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- Owens Corning OC reported second-quarter FY22 net profits expansion of 16% yr-above-year to $2.6 billion, beating the consensus of $2.57 billion.
- Adjusted EPS was $3.83 (+43% Y/Y), above the consensus of $3.32.
- Sales by segments: Composites $719 million (+23% Y/Y), Insulation $934 million (+16% Y/Y), and Roofing $1 billion (+11% Y/Y).
- Gross margin improved by 62 bps to 28.2%. Working money enhanced 14.6% to $487 million, with a margin of 18.7%, down 26 bps.
- Modified EBITDA enhanced by 24% Y/Y to $656 million, and margin expanded by 100 bps to 25%.
- Owens Corning created an working income movement for 12 months-to-day of $624 million (-11% Y/Y) and a totally free dollars movement of $412 million (-22% Y/Y).
- Through the quarter, Owens paid out dividends of $35 million and repurchased 1 million shares of prevalent stock for $86 million.
- In July, the enterprise agreed to get the remaining 50% interest in an present joint undertaking based mostly in the U.S. that produces nonwoven roofing mat.
- “Our solid and consistent cash generation put together with our sound economic position supplies us the versatility to execute on our company method, though remaining fully commited to returning at least 50% of no cost funds stream to shareholders about time,” mentioned EVP and CFO Ken Parks.
- Outlook: For 3Q22, Owens Corning expects overall functionality to result in internet product sales and modified EBIT progress for the quarter.
- The company expects typical company charges of $170 million – $180 million, capital additions of ~$480 million, and depreciation and amortization of ~$520 million.
- Price tag Action: OC shares are trading bigger by .04% at $82.82 on the final check Wednesday.












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