Owens Corning Q1 Report 2023
- Reported Net Sales of $2.3 Billion, in-line with Prior Year
- Generated Adjusted EBIT Margins of 15% and Adjusted EBITDA Margins of 21%
- Delivered Diluted EPS of $4.17 and Adjusted Diluted EPS of $2.77
- Produced Operating Cash Outflow of $164 Million and Free Cash Outflow of $322 Million
- Returned $183 Million to Shareholders through Dividends and Share Repurchases
Segment Performance
- Composites net sales decreased 18% to $585 million in first-quarter 2023 compared with first-quarter 2022, primarily due to lower volumes, including the impact of previously announced divestitures. EBIT decreased $105 million to $49 million, resulting in 8% EBIT margins and 16% EBITDA margins, on the impact of lower sales volumes, the resulting production downtime, and higher manufacturing costs.
- Insulation net sales increased 7% to $919 million in first-quarter 2023 compared with first-quarter 2022, as a result of positive price realization partially offset by lower volumes. EBIT increased $27 million to $156 million, with 17% EBIT margins and 23% EBITDA margins, on positive price realization, which more than offset input cost inflation and lower volumes.
- Roofing net sales increased 7% to $895 million in first-quarter 2023 compared with first-quarter 2022, primarily due to positive price realization partially offset by lower volumes, which outperformed the market. EBIT increased $33 million to $209 million, with 23% EBIT margins and 25% EBITDA margins, primarily due to positive price realization partially offset by input cost inflation and the impact of higher manufacturing costs.
