Owens Corning Delivered Record Revenue of $7.1 Billion in 2018

February 25 2019

“Owens Corning had another record year in terms of revenue and adjusted EBIT, with all three businesses delivering double-digit EBIT margins,” said Chairman and Chief Executive Officer Mike Thaman. “Today, Owens Corning is a more resilient and diversified company, better able to generate attractive returns for investors through the cycle.”

Owens Corning reported consolidated net sales of $1.7 billion in fourth-quarter 2018, compared with net sales of $1.6 billion in fourth-quarter 2017, an increase of 7%. Full-year 2018 consolidated net sales were $7.1 billion, compared with net sales of $6.4 billion in 2017, an increase of 11%.

2019 Outlook
• The company expects an environment consistent with consensus expectations for global industrial production growth, U.S. housing starts, and global commercial and industrial construction growth.
• In Insulation, the company expects a flat macroeconomic outlook for the North America residential fiberglass insulation business. In this business, the company expects continued positive pricing momentum to be offset by lower volumes and production curtailments. In the technical and other building insulation businesses, the company expects earnings growth driven by improved operating performance and growth in global construction and industrial insulation markets.
• In Composites, the company expects growth in the glass fiber market consistent with global industrial production growth, with a more uncertain global economic environment. The company expects volume growth and improved operating performance to be offset by inflation.
• In Roofing, the company expects relatively flat U.S. shingle end-market demand with industry shipments slightly below last year, assuming average storm demand. For Owens Corning, the company anticipates a favorable geographic mix comparison with the prior year and a higher share of shipments. Contribution margins entering 2019 position the business for continued strong performance.

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