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Sep 30, 2024
Owens Corning Q3 2024 Earnings Report
Owens Corning reported net sales of $3.0 billion and net earnings of $321 million.
Key Takeaways
Owens Corning reported strong third-quarter 2024 results, with net sales of $3.0 billion, a 23% increase from the prior year, driven by the newly acquired Doors business. The company's net earnings were $321 million, with an adjusted EBIT of $582 million. They delivered diluted EPS of $3.65 and adjusted diluted EPS of $4.38. The company generated strong operating cash flow and returned $252 million to shareholders through dividends and share repurchases.
Net sales reached $3.0 billion, a 23% increase year-over-year, with the Doors business contributing $573 million.
Net earnings margin was 11%, adjusted EBIT margin was 19%, and adjusted EBITDA margin was 25%.
Diluted EPS was $3.65, and adjusted diluted EPS was $4.38.
Operating cash flow was $699 million, and free cash flow was $558 million.
Revenue by Segment
Forward Guidance
For the fourth-quarter 2024, despite more challenging market conditions, the company expects to continue delivering strong results, reflecting structural changes to its portfolio and cost structure. It expects net sales growth around 20 percent, including overall revenue for the legacy business slightly below fourth-quarter 2023 plus the addition of revenue for the Doors segment. The enterprise is expected to generate mid-teens EBIT margin and EBITDA margin of approximately 20 percent.
Positive Outlook
- Net sales growth around 20 percent, including overall revenue for the legacy business slightly below fourth-quarter 2023 plus the addition of revenue for the Doors segment.
- Enterprise is expected to generate mid-teens EBIT margin.
- EBITDA margin of approximately 20 percent.
- Continue delivering strong results, reflecting structural changes to its portfolio and cost structure.
- Non-discretionary repair and remodeling activity is expected to be solid
Challenges Ahead
- Near-term demand to be impacted by ongoing challenging conditions in most markets and normalizing seasonality.
- Discretionary repair and remodeling activity is expected to remain soft.
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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