Owens Corning Stock Price, News & Analysis

Owens Corning (NYSE: OC) announced its first-quarter 2023 results, reporting net sales of $2.3 billion, consistent with the previous year. The diluted EPS rose by 38% to $4.17, while adjusted diluted EPS fell by 5% to $2.77. The company experienced an operating cash outflow of $164 million and a free cash outflow of $322 million, attributing this to seasonal trends and capital investments. Owens Corning returned $183 million to shareholders through dividends and buybacks, increasing its quarterly cash dividend by 50%. Despite strong performance, the company anticipates a moderate decline in net sales for the second quarter due to ongoing economic challenges. The year-to-date outlook suggests capital additions of approximately $520 million.

Owens Corning has committed to recycling 2 million tons of asphalt shingles annually in the U.S. by 2030, addressing the waste created by the approximately 12-14 million tons of shingles discarded each year. The company's circular economy initiative aims to convert waste into usable raw materials through innovative recycling processes in partnership with companies like ASR Systems and CRS Reprocessing Services. A pilot program in Indianapolis, launched in December 2022, is exploring methods to extract liquid asphalt from old shingles. This initiative aligns with Owens Corning's sustainability goals of enhancing positive impacts while reducing negative footprints. The company seeks to lead in sustainable practices within the construction industry, addressing critical waste challenges in materials like asphalt and concrete.

Owens Corning (NYSE: OC) is set to announce its first-quarter 2023 financial results on April 26, 2023, prior to the opening of the New York Stock Exchange. A conference call to discuss these results will take place at 9 a.m. ET on the same day. The company reported $9.8 billion in sales for 2022, showcasing its position as a global leader in building and construction materials, with a focus on sustainability through material innovation.

For further details, investors can join the conference call by dialing in 10-15 minutes early.

Owens Corning (NYSE: OC) reported substantial financial growth in 2022, achieving a 15% increase in net sales to $9.8 billion and net earnings of $1.2 billion. The company expanded adjusted EBIT margins to 18% and EBITDA margins to 23%, delivering a diluted EPS of $12.70. Operating cash flow was strong at $1.8 billion, with free cash flow of $1.3 billion, returning 71% of this to shareholders. CEO Brian Chambers highlighted ongoing market challenges for 2023, anticipating moderate declines in net sales. Key acquisitions in 2022 included WearDeck® and Natural Polymers, alongside continued investments in product innovation, enhancing long-term growth prospects.