Slide 1: Third-Quarter 2024 Results
THIRD-QUARTER 2024 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial Officer November 6, 2024 | Q3 2024
Slide 2: Forward-Looking Statements and Non-GAAP Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation and the associated remarks contain forward-looking statements. We caution you against relying on these statements as they are subject to risks, uncertainties and other factors and actual results may differ materially from those resul
Slide 3: Agenda
AGENDA COMPANY HIGHLIGHTS Brian Chambers FINANCIAL RESULTS Todd Fister BUSINESS OUTLOOK Brian Chambers QUESTIONS AND DISCUSSION All Owens Corning Delivers Net Sales of $3.0 Billion; Generates Net Earnings of $321 Million and Adjusted EBIT of $582 Million 3
Slide 4: Owens Corning Highlights
OWENS CORNING HIGHLIGHTS ($ in millions)1 Q3 2024 Q3 2023 YTD 2024 YTD 2023 Maintained a high level of safety Net sales 3,046 2,479 8,135 7,373 performance within the quarter Adjusted EBIT 582 518 1,608 1,413 Adjusted EBIT as % of net sales 19% 21% 20% 19% Adjusted EBITDA 766 644 2,073 1,795 17th co
Slide 5: Financial Summary
FINANCIAL SUMMARY ($ in millions, except per share data)1 Q3 2024 Q3 2023 YTD 2024 YTD 2023 Net sales 3,046 2,479 8,135 7,373 Net sales growth 23% (2%) 10% (1%) Net earnings attributable to OC 321 337 905 1,065 Net earnings attributable to OC as % of net sales 11% 14% 11% 14% Adjusted EBIT 582 518 1
Slide 6: Balance Sheet and Capital Deployment
BALANCE SHEET AND CAPITAL DEPLOYMENT Capital allocation strategy remains focused on consistently generating strong free cash flow, returning approximately 50% to investors over time, and maintaining an investment grade balance sheet, while executing on business strategies to grow the company Third-Q
Slide 7: Roofing Business
ROOFING BUSINESS ($ in millions) Q3 2024 Q3 2023 YTD 2024 YTD 2023 Net sales 1,078 1,084 3,140 3,102 Delivered third-quarter revenue of EBIT 359 343 1,018 890 $1,078mm, in line with prior year EBIT as % of net sales 33% 32% 32% 29% EBITDA 375 359 1,064 938 EBITDA as % of net sales 35% 33% 34% 30% Ge
Slide 8: Insulation Business
INSULATION BUSINESS ($ in millions) Q3 2024 Q3 2023 YTD 2024 YTD 2023 Net sales 946 913 2,766 2,737 Delivered third-quarter revenue of EBIT 183 150 527 469 $946mm, up 4% from prior year EBIT as % of net sales 19% 16% 19% 17% EBITDA 235 201 681 628 EBITDA as % of net sales 25% 22% 25% 23% Generated $
Slide 9: Doors Business
DOORS BUSINESS ($ in millions) Q3 2024 Acquisition to date1 Net sales 573 884 Delivered third-quarter revenue of EBIT 36 70 $573mm EBIT as % of net sales 6% 8% EBITDA 89 150 EBITDA as % of net sales 16% 17% Generated $36mm of EBIT with 6% EBIT margin and 16% EBITDA margin Revenue by Product2 Revenue
Slide 10: Composites Business
COMPOSITES BUSINESS ($ in millions) Q3 2024 Q3 2023 YTD 2024 YTD 2023 Net sales 534 567 1,603 1,772 Delivered third-quarter revenue of EBIT 61 80 168 216 $534mm, down 6% from prior year EBIT as % of net sales 11% 14% 10% 12% EBITDA 107 123 303 346 EBITDA as % of net sales 20% 22% 19% 20% Generated $
Slide 11: Full-Year 2024 Key Financial Outlook
FULL-YEAR 2024 KEY FINANCIAL OUTLOOK1 Current as of Q3 2024 General corporate expenses Approximately $250mm2 Interest expense $210mm - $220mm Full-year effective tax rate 24% - 26% Capital additions Approximately $650mm Depreciation and amortization Approximately $650mm 1. The above outlook includes
Slide 12: Q4 2024 Business Outlook
Q4 2024 BUSINESS OUTLOOK ENTERPRISE: • Revenue growth around 20% with legacy revenue slightly below Q4 2023 • Mid-teen EBIT margin and approximately 20% EBITDA margin ROOFING INSULATION • Revenue down mid-single digits • Revenue down slightly • Industry shipments for U.S. shingle end-market demand d
Slide 13: Questions and Discussion
QUESTIONS AND DISCUSSION
Slide 14: Appendix A: Non-GAAP Reconciliations – Table 1
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 1 14
Slide 15: Appendix A: Non-GAAP Reconciliations – Table 2
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 2 15
Slide 16: Appendix A: Non-GAAP Reconciliations – Table 3
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 3 16
Slide 17: Appendix A: Non-GAAP Reconciliations – Table 4
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 4 17
Slide 18: Appendix A: Non-GAAP Reconciliations – Table 5
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 5 18
Slide 19: Appendix A: Non-GAAP Reconciliations – Table 6
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 6 19
Slide 20: Appendix A: Non-GAAP Reconciliations – Table 7
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 7 20
Slide 21: Appendix A: Non-GAAP Reconciliations – Table 8
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 8 21
Slide 22: Appendix A: Non-GAAP Reconciliations – Table 9
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 9 22
Slide 23: Appendix A: Non-GAAP Reconciliations – Table 10
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 10 23
Slide 24: Appendix A: Non-GAAP Reconciliations – Table 11
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 11 24
Slide 25: Appendix A: Non-GAAP Reconciliations – Table 12
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 12 25
Slide 26: Appendix A: Non-GAAP Reconciliations – Table 13
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 13 26
Slide 27: Appendix A: Non-GAAP Reconciliations – Table 14
APPENDIX A: NON-GAAP RECONCILIATIONS – TABLE 14 27