– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
TOLEDO, Ohio--(BUSINESS WIRE)--Owens Corning (NYSE: OC), a global building and construction materials leader, today reported first-quarter 2022 results.
“Building on the momentum from an outstanding 2021, Owens Corning delivered another great quarter to start the year. Our results are being driven by continued strong execution by our teams along with the structural improvements and strategic investments we are making to generate higher, more resilient earnings,” said Chair and Chief Executive Officer Brian Chambers. “We remain focused on servicing our customers’ near-term demand while also positioning ourselves to capitalize on longer-term secular trends that will drive additional growth for our company and value for our shareholders.”
Enterprise Performance
($ in millions, except per share amounts) |
First-Quarter |
|||
2022 |
2021 |
Change |
||
Net Sales |
$ 2,346 |
$ 1,915 |
$431 |
23% |
Net Earnings Attributable to OC |
304 |
210 |
94 |
45% |
Adjusted EBITDA |
543 |
400 |
143 |
36% |
Adjusted EBIT |
417 |
282 |
135 |
48% |
Diluted EPS |
3.03 |
1.98 |
1.05 |
53% |
Adjusted Diluted EPS |
2.84 |
1.79 |
1.05 |
59% |
Operating Cash Flow |
158 |
204 |
(46) |
(23%) |
Free Cash Flow |
51 |
120 |
(69) |
(58%) |
Capital Deployment and Liquidity
“We are pleased with our cash flow performance to start the year. In the first quarter of 2022, we generated $158 million of operating cash flow and $51 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 investment-grade balance sheet, position us well to continue to execute on our business strategies to grow our company, while remaining committed to returning at least 50% of free cash flow to shareholders over time.”
Segment Performance
Other Key Highlights
Second-Quarter and Full-Year 2022 Outlook
Current 2022 financial outlook is presented below:
General Corporate Expenses |
$160 million to $170 million |
Interest Expense |
$115 million to $125 million |
Effective Tax Rate on Adjusted Earnings |
25% to 27% |
Cash Tax Rate on Adjusted Earnings |
22% to 24% |
Capital Additions |
Approximately $480 million |
Depreciation and Amortization |
Approximately $520 million |
The above outlook excludes the impact of any acquisitions or divestitures not yet completed.
First-Quarter 2022 Conference Call and Presentation Wednesday, April 27, 2022 9 a.m. Eastern Time
Telephone and Webcast Replay
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 – Composites, Insulation, and Roofing – 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 20,000 employees in 33 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 2021 sales of $8.5 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 3 for adjusted earnings and adjusted EPS, and Table 8 for free cash flow.
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. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the company’s mandatory debt service requirements. As a conversion ratio, free cash flow is compared to adjusted earnings. Free cash flow and free cash flow conversion are 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: the severity and duration of the current COVID-19 pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; levels of residential, commercial and industrial construction activity; levels of global industrial production; availability and cost of energy, transportation, raw materials or other inputs; issues related to acquisitions, divestitures, joint ventures or expansions; competitive and pricing factors; demand for our products; relationships with key customers; domestic and international economic and political conditions, including new legislation, policies or other governmental actions in the U.S. or elsewhere; industry and economic conditions that affect the market and operating conditions of our customers, suppliers or lenders; climate change, weather conditions and storm activity; uninsured losses, including those from natural disasters, pandemics, catastrophe, theft or sabotage; legal and regulatory proceedings, including litigation and environmental actions; changes to tariff, trade or investment policies or laws; research and development activities and intellectual property protection; issues involving implementation and protection of Information technology systems; achievement of expected synergies, cost reductions and/or productivity improvements; the level of fixed costs required to run our business; foreign exchange and commodity price fluctuations; our level of indebtedness; our liquidity and the availability and cost of credit; levels of goodwill or other indefinite-lived intangible assets; price volatility in certain wind energy markets in the U.S.; loss of key employees, labor disputes or shortages; 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 27, 2022, 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, |
||||||
|
2022 |
2021 |
||||
NET SALES |
$ |
2,346 |
|
$ |
1,915 |
|
COST OF SALES |
|
1,727 |
|
|
1,471 |
|
Gross margin |
|
619 |
|
|
444 |
|
OPERATING EXPENSES |
|
|
||||
Marketing and administrative expenses |
|
184 |
|
|
174 |
|
Science and technology expenses |
|
23 |
|
|
20 |
|
Other income, net |
|
(28 |
) |
|
(48 |
) |
Total operating expenses |
|
179 |
|
|
146 |
|
OPERATING INCOME |
|
440 |
|
|
298 |
|
Non-operating income |
|
(2 |
) |
|
(3 |
) |
EARNINGS BEFORE INTEREST AND TAXES |
|
442 |
|
|
301 |
|
Interest expense, net |
|
28 |
|
|
33 |
|
EARNINGS BEFORE TAXES |
|
414 |
|
|
268 |
|
Income tax expense |
|
107 |
|
|
59 |
|
Equity in net earnings of affiliates |
|
— |
|
|
1 |
|
NET EARNINGS |
|
307 |
|
|
210 |
|
Net earnings attributable to noncontrolling interests |
|
3 |
|
|
— |
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING |
$ |
304 |
|
$ |
210 |
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
|
|
||||
Basic |
$ |
3.06 |
|
$ |
1.99 |
|
Diluted |
$ |
3.03 |
|
$ |
1.98 |
|
WEIGHTED AVERAGE COMMON SHARES |
|
|
||||
Basic |
|
99.5 |
|
|
105.4 |
|
Diluted |
|
100.2 |
|
|
106.0 |
|
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, |
||||||
|
2022 |
2021 |
||||
Restructuring costs |
$ |
(6 |
) |
$ |
(1 |
) |
Gain on sale of Shanghai, China facility |
|
27 |
|
|
— |
|
Gains on sale of certain precious metals |
|
4 |
|
|
20 |
|
Total adjusting items |
$ |
25 |
|
$ |
19 |
|
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, |
||||||
|
2022 |
2021 |
||||
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING |
$ |
304 |
|
$ | 210 |
|
Net earnings attributable to noncontrolling interests |
|
3 |
|
— |
||
NET EARNINGS |
|
307 |
|
210 |
||
Equity in net earnings of affiliates |
|
— |
|
|
1 |
|
Income tax expense |
|
107 |
|
59 |
||
EARNINGS BEFORE TAXES |
|
414 |
|
268 |
||
Interest expense, net |
|
28 |
|
33 |
||
EARNINGS BEFORE INTEREST AND TAXES |
|
442 |
|
301 |
||
Adjusting items from above |
|
25 |
|
19 |
||
ADJUSTED EBIT |
$ |
417 |
|
$ | 282 |
|
Net Sales |
$ |
2,346 |
|
$ | 1,915 |
|
ADJUSTED EBIT as a % of Net sales |
|
18 |
% |
15 |
% | |
|
|
|
||||
EARNINGS BEFORE INTEREST AND TAXES |
|
442 |
|
301 |
||
Depreciation and amortization |
|
132 |
|
119 |
||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION |
|
574 |
|
420 |
||
Adjusting items from above |
|
(25 |
) |
(19 |
) | |
Accelerated depreciation included in restructuring |
|
(6 |
) |
(1 |
) | |
ADJUSTED EBITDA |
$ |
543 |
|
$ | 400 |
|
Net sales |
$ |
2,346 |
|
$ | 1,915 |
|
ADJUSTED EBITDA as a % of Net sales |
|
23 |
% |
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, |
||||||
|
2022 |
2021 |
||||
RECONCILIATION TO ADJUSTED EARNINGS |
|
|
||||
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING |
$ |
304 |
|
$ |
210 |
|
Adjustment to remove adjusting items (a) |
|
(25 |
) |
|
(19 |
) |
Adjustment to remove tax expense on adjusting items (b) |
|
6 |
|
|
5 |
|
Adjustment to remove significant tax items (c) |
|
— |
|
|
— |
|
Adjustment to tax expense to reflect pro forma tax rate (d) |
|
— |
|
|
(6 |
) |
ADJUSTED EARNINGS |
$ |
285 |
|
$ |
190 |
|
|
|
|
||||
RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
|
|
||||
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
$ |
3.03 |
|
$ |
1.98 |
|
Adjustment to remove adjusting items (a) |
|
(0.25 |
) |
|
(0.18 |
) |
Adjustment to remove tax expense on adjusting items (b) |
|
0.06 |
|
|
0.05 |
|
Adjustment to remove significant tax items (c) |
|
— |
|
|
— |
|
Adjustment to tax expense to reflect pro forma tax rate (d) |
|
— |
|
|
(0.06 |
) |
ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
$ |
2.84 |
|
$ |
1.79 |
|
|
|
|
||||
RECONCILIATION TO DILUTED SHARES OUTSTANDING |
|
|
||||
Weighted-average number of shares outstanding used for basic earnings per share |
|
99.5 |
|
|
105.4 |
|
Non-vested restricted and performance shares |
|
0.7 |
|
|
0.5 |
|
Options to purchase common stock |
|
— |
|
|
0.1 |
|
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share |
|
100.2 |
|
|
106.0 |
|
(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) |
There were no significant tax items in the first three months of 2022 or 2021. |
(d) |
To compute adjusted earnings, we apply a full year pro forma effective tax rate to each quarter presented. For 2022, we have used a full year pro forma effective tax rate of 26%, which is the mid-point of our 2022 effective tax rate guidance of 25% to 27%, excluding the adjusting items referenced in (a), (b) and (c). For comparability, in 2021, we have used an effective tax rate of 24%, which was our 2021 effective tax rate, excluding the adjusting items referenced in (a), (b) and (c). |
Table 4 |
||||||
Owens Corning and Subsidiaries |
||||||
Consolidated Balance Sheets |
||||||
(unaudited) |
||||||
(in millions, except per share data) |
||||||
|
March 31, |
December 31, |
||||
ASSETS |
2022 |
2021 |
||||
CURRENT ASSETS |
|
|
||||
Cash and cash equivalents |
$ |
748 |
|
$ |
959 |
|
Receivables, less allowance of $11 and $9 at March 31, 2022 and December 31, 2021, respectively |
|
1,395 |
|
|
939 |
|
Inventories |
|
1,147 |
|
|
1,078 |
|
Other current assets |
|
141 |
|
|
121 |
|
Total current assets |
|
3,431 |
|
|
3,097 |
|
Property, plant and equipment, net |
|
3,825 |
|
|
3,873 |
|
Operating lease right-of-use assets |
|
182 |
|
|
158 |
|
Goodwill |
|
983 |
|
|
990 |
|
Intangible assets |
|
1,606 |
|
|
1,617 |
|
Deferred income taxes |
|
30 |
|
|
31 |
|
Other non-current assets |
|
259 |
|
|
249 |
|
TOTAL ASSETS |
$ |
10,316 |
|
$ |
10,015 |
|
|
|
|
||||
LIABILITIES AND EQUITY |
||||||
CURRENT LIABILITIES |
|
|
||||
Accounts payable |
$ |
1,328 |
|
$ |
1,095 |
|
Current operating lease liabilities |
|
52 |
|
|
49 |
|
Other current liabilities |
|
619 |
|
|
553 |
|
Total current liabilities |
|
1,999 |
|
|
1,697 |
|
Long-term debt, net of current portion |
|
2,959 |
|
|
2,960 |
|
Pension plan liability |
|
72 |
|
|
77 |
|
Other employee benefits liability |
|
156 |
|
|
157 |
|
Non-current operating lease liabilities |
|
131 |
|
|
109 |
|
Deferred income taxes |
|
376 |
|
|
376 |
|
Other liabilities |
|
258 |
|
|
304 |
|
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 |
|
4,091 |
|
|
4,092 |
|
Accumulated earnings |
|
2,974 |
|
|
2,706 |
|
Accumulated other comprehensive deficit |
|
(581 |
) |
|
(581 |
) |
Cost of common stock in treasury (c) |
|
(2,144 |
) |
|
(1,922 |
) |
Total Owens Corning stockholders’ equity |
|
4,341 |
|
|
4,296 |
|
Noncontrolling interests |
|
24 |
|
|
39 |
|
Total equity |
|
4,365 |
|
|
4,335 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
10,316 |
|
$ |
10,015 |
|
(a) |
10 shares authorized; none issued or outstanding at March 31, 2022, and December 31, 2021 |
(b) |
400 shares authorized; 135.5 issued and 98.1 outstanding at March 31, 2022; 135.5 issued and 100.4 outstanding at December 31, 2021 |
(c) |
37.4 shares at March 31, 2022, and 35.1 shares at December 31, 2021 |
Table 5 |
||||||
Owens Corning and Subsidiaries |
||||||
Consolidated Statements of Cash Flows |
||||||
(unaudited) |
||||||
(in millions) |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES |
|
|
||||
Net earnings |
$ |
307 |
|
$ |
210 |
|
Adjustments to reconcile net earnings to cash provided by operating activities: |
|
|
||||
Depreciation and amortization |
|
132 |
|
|
119 |
|
Deferred income taxes |
|
3 |
|
|
13 |
|
Provision for pension and other employee benefits liabilities |
|
1 |
|
|
— |
|
Stock-based compensation expense |
|
12 |
|
|
12 |
|
Gains on sale of certain precious metals |
|
(4 |
) |
|
(20 |
) |
Other adjustments to reconcile net earnings to cash provided by operating activities |
|
26 |
|
|
14 |
|
Changes in operating assets and liabilities |
|
(301 |
) |
|
(136 |
) |
Pension fund contribution |
|
(1 |
) |
|
(1 |
) |
Payments for other employee benefits liabilities |
|
(3 |
) |
|
(4 |
) |
Other |
|
(14 |
) |
|
(3 |
) |
Net cash flow provided by operating activities |
|
158 |
|
|
204 |
|
NET CASH FLOW USED FOR INVESTING ACTIVITIES |
|
|
||||
Cash paid for property, plant, and equipment |
|
(107 |
) |
|
(84 |
) |
Proceeds from the sale of assets or affiliates |
|
10 |
|
|
— |
|
Derivative settlements |
|
11 |
|
|
(35 |
) |
Other |
|
(2 |
) |
|
(2 |
) |
Net cash flow used for investing activities |
|
(88 |
) |
|
(121 |
) |
NET CASH FLOW USED FOR FINANCING ACTIVITIES |
|
|
||||
Purchases of noncontrolling interest |
|
(9 |
) |
|
— |
|
Net decrease in short-term debt |
|
(5 |
) |
|
— |
|
Dividends paid |
|
(35 |
) |
|
(55 |
) |
Purchases of treasury stock |
|
(229 |
) |
|
(142 |
) |
Other |
|
(7 |
) |
|
3 |
|
Net cash flow used for financing activities |
|
(285 |
) |
|
(194 |
) |
Effect of exchange rate changes on cash |
|
4 |
|
|
(1 |
) |
Net decrease in cash, cash equivalents, and restricted cash |
|
(211 |
) |
|
(112 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
966 |
|
|
724 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ |
755 |
|
$ |
612 |
|
Table 6 |
||||||
Owens Corning and Subsidiaries |
||||||
Segment Information |
||||||
(unaudited) |
||||||
Composites |
||||||
The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Composites segment (in millions): |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
Net sales |
$ |
714 |
|
$ |
559 |
|
% change from prior year |
|
28 |
% |
|
13 |
% |
EBIT |
$ |
154 |
|
$ |
79 |
|
EBIT as a % of net sales |
|
22 |
% |
|
14 |
% |
Depreciation and amortization expense |
$ |
43 |
|
$ |
38 |
|
Insulation |
||||||
The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Insulation segment (in millions): |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
Net sales |
$ |
859 |
|
$ |
700 |
|
% change from prior year |
|
23 |
% |
|
16 |
% |
EBIT |
$ |
129 |
|
$ |
82 |
|
EBIT as a % of net sales |
|
15 |
% |
|
12 |
% |
Depreciation and amortization expense |
$ |
53 |
|
$ |
51 |
|
Roofing |
||||||
The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Roofing segment (in millions): |
||||||
|
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
Net sales |
$ |
838 |
|
$ |
711 |
|
% change from prior year |
|
18 |
% |
|
28 |
% |
EBIT |
$ |
176 |
|
$ |
156 |
|
EBIT as a % of net sales |
|
21 |
% |
|
22 |
% |
Depreciation and amortization expense |
$ |
14 |
|
$ |
15 |
|
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, |
||||||
|
2022 |
2021 |
||||
Restructuring costs |
$ |
(6 |
) |
$ |
(1 |
) |
Gain on sale of Shanghai, China facility |
|
27 |
|
|
— |
|
Gains on sale of certain precious metals |
|
4 |
|
|
20 |
|
General corporate expense and other |
|
(42 |
) |
|
(35 |
) |
EBIT |
$ |
(17 |
) |
$ |
(16 |
) |
Depreciation and amortization |
$ |
22 |
|
$ |
15 |
|
Table 8 |
||||||
Owens Corning and Subsidiaries |
||||||
Free Cash Flow Reconciliation Schedule |
||||||
(unaudited) |
||||||
The reconciliation from net cash flow provided by operating activities to free cash flow is shown in the table below (in millions): |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES |
$ |
158 |
|
$ |
204 |
|
Less: Cash paid for property, plant and equipment |
|
(107 |
) |
|
(84 |
) |
FREE CASH FLOW |
$ |
51 |
|
$ |
120 |
|
ТОЛЕДО, Огайо--(BUSINESS WIRE)--Owens Corning (NYSE: OC), мировой лидер в области строительства и строительных материалов, сегодня сообщила о результатах за первый квартал 2022 года.
“Опираясь на импульс выдающегося 2021 года, Owens Corning обеспечил еще один отличный квартал для начала года. Наши результаты обусловлены продолжающейся эффективной работой наших команд наряду со структурными улучшениями и стратегическими инвестициями, которые мы делаем для получения более высоких и устойчивых доходов”, - сказал председатель и главный исполнительный директор Брайан Чемберс. “Мы по-прежнему сосредоточены на обслуживании краткосрочного спроса наших клиентов, в то же время позиционируя себя так, чтобы извлечь выгоду из долгосрочных тенденций, которые приведут к дополнительному росту нашей компании и стоимости для наших акционеров”.
Производительность предприятия
($ in millions, except per share amounts) |
First-Quarter |
|||
2022 |
2021 |
Change |
||
Net Sales |
$ 2,346 |
$ 1,915 |
$431 |
23% |
Net Earnings Attributable to OC |
304 |
210 |
94 |
45% |
Adjusted EBITDA |
543 |
400 |
143 |
36% |
Adjusted EBIT |
417 |
282 |
135 |
48% |
Diluted EPS |
3.03 |
1.98 |
1.05 |
53% |
Adjusted Diluted EPS |
2.84 |
1.79 |
1.05 |
59% |
Operating Cash Flow |
158 |
204 |
(46) |
(23%) |
Free Cash Flow |
51 |
120 |
(69) |
(58%) |
Размещение капитала и Ликвидность
“Мы довольны нашими показателями движения денежных средств в начале года. В первом квартале 2022 года мы получили операционный денежный поток в размере 158 миллионов долларов и свободный денежный поток в размере 51 миллиона долларов”, - сказал исполнительный вице-президент и финансовый директор Кен Паркс. “Наша сильная и стабильная генерация денежных средств в сочетании с нашим солидным балансом инвестиционного уровня позволяет нам продолжать реализовывать наши бизнес-стратегии по развитию нашей компании, сохраняя при этом приверженность возвращению акционерам не менее 50% свободного денежного потока с течением времени”.
Показатели сегмента
Другие Ключевые моменты
Прогноз на второй квартал и весь 2022 год
Ниже представлены текущие финансовые перспективы на 2022 год:
General Corporate Expenses |
$160 million to $170 million |
Interest Expense |
$115 million to $125 million |
Effective Tax Rate on Adjusted Earnings |
25% to 27% |
Cash Tax Rate on Adjusted Earnings |
22% to 24% |
Capital Additions |
Approximately $480 million |
Depreciation and Amortization |
Approximately $520 million |
Приведенный выше прогноз исключает влияние любых приобретений или отчуждений, которые еще не завершены.
Конференц-связь и презентация за первый квартал 2022 года Среда, 27 апреля 2022 г. 9 утра по Восточному времени
Воспроизведение телефонных и веб-трансляций
Об Owens Corning
Owens Corning - мировой лидер в области строительства и строительных материалов, стремящийся построить устойчивое будущее с помощью инноваций в материалах. Наши три интегрированных предприятия – Композитные материалы, Изоляция и Кровля – предоставляют долговечные, устойчивые и энергоэффективные решения, которые используют наши уникальные знания в области материаловедения, производства и рынка, чтобы помочь нашим клиентам выигрывать и расти. Мы глобальны по масштабам, по человеческому масштабу, с примерно 20 000 сотрудниками в 33 странах, которые стремятся создавать ценность для наших клиентов и акционеров и вносить изменения в сообщества, где мы работаем и живем. Основанная в 1938 году и базирующаяся в Толедо, штат Огайо, США, компания Owens Corning сообщила о продажах в 2021 году на сумму 8,5 миллиарда долларов. Для получения дополнительной информации посетите www.owenscorning.com .
Использование показателей, не относящихся к GAAP
Owens Corning использует показатели, отличные от GAAP, в своем пресс-релизе о доходах, которые призваны дополнить понимание инвесторами финансовой информации компании. Эти показатели, не относящиеся к GAAP, включают показатель EBIT, скорректированный показатель EBIT, показатель EBITDA, скорректированный показатель EBITDA, скорректированную прибыль, скорректированную разводненную прибыль на акцию, приходящуюся на владельцев обыкновенных акций Owens Corning (“скорректированная прибыль на акцию”), скорректированную прибыль до налогообложения, свободный денежный поток и конвертацию свободного денежного потока. При использовании для представления исторической финансовой информации сверки этих показателей, не относящихся к GAAP, с соответствующими показателями GAAP включаются в финансовые таблицы настоящего пресс-релиза. В частности, в таблице 2 указаны показатели EBIT, скорректированный показатель EBIT, показатель EBITDA и скорректированный показатель EBITDA, в таблице 3 - скорректированная прибыль и скорректированная прибыль на акцию, а в таблице 8 - свободный денежный поток.
Для целей внутреннего анализа операционных показателей Owens Corning за год руководство исключает из чистой прибыли, относящейся к Owens Corning, определенные статьи, которые, по его мнению, не отражают текущую деятельность. Финансовые показатели, не относящиеся к GAAP, полученные в результате этих корректировок (включая скорректированный показатель EBIT, скорректированный показатель EBITDA, скорректированную прибыль, скорректированную прибыль на акцию и скорректированную прибыль до налогообложения), используются Owens Corning внутри компании для различных целей, включая представление отчетов о результатах деятельности Совету директоров, анализ результатов деятельности и соответствующие меры по вознаграждению сотрудников. Руководство считает, что эти корректировки приводят к показателю, который обеспечивает полезное представление о его операционной деятельности; однако скорректированные показатели не следует рассматривать изолированно или в качестве замены чистой прибыли, относящейся к Owens Corning, подготовленной в соответствии с GAAP.
Свободный денежный поток - это показатель ликвидности, не относящийся к GAAP, используемый инвесторами, финансовыми аналитиками и руководством для оценки способности компании генерировать денежные средства для реализации возможностей, повышающих акционерную стоимость. Свободный денежный поток не является мерой остаточного денежного потока, доступного для дискреционных расходов в связи с обязательными требованиями компании по обслуживанию долга. В качестве коэффициента пересчета свободный денежный поток сравнивается с скорректированной прибылью. Свободный денежный поток и конвертация свободного денежного потока используются внутри компании для различных целей, включая представление отчетов о результатах деятельности Совету директоров компании и анализ результатов деятельности.
Руководство считает, что эти показатели дают полезное представление о наших операционных показателях и ликвидности; однако эти показатели не следует рассматривать изолированно или в качестве замены чистого денежного потока, полученного от операционной деятельности, или чистой прибыли, относящейся к Owens Corning, подготовленной в соответствии с GAAP.
Когда компания предоставляет прогнозные ожидания в отношении показателей, не относящихся к GAAP, наиболее сопоставимые показатели GAAP и сверка между ожиданиями, не относящимися к GAAP, и соответствующими показателями GAAP, как правило, недоступны без необоснованных усилий из-за изменчивости, сложности и ограниченной видимости корректирующих статей, которые были бы исключены из показателей, не относящихся к GAAP.- Показатели GAAP в будущих периодах. Изменение сроков и количества корректирующих статей может оказать значительное и непредсказуемое влияние на наши будущие результаты по ОПБУ.
Прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления по смыслу Раздела 27A Закона о ценных бумагах 1933 года и Раздела 21E Закона о ценных бумагах и биржах 1934 года. Эти прогнозные заявления подвержены рискам, неопределенностям и другим факторам, и фактические результаты могут существенно отличаться от любых результатов, прогнозируемых в заявлениях. Данные риски, факторы неопределенности и иные факторы включают в себя, без ограничения: тяжесть и продолжительность текущего COVID-19 пандемией на нашем операций, клиентов и поставщиков, а также соответствующие меры, принимаемые органами государственной власти и другими третьими сторонами в ответ, каждый из которых является неопределенной, быстро меняющейся и трудно предсказать; уровень жилого, коммерческого и промышленного строительства; уровень мирового промышленного производства; доступность и стоимость энергоресурсов, транспорта, сырья и других материалов; вопросы, связанные с приобретением, отчуждением активов, совместных предприятий или расширения; конкурентоспособная и ценообразующие факторы; спрос на продукцию; взаимодействие с ключевыми клиентами; внутренние и международные экономические и политические условия, включая новое законодательство, политику или другие действия государственных органов в США или в других местах; отрасли и экономических условий, которые влияют на рынок и условия работы нашим заказчикам, поставщикам и кредиторам; изменение климата, погодные условия и штормовой активности; незастрахованные убытки, в том числе от стихийных бедствий, эпидемий, катастроф, хищения или диверсии; правовые и нормативные процедуры, в том числе судебные и природоохранных мероприятий; изменения тарифов, торговой или инвестиционной политики и законы; научно-исследовательская деятельность и защита интеллектуальной собственности; вопросы, касающиеся реализации и защиты информационных систем; достижения ожидаемой синергии, сокращения затрат и/или повышения производительности труда; уровень постоянных затрат, необходимых для запуска нашего бизнеса; иностранной валюты и колебания цен на сырьевые товары; уровень задолженности; наши ликвидность и доступность и стоимость кредита; уровень доброй воли или другие нематериальные активы с неопределенным сроком; волатильность цен в отдельных ветроэнергетических рынков в США; потеря ключевых сотрудников, трудовых споров или нехватки; обязательства по финансированию пенсионного плана с установленными выплатами; и факторы время от времени в компании по ценным бумагам и биржам заявок. Информация в этом пресс-релизе приведена по состоянию на 27 апреля 2022 года и может быть изменена. Компания не берет на себя никаких обязательств по обновлению или пересмотру прогнозных заявлений, за исключением случаев, предусмотренных федеральными законами о ценных бумагах. Любое распространение этого пресс-релиза после этой даты не предназначено и не должно быть истолковано как обновление или подтверждение такой информации.
Новости компании Owens Corning / Новости по связям с инвесторами Owens Corning
Table 1 |
||||||
Owens Corning and Subsidiaries |
||||||
Consolidated Statements of Earnings |
||||||
(unaudited) |
||||||
(in millions, except per share amounts) |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
NET SALES |
$ |
2,346 |
|
$ |
1,915 |
|
COST OF SALES |
|
1,727 |
|
|
1,471 |
|
Gross margin |
|
619 |
|
|
444 |
|
OPERATING EXPENSES |
|
|
||||
Marketing and administrative expenses |
|
184 |
|
|
174 |
|
Science and technology expenses |
|
23 |
|
|
20 |
|
Other income, net |
|
(28 |
) |
|
(48 |
) |
Total operating expenses |
|
179 |
|
|
146 |
|
OPERATING INCOME |
|
440 |
|
|
298 |
|
Non-operating income |
|
(2 |
) |
|
(3 |
) |
EARNINGS BEFORE INTEREST AND TAXES |
|
442 |
|
|
301 |
|
Interest expense, net |
|
28 |
|
|
33 |
|
EARNINGS BEFORE TAXES |
|
414 |
|
|
268 |
|
Income tax expense |
|
107 |
|
|
59 |
|
Equity in net earnings of affiliates |
|
— |
|
|
1 |
|
NET EARNINGS |
|
307 |
|
|
210 |
|
Net earnings attributable to noncontrolling interests |
|
3 |
|
|
— |
|
NET EARNINGS ATTRIBUTABLE TO Owens Corning |
$ |
304 |
|
$ |
210 |
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO Owens Corning COMMON STOCKHOLDERS |
|
|
||||
Basic |
$ |
3.06 |
|
$ |
1.99 |
|
Diluted |
$ |
3.03 |
|
$ |
1.98 |
|
WEIGHTED AVERAGE COMMON SHARES |
|
|
||||
Basic |
|
99.5 |
|
|
105.4 |
|
Diluted |
|
100.2 |
|
|
106.0 |
|
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, |
||||||
|
2022 |
2021 |
||||
Restructuring costs |
$ |
(6 |
) |
$ |
(1 |
) |
Gain on sale of Shanghai, China facility |
|
27 |
|
|
— |
|
Gains on sale of certain precious metals |
|
4 |
|
|
20 |
|
Total adjusting items |
$ |
25 |
|
$ |
19 |
|
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, |
||||||
|
2022 |
2021 |
||||
NET EARNINGS ATTRIBUTABLE TO Owens Corning |
$ |
304 |
|
$ | 210 |
|
Net earnings attributable to noncontrolling interests |
|
3 |
|
— |
||
NET EARNINGS |
|
307 |
|
210 |
||
Equity in net earnings of affiliates |
|
— |
|
|
1 |
|
Income tax expense |
|
107 |
|
59 |
||
EARNINGS BEFORE TAXES |
|
414 |
|
268 |
||
Interest expense, net |
|
28 |
|
33 |
||
EARNINGS BEFORE INTEREST AND TAXES |
|
442 |
|
301 |
||
Adjusting items from above |
|
25 |
|
19 |
||
ADJUSTED EBIT |
$ |
417 |
|
$ | 282 |
|
Net Sales |
$ |
2,346 |
|
$ | 1,915 |
|
ADJUSTED EBIT as a % of Net sales |
|
18 |
% |
15 |
% | |
|
|
|
||||
EARNINGS BEFORE INTEREST AND TAXES |
|
442 |
|
301 |
||
Depreciation and amortization |
|
132 |
|
119 |
||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION |
|
574 |
|
420 |
||
Adjusting items from above |
|
(25 |
) |
(19 |
) | |
Accelerated depreciation included in restructuring |
|
(6 |
) |
(1 |
) | |
ADJUSTED EBITDA |
$ |
543 |
|
$ | 400 |
|
Net sales |
$ |
2,346 |
|
$ | 1,915 |
|
ADJUSTED EBITDA as a % of Net sales |
|
23 |
% |
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, |
||||||
|
2022 |
2021 |
||||
RECONCILIATION TO ADJUSTED EARNINGS |
|
|
||||
NET EARNINGS ATTRIBUTABLE TO Owens Corning |
$ |
304 |
|
$ |
210 |
|
Adjustment to remove adjusting items (a) |
|
(25 |
) |
|
(19 |
) |
Adjustment to remove tax expense on adjusting items (b) |
|
6 |
|
|
5 |
|
Adjustment to remove significant tax items (c) |
|
— |
|
|
— |
|
Adjustment to tax expense to reflect pro forma tax rate (d) |
|
— |
|
|
(6 |
) |
ADJUSTED EARNINGS |
$ |
285 |
|
$ |
190 |
|
|
|
|
||||
RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO Owens Corning COMMON STOCKHOLDERS |
|
|
||||
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO Owens Corning COMMON STOCKHOLDERS |
$ |
3.03 |
|
$ |
1.98 |
|
Adjustment to remove adjusting items (a) |
|
(0.25 |
) |
|
(0.18 |
) |
Adjustment to remove tax expense on adjusting items (b) |
|
0.06 |
|
|
0.05 |
|
Adjustment to remove significant tax items (c) |
|
— |
|
|
— |
|
Adjustment to tax expense to reflect pro forma tax rate (d) |
|
— |
|
|
(0.06 |
) |
ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO Owens Corning COMMON STOCKHOLDERS |
$ |
2.84 |
|
$ |
1.79 |
|
|
|
|
||||
RECONCILIATION TO DILUTED SHARES OUTSTANDING |
|
|
||||
Weighted-average number of shares outstanding used for basic earnings per share |
|
99.5 |
|
|
105.4 |
|
Non-vested restricted and performance shares |
|
0.7 |
|
|
0.5 |
|
Options to purchase common stock |
|
— |
|
|
0.1 |
|
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share |
|
100.2 |
|
|
106.0 |
|
(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) |
There were no significant tax items in the first three months of 2022 or 2021. |
(d) |
To compute adjusted earnings, we apply a full year pro forma effective tax rate to each quarter presented. For 2022, we have used a full year pro forma effective tax rate of 26%, which is the mid-point of our 2022 effective tax rate guidance of 25% to 27%, excluding the adjusting items referenced in (a), (b) and (c). For comparability, in 2021, we have used an effective tax rate of 24%, which was our 2021 effective tax rate, excluding the adjusting items referenced in (a), (b) and (c). |
Table 4 |
||||||
Owens Corning and Subsidiaries |
||||||
Consolidated Balance Sheets |
||||||
(unaudited) |
||||||
(in millions, except per share data) |
||||||
|
March 31, |
December 31, |
||||
ASSETS |
2022 |
2021 |
||||
CURRENT ASSETS |
|
|
||||
Cash and cash equivalents |
$ |
748 |
|
$ |
959 |
|
Receivables, less allowance of $11 and $9 at March 31, 2022 and December 31, 2021, respectively |
|
1,395 |
|
|
939 |
|
Inventories |
|
1,147 |
|
|
1,078 |
|
Other current assets |
|
141 |
|
|
121 |
|
Total current assets |
|
3,431 |
|
|
3,097 |
|
Property, plant and equipment, net |
|
3,825 |
|
|
3,873 |
|
Operating lease right-of-use assets |
|
182 |
|
|
158 |
|
Goodwill |
|
983 |
|
|
990 |
|
Intangible assets |
|
1,606 |
|
|
1,617 |
|
Deferred income taxes |
|
30 |
|
|
31 |
|
Other non-current assets |
|
259 |
|
|
249 |
|
TOTAL ASSETS |
$ |
10,316 |
|
$ |
10,015 |
|
|
|
|
||||
LIABILITIES AND EQUITY |
||||||
CURRENT LIABILITIES |
|
|
||||
Accounts payable |
$ |
1,328 |
|
$ |
1,095 |
|
Current operating lease liabilities |
|
52 |
|
|
49 |
|
Other current liabilities |
|
619 |
|
|
553 |
|
Total current liabilities |
|
1,999 |
|
|
1,697 |
|
Long-term debt, net of current portion |
|
2,959 |
|
|
2,960 |
|
Pension plan liability |
|
72 |
|
|
77 |
|
Other employee benefits liability |
|
156 |
|
|
157 |
|
Non-current operating lease liabilities |
|
131 |
|
|
109 |
|
Deferred income taxes |
|
376 |
|
|
376 |
|
Other liabilities |
|
258 |
|
|
304 |
|
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 |
|
4,091 |
|
|
4,092 |
|
Accumulated earnings |
|
2,974 |
|
|
2,706 |
|
Accumulated other comprehensive deficit |
|
(581 |
) |
|
(581 |
) |
Cost of common stock in treasury (c) |
|
(2,144 |
) |
|
(1,922 |
) |
Total Owens Corning stockholders’ equity |
|
4,341 |
|
|
4,296 |
|
Noncontrolling interests |
|
24 |
|
|
39 |
|
Total equity |
|
4,365 |
|
|
4,335 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
10,316 |
|
$ |
10,015 |
|
(a) |
10 shares authorized; none issued or outstanding at March 31, 2022, and December 31, 2021 |
(b) |
400 shares authorized; 135.5 issued and 98.1 outstanding at March 31, 2022; 135.5 issued and 100.4 outstanding at December 31, 2021 |
(c) |
37.4 shares at March 31, 2022, and 35.1 shares at December 31, 2021 |
Table 5 |
||||||
Owens Corning and Subsidiaries |
||||||
Consolidated Statements of Cash Flows |
||||||
(unaudited) |
||||||
(in millions) |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES |
|
|
||||
Net earnings |
$ |
307 |
|
$ |
210 |
|
Adjustments to reconcile net earnings to cash provided by operating activities: |
|
|
||||
Depreciation and amortization |
|
132 |
|
|
119 |
|
Deferred income taxes |
|
3 |
|
|
13 |
|
Provision for pension and other employee benefits liabilities |
|
1 |
|
|
— |
|
Stock-based compensation expense |
|
12 |
|
|
12 |
|
Gains on sale of certain precious metals |
|
(4 |
) |
|
(20 |
) |
Other adjustments to reconcile net earnings to cash provided by operating activities |
|
26 |
|
|
14 |
|
Changes in operating assets and liabilities |
|
(301 |
) |
|
(136 |
) |
Pension fund contribution |
|
(1 |
) |
|
(1 |
) |
Payments for other employee benefits liabilities |
|
(3 |
) |
|
(4 |
) |
Other |
|
(14 |
) |
|
(3 |
) |
Net cash flow provided by operating activities |
|
158 |
|
|
204 |
|
NET CASH FLOW USED FOR INVESTING ACTIVITIES |
|
|
||||
Cash paid for property, plant, and equipment |
|
(107 |
) |
|
(84 |
) |
Proceeds from the sale of assets or affiliates |
|
10 |
|
|
— |
|
Derivative settlements |
|
11 |
|
|
(35 |
) |
Other |
|
(2 |
) |
|
(2 |
) |
Net cash flow used for investing activities |
|
(88 |
) |
|
(121 |
) |
NET CASH FLOW USED FOR FINANCING ACTIVITIES |
|
|
||||
Purchases of noncontrolling interest |
|
(9 |
) |
|
— |
|
Net decrease in short-term debt |
|
(5 |
) |
|
— |
|
Dividends paid |
|
(35 |
) |
|
(55 |
) |
Purchases of treasury stock |
|
(229 |
) |
|
(142 |
) |
Other |
|
(7 |
) |
|
3 |
|
Net cash flow used for financing activities |
|
(285 |
) |
|
(194 |
) |
Effect of exchange rate changes on cash |
|
4 |
|
|
(1 |
) |
Net decrease in cash, cash equivalents, and restricted cash |
|
(211 |
) |
|
(112 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
966 |
|
|
724 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ |
755 |
|
$ |
612 |
|
Table 6 |
||||||
Owens Corning and Subsidiaries |
||||||
Segment Information |
||||||
(unaudited) |
||||||
Composites |
||||||
The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Composites segment (in millions): |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
Net sales |
$ |
714 |
|
$ |
559 |
|
% change from prior year |
|
28 |
% |
|
13 |
% |
EBIT |
$ |
154 |
|
$ |
79 |
|
EBIT as a % of net sales |
|
22 |
% |
|
14 |
% |
Depreciation and amortization expense |
$ |
43 |
|
$ |
38 |
|
Insulation |
||||||
The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Insulation segment (in millions): |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
Net sales |
$ |
859 |
|
$ |
700 |
|
% change from prior year |
|
23 |
% |
|
16 |
% |
EBIT |
$ |
129 |
|
$ |
82 |
|
EBIT as a % of net sales |
|
15 |
% |
|
12 |
% |
Depreciation and amortization expense |
$ |
53 |
|
$ |
51 |
|
Roofing |
||||||
The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Roofing segment (in millions): |
||||||
|
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
Net sales |
$ |
838 |
|
$ |
711 |
|
% change from prior year |
|
18 |
% |
|
28 |
% |
EBIT |
$ |
176 |
|
$ |
156 |
|
EBIT as a % of net sales |
|
21 |
% |
|
22 |
% |
Depreciation and amortization expense |
$ |
14 |
|
$ |
15 |
|
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, |
||||||
|
2022 |
2021 |
||||
Restructuring costs |
$ |
(6 |
) |
$ |
(1 |
) |
Gain on sale of Shanghai, China facility |
|
27 |
|
|
— |
|
Gains on sale of certain precious metals |
|
4 |
|
|
20 |
|
General corporate expense and other |
|
(42 |
) |
|
(35 |
) |
EBIT |
$ |
(17 |
) |
$ |
(16 |
) |
Depreciation and amortization |
$ |
22 |
|
$ |
15 |
|
Table 8 |
||||||
Owens Corning and Subsidiaries |
||||||
Free Cash Flow Reconciliation Schedule |
||||||
(unaudited) |
||||||
The reconciliation from net cash flow provided by operating activities to free cash flow is shown in the table below (in millions): |
||||||
|
Three Months Ended |
|||||
March 31, |
||||||
|
2022 |
2021 |
||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES |
$ |
158 |
|
$ |
204 |
|
Less: Cash paid for property, plant and equipment |
|
(107 |
) |
|
(84 |
) |
FREE CASH FLOW |
$ |
51 |
|
$ |
120 |
|
