Owens Corning (OC) 10-Q Quarterly Report October 2018

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.

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Inside Owens Corning's 10-Q Quarterly Report:

Financial - Earnings Highlight
In our Roofing segment, we expect the factors that have driven strong margins in recent years, such as growth from new construction and remodeling demand, along with higher sales of roofing components, to continue to deliver profitability.

Revenue - Geography Highlight
The remaining increase was driven by favorable customer mix and the favorable impact of translating sales denominated in foreign currencies into United States dollars.
Financial - Expense Highlight
General corporate expense and other for the year-to-date 2018 was lower by $14 million compared to the same period in 2017, primarily driven by lower performance-based compensation and pension-related costs.
Financial - Expense Highlight
EBIT benefited $3 million quarter over quarter from lower selling, general and administrative expenses.
Revenue - Product Highlight
This impact was partially offset, about equally, by slightly higher sales volumes and favorable product mix.
M & A - Other
EBIT improvement in the third...Read more
Other - Other
The change in cash provided...Read more
Financial - Expense
For the year-to-date 2018, Corporate,...Read more
Financial - Expense
Within our Corporate, Other and...Read more
Financial - Cash Flow
Investing activities: Net cash flow...Read more
Revenue - Product
The decrease was driven by...Read more
Financial - Expense
General corporate expense and other...Read more
Financial - Earnings
In the third quarter and...Read more
Financial - Expense
Higher selling prices of $48...Read more
Other - Other
The Company expects its Insulation...Read more
Other - Other
The change was primarily driven...Read more
Other - Other
Depreciation and amortization in the...Read more
Financial - Earnings
See the Adjusted Earnings Before...Read more
Financial - Income
Year-to-date 2018 non-operating income expense...Read more
Financial - Expense
Third quarter and year-to-date 2018...Read more
Revenue - Product
The decrease was driven by...Read more
M & A - Other
The $45 million favorable impact...Read more
Other - Other
defined benefit plan funding obligations...Read more
M & A - Other
The $14 million contribution from...Read more
Revenue - Geography
foreign exchange and commodity price...Read more
Financial - Earnings
Uncertainties that may impact our...Read more
Revenue - Product
In our Insulation segment, net...Read more
Revenue - Product
For the year-to-date 2018, net...Read more
Financial - Expense
In our Insulation segment, depreciation...Read more
Revenue - Product
In the third quarter and...Read more
M & A - Other
The acquisition of Paroc expands...Read more
Financial - Cash Flow
Operational cash flow will be...Read more
Financial - Expense
Higher rebuild and start-up costs...Read more
Financial - Expense
The negative impact of input...Read more
M & A - Other
On February 5, 2018, the...Read more
Financial - Expense
See details of these costs...Read more
Financial - Expense
See details of these costs...Read more
Financial - Expense
We believe this organization-wide expectation...Read more
M & A - Other
The increase was primarily driven...Read more
Other - Other
Such transactions may require cash...Read more
Other - Other
The proceeds from the senior...Read more
Other - Other
The proceeds from the 2048...Read more
Other - Other
For the third quarter 2018,...Read more
Other - Other
For the third quarter 2017,...Read more
Financial - Expense
Higher selling prices of $84...Read more
M & A - Other
For the third quarter and...Read more
Financial - Dividend
Companys Form 10-K for the...Read more
M & A - Other
Our third quarter results include...Read more
Financial - Expense
The Senior Revolving Credit Facility...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Owens Corning provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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