Composites generated EBIT in line with prior year, and margins of 13%
2018 adjusted EBIT expected to be in line with last year’s performance of $855 million
TOLEDO, Ohio - October 24, 2018 - Owens Corning (NYSE: OC) today reported consolidated net sales of $1.8 billion in third-quarter 2018, compared with net sales of $1.7 billion in third-quarter 2017, an increase of 7%.
Third-quarter 2018 net earnings attributable to Owens Corning were $161 million, or $1.45 per diluted share, compared with $96 million, or $0.85 per diluted share, during the comparable quarter in 2017. Third-quarter 2018 adjusted earnings were $171 million, or $1.54 per diluted share, compared with $141 million, or $1.25 per diluted share, during the same period one year ago. (See Use of Non-GAAP Measures, See Table 3).
Reported earnings before interest and taxes (EBIT) for third-quarter 2018 were $259 million, compared with $227 million during the same period in 2017. Adjusted EBIT in third-quarter 2018 was $267 million, compared with $239 million in 2017 (See Table 2).
“The company executed well in the quarter with improved operating performance and significant commercial progress, particularly related to pricing actions and roofing market share. Adjusted EBIT for the quarter improved to a record level despite lower market volumes and persistent inflation,” said Chairman and Chief Executive Officer Mike Thaman. “Weaker than expected market conditions across all three businesses, which impacted third-quarter results, are expected to continue during the fourth-quarter. As a result, we have lowered our 2018 outlook and now expect adjusted EBIT to be in line with last year. Looking forward, we believe continued strong execution positions the company, and all three businesses, for EBIT growth in 2019.”
Return of Capital Actions
During third-quarter 2018, Owens Corning repurchased 1.7 million shares of its common stock for $100 million. At the end of the quarter, 4.6 million shares were available for repurchase under the current authorization.
The following information was filed by Owens Corning (OC) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Owens Corning's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Owens Corning.
Ticker: OC CIK: 1370946 Form Type:10-Q Quarterly Report Accession Number: 0001370946-18-000033 Submitted to the SEC: Wed Oct 24 2018 6:47:23 AM EST Accepted by the SEC: Wed Oct 24 2018 Period: Sunday, September 30, 2018 Industry: Abrasive Asbestos And Misc Nonmetallic Mineral Prods