Owens Corning Inc · NYSE:OC
Owens Corning — Q1 2021 Earnings Presentation
16 slides from Owens Corning's earnings presentation, Apr 28, 2021
Slide 1: First-Quarter 2021 Results
FIRST-QUARTER 2021 RESULTS Brian Chambers | Chairman & Chief Executive Officer Ken Parks | Chief Financial Officer April 28, 2021 | Q1 2021
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 involve risks and uncertainties that are difficult to predict and the Company’s actual results may differ mater
Slide 3: Agenda
AGENDA Business updates Brian Chambers Financial results Ken Parks Business outlook Brian Chambers Questions and discussion All Company Delivered Net Sales of $1.9 Billion; Generated Net Earnings of $210 Million and Adjusted EBIT of $282 Million 3
Slide 4: Highlights
HIGHLIGHTS • Maintained a high level of safety performance • Revenue up 20%, 18% on a constant currency basis • Adjusted EBIT of $282mm, more than double the same period last year • Announced the appointment of two executives • Published our 15th annual sustainability report INSULATION COMPOSITES RO
Slide 5: Key Financial Data
KEY FINANCIAL DATA ($ in millions, except per share data) Q1 2021 Q1 2020 Net sales 1,915 1,601 Net earnings (loss) attributable to Owens Corning 210 (917) Diluted earnings (loss) per common share (EPS) $1.98 ($8.43) attributable to Owens Corning common stockholders Earnings (loss) before interest a
Slide 6: Adjusted Items to EBIT
ADJUSTED ITEMS TO EBIT $20 $1 $282 $301 Gains on sale of Restructuring certain precious costs metals Q1 2021 Adj. EBIT Q1 2021 EBIT Numbers in millions. From left to right, green denotes increase; red denotes decrease. 6
Slide 7: Adjusted EBIT Reconciliation
ADJUSTED EBIT RECONCILIATION $92 $43 $35 $4 $282 Roofing Insulation Composites Corporate $116 Q1 2020 Adj. EBIT Q1 2021 Adj. EBIT Numbers in millions. From left to right, green denotes increase; red denotes decrease. 7
Slide 8: Insulation Business
INSULATION BUSINESS Current year financial performance ($ in millions) Q1 2021 Q1 2020 Net sales 700 603 Delivered $82mm of EBIT with EBIT 82 39 12% EBIT margins EBIT as % of net sales 12% 6% D&A 51 49 Generated revenue growth on higher sales volumes across the Five-year financial performance busine
Slide 9: Composites Business
COMPOSITES BUSINESS Current year financial performance ($ in millions) Q1 2021 Q1 2020 Net sales 559 494 Reported $79mm of EBIT with EBIT 79 44 14% EBIT margins EBIT as % of net sales 14% 9% D&A 38 38 Strong volumes continued through the quarter in addition Five-year financial performance to price i
Slide 10: Roofing Business
ROOFING BUSINESS Current year financial performance ($ in millions) Q1 2021 Q1 2020 Net sales 711 555 Produced $156 of EBIT with EBIT 156 64 22% EBIT margins EBIT as % of net sales 22% 12% D&A 15 14 Grew revenue on higher sales volumes with additional benefit Five-year financial performance from str
Slide 11: Other Key Financial Items
OTHER KEY FINANCIAL ITEMS Q1 2021 • Generated $204mm of operating cash flow, an increase of $256mm over prior year • Free cash flow of $120mm, an increase of $264mm over prior year • Through the first quarter, returned $197mm to shareholders through share repurchases and dividends • As of the end of
Slide 12: Q2 2021 Business Outlook
Q2 2021 BUSINESS OUTLOOK The key economic factors that impact the company’s businesses are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production In the near term, the company expects the U.S. residential market to r
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