Owens Corning Q1 adjusted EBIT up 21% to $438M; adjusted EPS $3.59 beats prior year

Owens Corning

2024-Q1 EPS reported $3.40 revenue$2,300,000,000

Net sales $2.3B (-1% YoY); net earnings $299M (-22%) due to prior-year $189M gain on site sale.
Adjusted diluted EPS $3.59 vs. $2.80 (+28%); adjusted EBITDA margin 25% vs. 21%.
Roofing net sales +7% to $957M; EBIT $286M (30% margin). Composites sales -11% to $523M.
Returned $182M to shareholders: $52M dividends + $130M share repurchases (0.9M shares).
Masonite acquisition on track for mid-2024; strategic review of glass reinforcements ongoing.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Owens Corning reported quarter ended March 31, 2024 results: revenue $2.3 Billion, net income $299 Million, EPS $3.40.

Period: quarter ended March 31, 2024
Revenue: $2.3 Billion
Net income: $299 Million
EPS: $3.40
Result: reported results

Exact text from the filing

Owens Corning Delivers Net Sales of $2.3 Billion; Generates Net Earnings of $299 Million and Adjusted EBIT of $438 Million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Owens Corning updated its second-quarter and full-year 2024 guidance (reaffirmed).

Period: second-quarter and full-year 2024
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001370946-24-000127

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