Owens Corning Delivers Full-Year Net Sales of $11.0 Billion

Owens Corning , a residential and commercial building products leader, reported fourth-quarter and full-year 2024 results.

• Reported Net Sales of $11.0 Billion, a 13% Increase from Prior Year, with Newly Acquired Doors Business Contributing $1.4 Billion in Revenue
• Generated Net Earnings Margin of 6%, Adjusted EBIT Margin of 19%, and Adjusted EBITDA Margin of 25%
• Delivered Diluted EPS of $7.37 and Adjusted Diluted EPS of $15.91
• Produced Operating Cash Flow of $1.9 Billion and Free Cash Flow of $1.2 Billion
• Returned $638 Million, or 51%, of Free Cash Flow to Shareholders through Dividends and Share Repurchases

“2024 was a transformative year for Owens Corning as we successfully executed three major strategic moves to reshape and focus the company on building products in North America and Europe, while consistently delivering higher, more resilient earnings and cash flow,” said Chair and Chief Executive Officer Brian Chambers. “Through our unique enterprise capabilities, market-leading positions, and consistent execution, we have delivered on the three-year commitments set at our last Investor Day in 2021. As a new Owens Corning, we look forward to sharing more about our strategy and financial goals for the future at our next Investor Day in May.”

Enterprise Strategy Highlights

• Owens Corning maintained a high level of safety performance in 2024 with a recordable incident rate (RIR) of 0.48. This excludes the Doors segment, which will be integrated into company safety reporting in 2025.
• Over the last year, Owens Corning executed three major, transformative initiatives to reshape the company into a focused leader in building products for North America and Europe. These initiatives include the acquisition of Masonite International Corporation, conducting a strategic review of the company’s global glass reinforcements business, and entering into an agreement to sell the company’s building materials business in China and Korea.
• On February 14, Owens Corning announced the company entered into a definitive agreement for the sale of its glass reinforcements business, concluding the review of strategic alternatives for the business announced in 2024. This transaction strengthens Owens Corning as a market leader in building products. The sale is expected to close in 2025. Proceeds from the sale will fund organic growth initiatives and cash returns to shareholders.
• The glass reinforcements business is part of the company’s Composites segment, which includes other businesses that Owens Corning will retain. As a result of the definitive agreement to sell glass reinforcements, the company’s vertically integrated glass nonwovens business and its structural lumber business will operate within the Roofing segment. Owens Corning’s two glass melting plants in the U.S. that provide glass fibers to make nonwovens products will operate and be integrated within its Insulation segment.
• On February 11, Owens Corning announced an investment to expand the manufacturing capacity of its high-performing laminate shingle portfolio, including its premium Duration^®series shingles. This organic growth investment will add a new laminate shingle facility to be built in the southeastern United States. The plant will produce approximately six million squares of capacity per year to support strong demand for Owens Corning shingles and is expected to come online in 2027.

Cash Returned to Shareholders

• During 2024, the company returned $638 million to shareholders through cash dividends and share repurchases. The company paid cash dividends of $208 million and repurchased 2.6 million shares of common stock for $430 million. At the end of the year, 6.4 million shares were available for repurchase under the current authorization.
• In December 2024, Owens Corning announced its Board of Directors declared quarterly cash dividends of $0.69 per common share, a 15% increase compared with the associated prior quarterly dividends. The company has more than doubled its quarterly dividend over the last three years.

“Our outstanding results in 2024 demonstrate the earnings power of Owens Corning. Through our best-in-class execution, we grew revenue, expanded margins, and maintained a strong balance sheet while making strategic investments to strengthen our market-leading positions. We generated $1.2 billion of free cash flow during the year, with over 50% returned to shareholders through share repurchases and dividends,” said Executive Vice President and Chief Financial Officer Todd Fister. “Going forward, we will continue to be disciplined operators and capital allocators, using our healthy balance sheet to invest in our existing businesses and return significant cash to shareholders.”

Other Notable Highlights

• Owens Corning has been named to the Wall Street Journal’s list of top 250 Best-Managed Companies. The list ranks companies based on principles of corporate effectiveness including customer satisfaction, employee engagement and development, innovation, social responsibility, and financial strength. Owens Corning placed fourth in customer satisfaction among those recognized.
• For the 15^thconsecutive year, Owens Corning earned a place on the Dow Jones Sustainability World Index. The index is an elite listing of the world’s largest companies based on long-term economic, environmental, and social criteria.
• Owens Corning will host an Investor Day at its world headquarters in Toledo, Ohio, on Wednesday, May 14. The company will also provide a live webcast. More details will be given in the coming months.

2024 Performance

Full-Year

• In 2024, Owens Corning delivered double-digit net sales growth versus prior year. The company generated adjusted EBIT margin of 19% and adjusted EBITDA margin of 25%. Strong commercial and operational execution fueled enterprise margin expansion over prior year, as each of the businesses delivered strong performance relative to market conditions. Free cash flow of $1.2 billion increased over $50 million compared to 2023, through strong earnings and disciplined capital allocation.

Fourth-Quarter

• In the fourth quarter, the company delivered sales of $2.8 billion, growth of 23% versus prior year. Margin expansion in each of the legacy businesses resulted in adjusted EBIT margin of 15% and adjusted EBITDA margin of 22%. Fourth quarter marks the 18^th consecutive quarter of the company delivering mid-teens or better EBIT margins and 20% or better adjusted EBITDA margins.

First-Quarter and Full-Year 2025 Outlook

• The key economic factors that impact the company’s business are residential repair activity, residential remodeling activity, U.S. housing starts, and commercial construction activity.
• Owens Corning expects near-term demand for nondiscretionary repair activity to remain stable as the year begins while residential new construction and remodeling is expected to remain soft. Commercial construction activity in North America is expected to start the year slower than prior year. The result of incremental tariffs which have not yet been implemented may also have a near-term impact. In Europe, the company expects market conditions to remain weak in the near-term in residential and commercial markets, similar to the second half 2024.
• As Owens Corning invests in capacity to grow core products and markets, the company anticipates a short-term step up in capital expenditures due to investments in previously announced projects. Owens Corning remains committed to its capital allocation strategy, generating strong free cash flow, and returning at least 50% to shareholders over time.
• For the first-quarter 2025, the company expects to continue delivering strong results, reflecting structural changes to the company and its cost structure, even in a mixed market environment. It expects revenue from continuing operations to grow mid-20 percent, compared to prior year’s revenue of $2.0 billion adjusted for glass reinforcements being moved to discontinued operations. The enterprise is expected to generate EBITDA margin from continuing operations of low-20 percent.

For full results click here.

About Owens Corning

Owens Corning is a residential and commercial building products leader committed to building a sustainable future through material innovation. Our four integrated businesses – Roofing, Insulation, Doors, and Composites – provide durable, sustainable, energy-efficient solutions that leverage our unique material science, manufacturing, and market knowledge to help our customers win and grow. We are global in scope, human in scale with more than 25,000 employees in 31 countries dedicated to generating value for our customers and shareholders and making a difference in the communities where we work and live. Founded in 1938 and based in Toledo, Ohio, USA, Owens Corning posted 2023 sales of $9.7 billion. For more information, visit www.owenscorning.com.

Source: Owens Corning