Owens Corning (NYSE: OC), a global building and construction
materials leader, today reported first-quarter 2024 results.
- Reported Net Sales of $2.3 Billion, in-line with Prior
Year
- Generated Net Earnings Margins of 13%, Adjusted EBIT Margins of
19%, and Adjusted EBITDA Margins of 25%
- Delivered Diluted EPS of $3.40 and Adjusted Diluted EPS of
$3.59
- Produced Operating Cash Flow of $24 Million and Free Cash
Outflow of $128 Million
- Returned $182 Million to Shareholders through Dividends and
Share Repurchases
“Owens Corning started the year with first-quarter results that
continue to highlight our strong and consistent enterprise
performance. These results are driven by the strength of our team
and the actions we have taken over the last several years to
generate higher, more resilient earnings,” said Chair and Chief
Executive Officer Brian Chambers. “We remain focused on helping our
customers win in the market and delivering value to our
shareholders in the near-term, while looking ahead to opportunities
that grow our company and strengthen our leadership in building and
construction materials.”
Enterprise Performance
($ in millions, except per share
amounts)
First-Quarter
2024
2023
Change
Net Sales
$2,300
$2,331
$(31)
(1%)
Net Earnings Attributable to OC*
299
383
(84)
(22%)
As a Percent of Net Sales
13%
16%
N/A
N/A
Adjusted EBIT
438
361
77
21%
As a Percent of Net Sales
19%
15%
N/A
N/A
Adjusted EBITDA
565
487
78
16%
As a Percent of Net Sales
25%
21%
N/A
N/A
Diluted EPS*
3.40
4.17
(0.77)
(18%)
Adjusted Diluted EPS
3.59
2.80
0.79
28%
Operating Cash Flow (Outflow)
24
(164)
188
N/A
Free Cash Outflow
(128)
(322)
194
N/A
*2023 includes earnings impact of $189
million gain on the sale of Santa Clara site.
Enterprise Strategy
Highlights
- Owens Corning sustained a high level of safety performance in
first-quarter 2024, with a recordable incident rate (RIR) of 0.31,
a more than 50% improvement over first-quarter 2023.
- Owens Corning’s previously announced acquisition of Masonite
International Corporation, a leading global provider of interior
and exterior doors and door systems, remains on track to close
mid-2024.
- Owens Corning engaged Morgan Stanley as its financial advisor
to review strategic alternatives for its global glass
reinforcements business. The review of this business was announced
in the first quarter and is ongoing.
- Owens Corning continues to invest in new product and process
innovation to support customers and generate additional growth. In
the first quarter, it launched 13 new or improved products.
- In March, Owens Corning published its 2023 Sustainability
Report, Making the Difference, which outlined the company’s
progress toward its 2030 sustainability goals. This marks the 18th
sustainability report from Owens Corning, which published its first
report in 2006.
Cash Returned to
Shareholders
- During the first quarter, the company returned $182 million to
shareholders through dividends and share repurchases. The company
paid dividends of $52 million and repurchased 0.9 million shares of
common stock for $130 million.
- Owens Corning’s capital allocation strategy is unchanged, and
the company remains committed to returning approximately 50% of
cash to shareholders over time through a combination of share
repurchases and dividends. With the Masonite acquisition, the
company will prioritize repayment of the short-term portion of the
debt incurred until net debt-to-EBITDA is at the low end of the
2-3x target range.
“Owens Corning delivered an outstanding start to the year,
growing enterprise earnings and expanding margins in the first
quarter. These results demonstrate the value created through our
enterprise strategy and operating model,” said Executive Vice
President and Chief Financial Officer Todd Fister. "With a healthy
balance sheet and disciplined capital allocation framework, we
returned $182 million to shareholders while also investing in
strategic capital projects.”
First-Quarter Business
Performance
- The company started the year by strengthening earnings on
relatively flat revenue, with good performance in each of its
businesses.
- In Roofing, net sales increased 7% to $957 million compared
with first-quarter 2023, resulting from carryover price and
favorable mix driven by demand for premium laminate shingles and
strong attachment of components products. Volumes for the quarter
were positively impacted by strong carryover storm demand, which
was mostly offset by volume impact from the segment’s exit of
protective packaging. EBIT increased $77 million to $286 million,
with 30% EBIT margins and 31% EBITDA margins, primarily due to
positive price as well as favorable manufacturing costs and
mix.
- In Insulation, net sales decreased 2% to $904 million compared
with first-quarter 2023, as demand in the segment’s North American
business remained relatively stable while its European business was
impacted by the weaker macro environment. Favorable mix and
positive price were more than offset by lower volumes, primarily in
Europe. EBIT increased $5 million to $161 million, with 18% EBIT
margins and 23% EBITDA margins, as positive price and favorable
delivery were partially offset by lower volumes and higher overall
manufacturing costs.
- In Composites, net sales decreased 11% to $523 million compared
with first-quarter 2023, as positive price for nonwovens was offset
by lower volumes and price declines in glass reinforcements on
broader market pressure. EBIT decreased $3 million to $46 million,
resulting in 9% EBIT margins and 17% EBITDA margins, primarily due
to lower price and the impact of production downtime and lower
demand, partially offset by favorable manufacturing costs, and
deflation for both delivery and input costs.
Second-Quarter and Full-Year 2024
Outlook
- 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.
- Owens Corning expects its North American building and
construction markets to remain favorable, with good demand for its
products in the near-term. Outside North America, macroeconomic
trends and geopolitical tensions continue to result in slow global
economic growth.
- For the second-quarter 2024, the company expects overall
performance to result in net sales in line with second quarter
2023, while generating approximately 20% EBIT margins for its
existing businesses.
Current 2024 financial outlook is presented below:
General Corporate Expenses
$240 million to $250 million
Interest Expense
$70 million to $80 million
Effective Tax Rate on Adjusted
Earnings
24% to 26%
Capital Additions
Approximately $550 million
Depreciation and Amortization
Approximately $550 million
The above outlook excludes the impact of any acquisitions or
divestitures not yet completed.
First-Quarter 2024 Conference Call and
Presentation
Wednesday, April 24, 2024 9 a.m. Eastern Time
All Callers
- Live dial-in telephone number: U.S. 1.833.470.1428; Canada
1.833.950.0062; and other international +1.404.975.4839.
- Entry number: 540263 (Please dial in 10-15 minutes
before conference call start time)
- Live webcast: https://events.q4inc.com/attendee/185236891
Telephone and Webcast
Replay
- Telephone replay will be available one hour after the end of
the call through May 1, 2024. In the U.S., call 1.866.813.9403. In
Canada, call 1.226.828.7578. In other international locations, call
+1.929.458.6194.
- Conference replay number: 257137.
- Webcast replay will be available for one year using the above
link.
About Owens Corning
Owens Corning is a global building and construction materials
leader committed to building a sustainable future through material
innovation. Our three integrated businesses – Roofing, Insulation,
and Composites – provide durable, sustainable, energy-efficient
solutions that leverage our unique material science, manufacturing,
and market knowledge to help our customers win and grow. We are
global in scope, human in scale with approximately 18,000 employees
in 30 countries dedicated to generating value for our customers and
shareholders, and making a difference in the communities where we
work and live. Founded in 1938 and based in Toledo, Ohio, USA,
Owens Corning posted 2023 sales of $9.7 billion. For more
information, visit www.owenscorning.com.
Use of Non-GAAP Measures
Owens Corning uses non-GAAP measures in its earnings press
release that are intended to supplement investors' understanding of
the company's financial information. These non-GAAP measures
include EBIT, adjusted EBIT, EBITDA, adjusted EBITDA, adjusted
earnings, adjusted diluted earnings per share attributable to Owens
Corning common stockholders ("adjusted EPS"), adjusted pre-tax
earnings, free cash flow and free cash flow conversion. When used
to report historical financial information, reconciliations of
these non-GAAP measures to the corresponding GAAP measures are
included in the financial tables of this press release.
Specifically, see Table 2 for EBIT, adjusted EBIT, EBITDA, and
adjusted EBITDA, Table 7 for adjusted earnings and adjusted EPS,
and Table 8 for free cash flow and free cash flow conversion
(annually).
For purposes of internal review of Owens Corning's
year-over-year operational performance, management excludes from
net earnings attributable to Owens Corning certain items it
believes are not representative of ongoing operations. The non-GAAP
financial measures resulting from these adjustments (including
adjusted EBIT, adjusted EBITDA, adjusted earnings, adjusted EPS,
and adjusted pre-tax earnings) are used internally by Owens Corning
for various purposes, including reporting results of operations to
the Board of Directors, analysis of performance, and related
employee compensation measures. Management believes that these
adjustments result in a measure that provides a useful
representation of its operational performance; however, the
adjusted measures should not be considered in isolation or as a
substitute for net earnings attributable to Owens Corning as
prepared in accordance with GAAP.
Free cash flow is a non-GAAP liquidity measure used by
investors, financial analysts and management to help evaluate the
company's ability to generate cash to pursue opportunities that
enhance shareholder value. The company defines free cash flow as
net cash flow provided by operating activities, less cash paid for
property, plant and equipment. Free cash flow is not a measure of
residual cash flow available for discretionary expenditures due to
the company's mandatory debt service requirements. Free cash flow
conversion is a non-GAAP liquidity measure used to measure the
company’s efficiency in turning profits into free cash flow from
its core operations. The Company defines free cash flow conversion
as free cash flow divided by adjusted earnings. Free cash flow and
free cash flow conversion is used internally by the company for
various purposes, including reporting results of operations to the
Board of Directors of the company and analysis of performance.
Management believes that these measures provide a useful
representation of our operational performance and liquidity;
however, the measures should not be considered in isolation or as a
substitute for net cash flow provided by operating activities or
net earnings attributable to Owens Corning as prepared in
accordance with GAAP.
When the company provides forward-looking expectations for
non-GAAP measures, the most comparable GAAP measures and a
reconciliation between the non-GAAP expectations and the
corresponding GAAP measures are generally not available without
unreasonable effort due to the variability, complexity and limited
visibility of the adjusting items that would be excluded from the
non-GAAP measures in future periods. The variability in timing and
amount of adjusting items could have significant and unpredictable
effect on our future GAAP results.
Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements are subject to risks, uncertainties and other factors
and actual results may differ materially from any results projected
in the statements. These risks, uncertainties and other factors
include, without limitation: levels of residential and commercial
or industrial construction activity; demand for our products;
industry and economic conditions including, but not limited to,
supply chain disruptions, recessionary conditions, inflationary
pressures, interest rate and financial markets volatility, and the
viability of banks and other financial institutions; availability
and cost of energy and raw materials; levels of global industrial
production; competitive and pricing factors; relationships with key
customers and customer concentration in certain areas; issues
related to acquisitions, divestitures and joint ventures or
expansions, including the planned acquisition of Masonite; climate
change, weather conditions and storm activity; legislation and
related regulations or interpretations, in the United States or
elsewhere; domestic and international economic and political
conditions, policies or other governmental actions, as well as war
and civil disturbance; changes to tariff, trade or investment
policies or laws; uninsured losses, including those from natural
disasters, catastrophes, pandemics, theft or sabotage;
environmental, product-related or other legal and regulatory
liabilities, proceedings or actions; research and development
activities and intellectual property protection; issues involving
implementation and protection of information technology systems;
foreign exchange and commodity price fluctuations; our level of
indebtedness, including the planned acquisition of Masonite; our
liquidity and the availability and cost of credit; our ability to
achieve expected synergies, cost reductions and/or productivity
improvements; the level of fixed costs required to run our
business; levels of goodwill or other indefinite-lived intangible
assets; price volatility in certain wind energy markets in the
U.S.; loss of key employees and labor disputes or shortages; our
ability to complete and successfully integrate the Masonite
acquisition; any material adverse changes in the business of
Masonite; the ability to obtain required regulatory, shareholder or
other third-party approvals and consents and otherwise complete the
Masonite acquisition; our ability to achieve the strategic and
other objectives relating to the Masonite acquisition, including
any expected synergies; the strategic review of our glass
reinforcements business; defined benefit plan funding obligations;
and factors detailed from time to time in the company’s Securities
and Exchange Commission filings. The information in this news
release speaks as of April 24, 2024, and is subject to change. The
company does not undertake any duty to update or revise
forward-looking statements except as required by federal securities
laws. Any distribution of this news release after that date is not
intended and should not be construed as updating or confirming such
information.
Owens Corning Company News / Owens Corning Investor Relations
News
Table 1
Owens Corning and
Subsidiaries
Consolidated Statements of
Earnings
(unaudited)
(in millions, except per share
amounts)
Three Months Ended
March 31,
2024
2023
NET SALES
$
2,300
$
2,331
COST OF SALES
1,620
1,742
Gross margin
680
589
OPERATING EXPENSES
Marketing and administrative expenses
212
204
Science and technology expenses
31
28
Gain on sale of site
—
(189
)
Other expense, net
34
12
Total operating expenses
277
55
OPERATING INCOME
403
534
Non-operating expense
—
—
EARNINGS BEFORE INTEREST AND
TAXES
403
534
Interest expense, net
17
22
EARNINGS BEFORE TAXES
386
512
Income tax expense
88
130
NET EARNINGS
298
382
Net loss attributable to non-redeemable
and redeemable noncontrolling interests
(1
)
(1
)
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
299
$
383
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
OWENS CORNING COMMON STOCKHOLDERS
Basic
$
3.42
$
4.19
Diluted
$
3.40
$
4.17
WEIGHTED AVERAGE COMMON SHARES
Basic
87.3
91.3
Diluted
87.9
91.9
Table 2
Owens Corning and
Subsidiaries
EBIT Reconciliation
Schedules
(unaudited)
Adjusting income (expense) items
to EBIT are shown in the table below (in millions):
Three Months Ended
March 31,
2024
2023
Restructuring costs
$
(14
)
$
(18
)
Gains on sale of certain precious
metals
—
2
Strategic review-related charges
(2
)
—
Acquisition-related costs
(18
)
—
Paroc marine recall
(1
)
—
Gain on sale of Santa Clara, California
site
—
189
Total adjusting items
$
(35
)
$
173
The reconciliation from Net earnings
attributable to Owens Corning to EBIT and Adjusted EBIT, and the
reconciliation from EBIT to EBITDA and adjusted EBITDA are shown in
the table below (in millions):
Three Months Ended
March 31,
2024
2023
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
299
$
383
Net loss attributable to non-redeemable
and redeemable noncontrolling interests
(1
)
(1
)
NET EARNINGS
298
382
Income tax expense
88
130
EARNINGS BEFORE TAXES
386
512
Interest expense, net
17
22
EARNINGS BEFORE INTEREST AND TAXES
403
534
Less: Adjusting items from above
(35
)
173
ADJUSTED EBIT
$
438
$
361
Net sales
$
2,300
$
2,331
ADJUSTED EBIT as a % of Net sales
19
%
15
%
EARNINGS BEFORE INTEREST AND TAXES
$
403
$
534
Depreciation and amortization
131
127
EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION AND AMORTIZATION
534
661
Less: Adjusting items from above
(35
)
173
Accelerated depreciation and amortization
included in restructuring
(4
)
(1
)
ADJUSTED EBITDA
$
565
$
487
Net sales
$
2,300
$
2,331
ADJUSTED EBITDA as a % of Net sales
25
%
21
%
Table 3
Owens Corning and
Subsidiaries
EPS Reconciliation
Schedules
(unaudited)
(in millions, except per share
data)
A reconciliation from Net
earnings attributable to Owens Corning to adjusted earnings and a
reconciliation from diluted earnings per share to adjusted diluted
earnings per share are shown in the tables below:
Three Months Ended March
31,
2024
2023
RECONCILIATION TO ADJUSTED
EARNINGS
NET EARNINGS ATTRIBUTABLE TO OWENS
CORNING
$
299
$
383
Adjustment to remove adjusting items
(a)
35
(173
)
Adjustment to remove tax (benefit) expense
on adjusting items (b)
(7
)
46
Adjustment to tax (benefit) expense to
reflect pro forma tax rate (c)
(11
)
1
ADJUSTED EARNINGS
$
316
$
257
RECONCILIATION TO ADJUSTED DILUTED
EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON
STOCKHOLDERS
DILUTED EARNINGS PER COMMON SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
$
3.40
$
4.17
Adjustment to remove adjusting items
(a)
0.40
(1.88
)
Adjustment to remove tax (benefit) expense
on adjusting items (b)
(0.08
)
0.50
Adjustment to tax (benefit) expense to
reflect pro forma tax rate (c)
(0.13
)
0.01
ADJUSTED DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
$
3.59
$
2.80
RECONCILIATION TO DILUTED SHARES
OUTSTANDING
Weighted-average number of shares
outstanding used for basic earnings per share
87.3
91.3
Non-vested restricted stock units and
performance share units
0.6
0.6
Weighted-average number of shares
outstanding and common equivalent shares used for diluted earnings
per share
87.9
91.9
(a)
Please refer to Table 2 "EBIT
Reconciliation Schedules" for additional information on adjusting
items.
(b)
The tax impact of adjusting items is based
on our expected tax accounting treatment and rate for the
jurisdiction of each adjusting item.
(c)
To compute adjusted earnings, we apply a
full year pro forma effective tax rate to each quarter presented.
For 2024, we have used a full year pro forma effective tax rate of
25%, which is the mid-point of our 2024 effective tax rate guidance
of 24% to 26%. For comparability, in 2023, we have used an
effective tax rate of 24%, which was our 2023 effective tax rate,
excluding the adjusting items referenced in (a) and (b).
Table 4
Owens Corning and
Subsidiaries
Consolidated Balance
Sheets
(unaudited)
(in millions, except per share
data)
ASSETS
March 31, 2024
December 31,
2023
CURRENT ASSETS
Cash and cash equivalents
$
1,254
$
1,615
Receivables, less allowance of $3 at March
31, 2024 and $11 at December 31, 2023
1,410
987
Inventories
1,205
1,198
Other current assets
112
117
Total current assets
3,981
3,917
Property, plant and equipment, net
3,796
3,841
Operating lease right-of-use assets
221
222
Goodwill
1,385
1,392
Intangible assets, net
1,510
1,528
Deferred income taxes
30
24
Other non-current assets
346
313
TOTAL ASSETS
$
11,269
$
11,237
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,177
$
1,216
Current operating lease liabilities
59
62
Long-term debt - current portion
433
431
Other current liabilities
599
615
Total current liabilities
2,268
2,324
Long-term debt, net of current portion
2,645
2,615
Pension plan liability
68
69
Other employee benefits liability
110
112
Non-current operating lease
liabilities
164
165
Deferred income taxes
423
427
Other liabilities
319
315
Total liabilities
5,997
6,027
Redeemable noncontrolling interest
25
25
OWENS CORNING STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share
(a)
—
—
Common stock, par value $0.01 per share
(b)
1
1
Additional paid in capital
4,159
4,166
Accumulated earnings
5,041
4,794
Accumulated other comprehensive
deficit
(539
)
(503
)
Cost of common stock in treasury (c)
(3,433
)
(3,292
)
Total Owens Corning stockholders’
equity
5,229
5,166
Noncontrolling interests
18
19
Total equity
5,247
5,185
TOTAL LIABILITIES AND EQUITY
$
11,269
$
11,237
(a)
10 shares authorized; none issued or outstanding at March 31,
2024, and December 31, 2023
(b)
400 shares authorized; 135.5 issued and 86.7 outstanding at
March 31, 2024; 135.5 issued and 87.2 outstanding at December 31,
2023
(c)
48.8 shares at March 31, 2024, and 48.3 shares at December 31,
2023
Table 5
Owens Corning and
Subsidiaries
Consolidated Statements of
Cash Flows
(unaudited)
(in millions)
Three Months Ended
March 31,
2024
2023
NET CASH FLOW PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Net earnings
$
298
$
382
Adjustments to reconcile net earnings to
cash from operating activities:
Depreciation and amortization
131
127
Deferred income taxes
(8
)
20
Stock-based compensation expense
14
13
Gain on sale of site
—
(189
)
Other adjustments to reconcile net
earnings to cash from operating activities
(1
)
(5
)
Changes in operating assets and
liabilities
(402
)
(506
)
Pension fund contribution
(1
)
(1
)
Payments for other employee benefits
liabilities
(4
)
(3
)
Other
(3
)
(2
)
Net cash flow provided by (used for)
operating activities
24
(164
)
NET CASH FLOW (USED FOR) PROVIDED BY
INVESTING ACTIVITIES
Cash paid for property, plant, and
equipment
(152
)
(158
)
Proceeds from the sale of assets or
affiliates
6
189
Other
—
(7
)
Net cash flow (used for) provided by
investing activities
(146
)
24
NET CASH FLOW USED FOR FINANCING
ACTIVITIES
Dividends paid
(52
)
(48
)
Purchases of treasury stock
(161
)
(160
)
Finance lease payments
(10
)
(8
)
Other
(11
)
—
Net cash flow used for financing
activities
(234
)
(216
)
Effect of exchange rate changes on
cash
(5
)
14
Net decrease in cash, cash equivalents and
restricted cash
(361
)
(342
)
Cash, cash equivalents and restricted cash
at beginning of period
1,623
1,107
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH AT END OF PERIOD
$
1,262
$
765
Table 6
Owens Corning and
Subsidiaries
Segment Information
(unaudited)
Roofing
The table below provides a
summary of net sales, EBIT, depreciation and amortization expense
and EBITDA for the Roofing segment (in millions):
Three Months Ended
March 31,
2024
2023
Net sales
$
957
$
895
% change from prior year
7
%
7
%
EBIT
$
286
$
209
EBIT as a % of net sales
30
%
23
%
Depreciation and amortization
expense
$
15
$
16
EBITDA
$
301
$
225
EBITDA as a % of net sales
31
%
25
%
Insulation
The table below provides a
summary of net sales, EBIT, depreciation and amortization expense
and EBITDA for the Insulation segment (in millions):
Three Months Ended
March 31,
2024
2023
Net sales
$
904
$
919
% change from prior year
-2
%
7
%
EBIT
$
161
$
156
EBIT as a % of net sales
18
%
17
%
Depreciation and amortization
expense
$
51
$
51
EBITDA
$
212
$
207
EBITDA as a % of net sales
23
%
23
%
Composites
The table below provides a
summary of net sales, EBIT, depreciation and amortization expense
and EBITDA for the Composites segment (in millions):
Three Months Ended
March 31,
2024
2023
Net sales
$
523
$
585
% change from prior year
-11
%
-18
%
EBIT
$
46
$
49
EBIT as a % of net sales
9
%
8
%
Depreciation and amortization
expense
$
44
$
44
EBITDA
$
90
$
93
EBITDA as a % of net sales
17
%
16
%
Table 7
Owens Corning and
Subsidiaries
Corporate, Other and
Eliminations
(unaudited)
Corporate, Other and
Eliminations
The table below provides a summary of EBIT
and depreciation and amortization expense for the Corporate, Other
and Eliminations category (in millions):
Three Months Ended
March 31,
2024
2023
Restructuring costs
$
(14
)
$
(18
)
Gain on sale of Santa Clara, California
site
—
189
Gains on sale of certain precious
metals
—
2
Strategic review-related charges
(2
)
—
Acquisition-related costs
(18
)
—
Paroc marine recall
(1
)
—
General corporate expense and other
(55
)
(53
)
EBIT
$
(90
)
$
120
Depreciation and amortization
$
21
$
16
Table 8
Owens Corning and
Subsidiaries
Free Cash Flow Reconciliation
Schedule
(unaudited)
The reconciliation from net cash
flow provided by (used for) operating activities to free cash flow
is shown in the table below (in millions):
Three Months Ended
March 31,
2024
2023
NET CASH FLOW PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
$
24
$
(164
)
Less: Cash paid for property, plant and
equipment
(152
)
(158
)
FREE CASH FLOW
$
(128
)
$
(322
)
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