20
%
12
%
21
%
Depreciation and amortization
expense
$
43
$
40
$
130
$
131
EBITDA
$
123
$
166
$
346
$
565
EBITDA as a % of net sales
22
%
26
%
20
%
27
%
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Restructuring costs
$
(41
)
$
(12
)
$
(106
)
$
(29
)
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
18
Acquisition and divestiture-related
costs
—
(2
)
—
(5
)
Impairment loss on Chambery, France assets
held for sale
—
—
—
(29
)
Gain on remeasurement of Fiberteq equity
investment
—
130
—
130
Paroc marine recall
(14
)
—
(14
)
—
General corporate expense and other
(55
)
(41
)
(162
)
(127
)
EBIT
$
(110
)
$
82
$
(91
)
$
(15
)
Depreciation and amortization
$
50
$
23
$
109
$
67
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
September 30,
Nine Months Ended September
30,
2023
2022
2023
2022
NET CASH FLOW PROVIDED BY OPERATING
ACTIVITIES
$
691
$
461
$
1,021
$
1,085
Less: Cash paid for property, plant and
equipment
(110
)
(94
)
(390
)
(306
)
FREE CASH FLOW
$
581
$
367
$
631
$
779
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231024241549/en/
Media Inquiries: Todd Romain 419.248.7826
Investor Inquiries: Amber Wohlfarth 419.248.5639
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