Owens Corning - OC STOCK NEWS

Owens Corning (NYSE: OC) has appointed José Méndez-Andino as executive vice president and chief research & development officer, effective April 1. In this newly created role, he will drive product, process, and material science innovation to boost company growth, overseeing strategy across three major business areas and leading enterprise R&D capabilities. Méndez-Andino, who joined the company in 2012, previously held the position of vice president of science and technology. He brings extensive experience from Procter & Gamble and has advanced degrees in chemistry and anthropology.

Owens Corning (NYSE: OC) reported consolidated net sales of $7.1 billion for 2020, a 1% decline from 2019. The fourth quarter saw a significant increase in net sales to $1.9 billion, up 14% year-over-year. The company faced a net loss of $383 million for the year, including a $987 million impairment charge due to COVID-19 uncertainties. However, adjusted earnings rose to $566 million, reflecting operational strength. The Board approved a share repurchase of up to 10 million shares and declared an 8% dividend increase for Q2 2021, indicating strong liquidity with $1.8 billion available.

Owens Corning (NYSE: OC) has announced the election of Paul E. Martin to its Board of Directors. Martin, who previously served as Senior Vice President and Chief Information Officer at Baxter International until 2020, brings extensive global business and technology experience. His prior roles include senior management positions at Rexam plc and technology leadership at CIT Group and others. He is currently on the Board of Unisys Corporation and recently joined Ping Identity Holding Corp. Martin will also serve on Owens Corning's Audit and Finance committees, effective immediately.

Owens Corning (NYSE: OC) has declared a quarterly cash dividend of $0.26 per common share, payable on April 2, 2021, to shareholders of record as of March 5, 2021. The Board will determine future dividends based on the company’s earnings, financial health, cash needs, and other considerations. In 2019, Owens Corning achieved $7.2 billion in sales, reflecting its status as a leader in building and industrial materials, supported by a workforce of 18,000 in 33 countries.

Owens Corning (NYSE: OC) will report its fourth-quarter and full-year 2020 financial results on February 17, 2021, before the NYSE opens. A conference call will follow at 9 a.m. ET on the same day to discuss the results. The public can join the call by dialing in 10-15 minutes early, and a replay will be available for one hour post-call until February 24, 2021. Owens Corning is a leader in building and industrial materials, with sales of $7.2 billion in 2019 and a workforce of 18,000 across 33 countries.

Owens Corning's Board has approved an 8% increase in the quarterly cash dividend to $0.26 per share and authorized the repurchase of 10 million shares of common stock. These measures affirm the company's commitment to returning at least 50% of free cash flow to shareholders. Year-to-date, approximately $159 million has been returned to investors through dividends and buybacks. The company emphasizes its focus on maintaining a strong balance sheet while supporting key business initiatives.