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Jun 30, 2024
Owens Corning Q2 2024 Earnings Report
Owens Corning reported net sales of $2.8 billion and net earnings of $285 million.
Key Takeaways
Owens Corning reported a strong second quarter with net sales of $2.8 billion, a 9% increase from the prior year. The company generated net earnings of $285 million and adjusted EBIT of $588 million. The newly acquired Doors business contributed $311 million in revenue.
Net sales increased by 9% year-over-year to $2.8 billion, with the Doors segment contributing $311 million.
Net earnings margin was 10%, adjusted EBIT margin was 21%, and adjusted EBITDA margin was 27%.
Diluted EPS was $3.24, and adjusted diluted EPS was $4.64.
Operating cash flow was $493 million, and free cash flow was $336 million.
Owens Corning
Owens Corning
Owens Corning Revenue by Segment
Revenue by Segment
Roofing Revenue
CapyFin.comInsulation Revenue
CapyFin.comDoors Revenue
CapyFin.com Forward Guidance
For the third-quarter 2024, the company expects overall performance to result in net sales growth of low-20 percent. The enterprise is expected to generate EBIT margin in the high teens with EBITDA margin in the low-20 percent range.
Positive Outlook
- North American building and construction markets to remain healthy in the near-term.
- Ongoing demand for single-family new construction given the overall need for housing.
- High price and low availability of existing homes for sale.
- Non-discretionary repair and remodeling activity is expected to drive solid demand.
- Addition of a full quarter of revenue for the Doors segment.
Challenges Ahead
- Macroeconomic trends and geopolitical tensions continue to result in slow global economic growth.
- Discretionary repair and remodeling activity remains soft.
- Overall revenue for the legacy business in line with third quarter 2023.
- Excludes the impact of any acquisitions or divestitures not yet completed.
- Unspecified variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income