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Sep 30, 2023
Owens Corning Q3 2023 Earnings Report
Owens Corning reported strong third-quarter results, driven by effective execution in dynamic market conditions and demonstrating the ability to outperform prior cycles.
Key Takeaways
Owens Corning reported net sales of $2.5 billion, with net earnings of $337 million and adjusted EBIT of $518 million. The company grew adjusted EBIT margins to 21% and adjusted EBITDA margins to 26%. They generated operating cash flow of $691 million and free cash flow of $581 million.
Net sales were $2.5 billion, similar to the prior year.
Adjusted EBIT margins grew to 21% and adjusted EBITDA margins to 26%.
Diluted EPS was $3.71, and adjusted diluted EPS was $4.15.
Operating cash flow was $691 million, and free cash flow was $581 million.
Revenue by Segment
Forward Guidance
The company expects overall performance to result in net sales slightly below the fourth quarter of 2022, while generating mid-teen EBIT margins.
Positive Outlook
- Building and construction end markets are expected to be relatively stable in the near term.
Challenges Ahead
- Weaker macroeconomic trends outside of the U.S.
- Increasing interest rates continue to result in slower global economic growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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