Welcome to our dedicated page for Owens Corning news (Ticker: OC), a resource for investors and traders seeking the latest updates and insights on Owens Corning stock.
Owens Corning (NYSE: OC) is a global leader in the development, manufacturing, and marketing of insulation, roofing, and fiberglass composites. Headquartered in Toledo, Ohio, the company has been a staple in the Fortune 500® list for 61 consecutive years and employs approximately 15,000 people across 26 countries.
Owens Corning operates in three main segments: Composites, Insulation, and Roofing. The Composites segment produces glass fiber used in thousands of products, enhancing their strength, durability, and weight reduction. The Insulation segment focuses on energy-saving solutions for both commercial and residential buildings, improving overall comfort and efficiency. The Roofing segment, the largest revenue generator, includes laminate and strip asphalt roofing shingles, roofing components, synthetic packaging materials, and oxidized asphalt.
Recent achievements include continued innovation in sustainable building materials and systems that not only save energy but also enhance the comfort of living spaces. Owens Corning maintains a robust financial position, evidenced by its 2014 sales of $5.3 billion. The company is also known for its commitment to sustainability and inclusion, making significant contributions to environmental and social governance (ESG) initiatives.
Through partnerships and collaborations, Owens Corning remains at the forefront of building science, continuously developing products that make structures lighter, stronger, and more durable. The company's ongoing projects focus on expanding its market presence and improving product offerings to meet evolving consumer and industry demands.
For more information, visit www.owenscorning.com.
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.
Sung Dae Kim, Plant Leader at Owens Corning's (OC) Asan, South Korea Roofing plant, discusses the importance of biodiversity protection and sustainability initiatives. With 30 years of experience, Kim has been instrumental in implementing projects to protect local biodiversity, including:
- Installing window film to prevent bird collisions
- Adjusting streetlights to avoid obstructing migrating birds
- Planning to install birdhouses and noise reduction equipment in 2024
- Working on reducing waste and achieving zero waste-to-landfill
- Installing solar panels on the plant roof in 2024
- Setting targets to reduce energy intensity
Kim emphasizes that protecting biodiversity is important for meeting current needs while preserving the planet for future generations. He views sustainability as a responsibility for both individuals and companies like Owens Corning, which is making efforts in recycling, energy reduction, and developing environmentally friendly products.
Owens Corning's 2023 Sustainability Report features an in-depth Q&A with Patrick Haller, Director of Strategy and Sustainability for the Insulation business. Haller emphasizes the dual benefits of Owens Corning's global presence and sustainability initiatives. Specifically, he discusses the advantages of learning from advanced European regulatory structures and the importance of sustainable growth. Haller highlights the internal and external motivations for sustainability, noting that economic growth must be decoupled from environmental exploitation. Operationalizing sustainability at Owens Corning involves a bottom-up approach, leveraging the enthusiasm and commitment of employees worldwide. This strategy aims to unite global efforts to address environmental challenges while driving business results.
Owens Corning (NYSE: OC) will announce its second-quarter financial results on Tuesday, August 6, 2024, before the New York Stock Exchange opens. The company will hold a conference call to discuss the results at 9 a.m. Eastern Time the same day. Interested parties can access the webcast at https://events.q4inc.com/attendee/391039233, where a replay will be available for one year. Callers should dial in 10-15 minutes prior to the call using entry code 688625. A replay of the call will be available starting one hour post-conference through August 13, 2024, using replay entry code 158425.
Owens Corning's latest sustainability report features Petra Inghelbrecht, their Senior Sustainability Leader, with over 25 years of experience in environmental management and circular economy strategies. Inghelbrecht emphasizes the importance of rethinking waste as a raw material to foster growth and resource independence. She highlights Owens Corning's technology-driven and market-focused approach, stressing the importance of collaboration across the value chain. The company is committed to implementing circular business models, where waste is recycled into product content, benefiting both Owens Corning and its customers. This integrated strategy aims to decarbonize, reduce environmental impacts, and create positive market effects.
Owens Corning (NYSE: OC) has announced a quarterly cash dividend of $0.60 per common share for the second quarter of 2024. This dividend will be payable on August 2, 2024, to shareholders who are recorded by July 15, 2024. The Board of Directors will consider future dividend declarations based on the company's earnings, financial status, cash needs, and future prospects.
On June 17, 2024, Owens Corning announced their efforts to minimize their environmental footprint in India, highlighting initiatives led by Dhananjay Tapasvi, General Manager - India. Over six years, Tapasvi has emphasized the importance of reducing the company's environmental impact across its value chain. The company is exploring solar energy to cut energy costs and optimizing transportation to minimize its carbon footprint. Owens Corning is also focusing on sourcing local raw materials to reduce transportation emissions and is committed to community sustainability programs. By integrating these efforts, the company aims to foster a more sustainable and efficient operational model in India.
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