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Mar 31, 2024
Owens Corning Q1 2024 Earnings Report
Owens Corning reported first-quarter results, with net sales in-line with the prior year and adjusted EBIT margin of 19%.
Key Takeaways
Owens Corning reported net sales of $2.3 billion, in-line with the prior year. The company generated net earnings of $299 million and adjusted EBIT of $438 million. Diluted EPS was $3.40 and adjusted diluted EPS was $3.59.
Net sales were $2.3 billion, in-line with prior year.
Net earnings margin was 13%, adjusted EBIT margin was 19%, and adjusted EBITDA margin was 25%.
Diluted EPS was $3.40 and adjusted diluted EPS was $3.59.
Operating cash flow was $24 million and free cash outflow was $128 million.
Revenue by Segment
Forward Guidance
Owens Corning expects its North American building and construction markets to remain favorable, with good demand for its products in the near-term. Outside North America, macroeconomic trends and geopolitical tensions continue to result in slow global economic growth. For the second-quarter 2024, the company expects overall performance to result in net sales in line with second quarter 2023, while generating approximately 20% EBIT margins for its existing businesses.
Positive Outlook
- North American building and construction markets expected to remain favorable.
- Good demand for products in the near-term.
- Expects to generate approximately 20% EBIT margins for its existing businesses.
- Capital Additions Approximately $550 million
- Depreciation and Amortization Approximately $550 million
Challenges Ahead
- Macroeconomic trends and geopolitical tensions continue to result in slow global economic growth.
- General Corporate Expenses $240 million to $250 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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