Owens Corning - OC STOCK NEWS

Owens Corning (NYSE: OC) has successfully exited the Russian market by selling its operations to Umatex, a local carbon fiber producer. The transaction involved a Composites plant in Gous-Khroustalny and an Insulation plant in Tver/Izoplit, which together generated approximately $85 million in net sales for the nine months ending September 30, 2022. The company confirmed its guidance for modest net sales and earnings growth in Q4 compared to 2021, marking the completion of its withdrawal from Russia.

Owens Corning (NYSE: OC) has announced a significant 50% increase in its quarterly cash dividend to $0.52 per share, effective January 19, 2023. The Board also approved a share repurchase authorization for up to 10 million shares, alongside the remaining 7.4 million shares from a previous program. This reflects the company's strong performance, earnings potential, and commitment to shareholder value, with $639 million returned to shareholders in the first nine months of 2022. The emphasis on maintaining a solid balance sheet and consistent cash flow generation is notable.

Owens Corning (NYSE: OC) announced enhanced shingle recycling initiatives aimed at recycling two million tons of shingles annually in the U.S. by 2030. The company is focusing on two recycling methods: converting shingles into new shingles and asphalt pavement. Owens Corning has partnered with ASR Systems and CRS Reprocessing Services for pilot projects and has diverted 40 million pounds of shingles from landfills since 2020. The company continues to emphasize sustainability, highlighted by its 16th annual sustainability report and recognition for its corporate responsibility efforts.

Owens Corning (NYSE: OC) reported a strong third-quarter 2022, with net sales increasing 14% to $2.5 billion and net earnings rising 81% to $470 million. Adjusted EBIT margins expanded to 19%, while diluted EPS surged 94% to $4.84. The company generated $461 million in operating cash flow and returned $239 million to shareholders through dividends and share buybacks. Significant investments in innovation and acquisitions, including Natural Polymers, and a commitment to shareholder returns reflect Owens Corning's robust strategy for sustainable growth amidst shifting market conditions.

Owens Corning has unveiled "Midnight Plum" as its 2023 Shingle Color of the Year, part of the TruDefinition® Duration® shingle line. This color features unique purple undertones, following a successful trend since 2017. Designed to enhance curb appeal, it matches various architectural styles. The company emphasizes the importance of color in home aesthetics, supporting homeowners' personal expression. Additionally, Owens Corning introduced four new shingle colors, reflecting design trends and removing outdated options. With patented SureNail® Technology, these shingles promise durability and performance.

Owens Corning (NYSE: OC) will announce its third-quarter financial results on October 26, 2022, before the market opens. A conference call is scheduled for 9 a.m. ET on the same day, where the financials will be discussed. Interested parties can access the call via a provided webcast link.

Founded in 1938 and headquartered in Toledo, Ohio, Owens Corning is a leader in building and construction materials, generating $8.5 billion in sales in 2021 and employing around 20,000 people globally.

Owens Corning (NYSE: OC) has declared a quarterly cash dividend of $0.35 per common share, set to be paid on November 3, 2022, to shareholders on record as of October 17, 2022. Future dividends will be determined by the Board of Directors based on the company’s earnings, financial condition, and other factors. Owens Corning is a leader in building and construction materials, achieving $8.5 billion in sales for 2021, and is dedicated to sustainable practices and material innovation.

Owens Corning (NYSE: OC) has successfully acquired Natural Polymers, LLC, a manufacturer of spray polyurethane foam insulation, based in Cortland, Illinois. This acquisition aims to enhance Owens Corning's product offerings and growth strategy in the building and construction sector. The company anticipates that Natural Polymers' technology will support its sustainable solutions initiatives while expanding its portfolio in higher-growth markets. Natural Polymers is known for producing low-VOC spray foam products, contributing to environmentally friendly construction practices.

Owens Corning (NYSE: OC) reported strong second-quarter 2022 results with net sales increasing 16% to $2.6 billion. Adjusted EBIT margins expanded to 20% and diluted EPS rose 24% to $3.49. The company generated operating cash flow of $466 million and free cash flow of $361 million, returning $136 million to shareholders through dividends and share buybacks. Notable acquisitions include WearDeck and Natural Polymers, expected to generate significant sales. For the third quarter, Owens Corning anticipates continued growth in net sales and adjusted EBIT.