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Owens Corning Delivers Record Net Sales of $2.6 Billion August 01 2022

2022 Lucintel Composites Market Insights, August 01, 2022

Owens Corning reported second-quarter 2022 results.
• Reported Net Sales Increase of 16% to $2.6 Billion
• Expanded Adjusted EBIT Margins to 20% and Adjusted EBITDA Margins to 25%
• Delivered Diluted EPS of $3.49 and Adjusted Diluted EPS of $3.83
• Generated Operating Cash Flow of $466 Million and Free Cash Flow of $361 Million
• Returned $136 Million of Free Cash Flow to Shareholders through Dividends and Share Repurchases
“In the first half of 2022, we generated $624 million of operating cash flow and $412 million of free cash flow,” said Executive Vice President and Chief Financial Officer Ken Parks. “Our strong and consistent cash generation combined with our solid financial position provides us the flexibility to execute on our enterprise strategy, while remaining committed to returning at least 50% of free cash flow to shareholders over time.”
Owens Corning sustained a high level of safety performance in the second quarter with a recordable incident rate (RIR) of 0.81.
The Composites Segment’s net sales increased 23% to $719 million in second-quarter 2022 compared with second-quarter 2021, primarily due to higher selling prices and the favorable impact of customer mix. EBIT increased $56 million to $154 million, with 21% EBIT margins, on higher selling prices and favorable mix, which more than offset input cost inflation and increased transportation costs.

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