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Dec 31, 2023
Owens Corning Q4 2023 Earnings Report
Reported fourth-quarter and full-year results, demonstrating team strength and strategic impact.
Key Takeaways
Owens Corning reported Q4 2023 net sales of $2.304 billion and net earnings attributable to Owens Corning of $131 million. The company's full-year net sales reached $9.7 billion, with earnings of $1.2 billion and adjusted EBIT of $1.8 billion.
Net Sales reached $2,304 million, a 1% increase from the prior year.
Adjusted EBIT was $392 million, representing 17% of net sales.
Diluted EPS was $1.46, and Adjusted Diluted EPS was $3.21.
Operating Cash Flow was $698 million, and Free Cash Flow was $562 million.
Revenue by Segment
Forward Guidance
For the first-quarter 2024, the company expects overall performance to result in net sales slightly below the first quarter of 2023, while generating mid-teens margins.
Positive Outlook
- Company expects most of its building and construction end markets to be relatively stable in the near term.
- Company remains committed to maintaining its investment grade balance sheet.
- Company will continue to invest in attractive acquisitions and capital projects to continue to grow our earnings power.
- Company is returning 50% of free cash to shareholders over time.
- Owens Corning continues to invest in new product and process innovation to support customers and generate additional growth.
Challenges Ahead
- Macroeconomic trends outside of the U.S. and elevated interest rates continue to result in slow global economic growth
- The key economic factors that impact the company’s business are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production.
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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