Owens Corning - OC STOCK NEWS

Owens Corning (NYSE: OC) has announced a quarterly cash dividend of $0.60 per common share. The dividend is set to be paid on November 4, 2024, to shareholders of record as of October 18, 2024. This decision was made by the company's Board of Directors. Owens Corning has stated that future dividend declarations will be at the discretion of the Board and will be based on various factors including the company's earnings, financial condition, cash requirements, and future prospects.

Owens Corning (NYSE: OC) will showcase its composites solutions at CAMX 2024 in San Diego, emphasizing their power to 'Make More Possible'. The company will present several innovative products:

1. SUSTAINA® Glass: Made with circular content, UL-Certified with 35%, 50%, and 100% circular content.

2. HP2 Glass: High-performance glass reducing weight profiles by over 9.5% for pultrusion and 11% in filament winding for poles.

3. Smart Packaging Solutions: OPTISPRAY® 4-high pallet line enabling one-third more product per pallet.

4. Local Supply: Demonstrating productivity benefits and reduced carbon emissions.

These innovations support Owens Corning's strategy of partnering with customers to boost product innovation, productivity, and sustainability.

Owens Corning (OC) has broken ground on a major sustainability investment at its Paroc Hällekis plant in Sweden. The project involves converting coke-fired furnaces to electric melting, which is expected to reduce the plant's scope 1 and 2 emissions by about 80%. The investment includes a new 7,500-square-metre facility with two buildings: one for the electrified furnace and another for raw materials handling and filtration processes.

Key points:

• Project scheduled for completion in 2027
• Will reduce embodied carbon in products produced at Hällekis
• Contributes to OC's goal of 50% absolute reduction in Scope 1 and 2 emissions by 2030
• Receives support from the Swedish Energy Agency's Industrial Leap program
• OC granted €35,000 to local charity Hallekis IF during the ceremony

Owens Corning's Toledo-based interns participated in the company's annual Intern Volunteer Day, demonstrating their commitment to community service. The interns collaborated with various local charities, embodying Owens Corning's values of being caring, committed, curious, and collaborative. This event showcases the company's dedication to corporate social responsibility and community engagement, while also providing valuable experiences for their interns. The initiative reflects positively on Owens Corning's (OC) corporate culture and its efforts to foster a sense of social responsibility among its workforce.

Josh Casemier, a utilities maintenance supervisor at Owens Corning's (OC) Composites plant in Amarillo, Texas, shares insights on water conservation efforts. He participated in a Treasure Hunt in Kansas City, collaborating with the U.S. Department of Energy to find cost-effective improvement opportunities. Josh emphasizes the importance of intentional water management, especially in water-stressed areas like Amarillo.

Key initiatives include:

• Implementing a water recycling system for air scrubbers, saving millions of gallons annually
• Focusing on fixing small leaks to prevent significant water waste
• Setting ambitious water consumption reduction goals for 2030

The company's efforts align with its 2023 Sustainability Report, showcasing OC's commitment to responsible resource management and environmental stewardship.

Owens Corning (NYSE: OC) reported Q2 2024 results with net sales of $2.8 billion, a 9% increase from the prior year, driven by the recent acquisition of Masonite International's doors segment, contributing $311 million.

Net earnings were $285 million with a 10% margin. Adjusted EBIT was $588 million, and Adjusted EBITDA was $742 million, with margins of 21% and 27% respectively. Diluted EPS was $3.24, while Adjusted Diluted EPS was $4.64.

Owens Corning generated $493 million in operating cash flow and $336 million in free cash flow. Shareholders received $52 million in dividends. The company ended Q2 with net debt-to-adjusted EBITDA leverage in the lower range of its target.

The roofing segment saw a 2% sales decrease to $1.1 billion, while insulation net sales rose 1% to $916 million. The newly acquired doors segment generated $311 million in net sales. Composites net sales decreased 12% to $546 million.

The company expects net sales growth of low-20% for Q3 2024, bolstered by the full-quarter contribution from the doors segment.

Rafael Correa, Operations Manager at Owens Corning's Composites plant in Rio Claro, Brazil, has been instrumental in implementing waste reduction initiatives. The plant focuses on internal reuse of pallets, repairing and reusing them instead of discarding. These initiatives, developed using the Total Productive Maintenance (TPM) methodology, have significantly reduced waste and contributed to environmental conservation.

Correa emphasizes the importance of caring for the environment and thinking about future generations. He believes that small actions towards sustainability can have a significant impact. Owens Corning supports waste management efforts by being open to new ideas and providing necessary support. The company also encourages collaboration between plants, allowing for the sharing and improvement of ideas, such as exploring ways to reuse waste in melters.

Dr. Ayush Mishra, Global Decarbonization Lead at Owens Corning, shares insights on the company's sustainability efforts in an employee Q&A. Mishra highlights the company's focus on producing energy-efficient insulation products while minimizing environmental impact. He discusses a project in Hässleholm, Sweden, where coke consumption was reduced by electrifying part of the cupola, a technology that can be applied across plants globally.

Mishra emphasizes the collaborative nature of work at Owens Corning, praising colleagues' willingness to share knowledge and passion for sustainability. He notes that Europe, particularly the Nordic region, is at the forefront of decarbonization efforts, but sees a company-wide commitment to sustainability that will benefit all regions in their decarbonization journey.

Cheria Liu, a Sourcing Specialist at Owens Corning since 2020, is working on sourcing renewable energy for the company's plants in the Asia Pacific region. Her efforts are part of Owens Corning's goal to achieve 100% renewable electricity in the area. The company's approach includes:

1. Implementing solar power rooftop projects in China, India, and Korea.
2. Developing different strategies for each country due to varying renewable energy sourcing capabilities.
3. Collaborating across global Energy teams and other departments to achieve sustainability goals.
4. Encouraging partners and vendors in their value chain to engage in sustainability efforts.

Owens Corning's unique position as both a supplier to the wind power industry and a consumer of renewable energy creates an interesting value chain dynamic in their sustainability efforts.