Owens Corning Inc · NYSE:OC
Owens Corning — Q4 2024 Earnings Presentation
26 slides from Owens Corning's earnings presentation, Feb 24, 2025
Slide 1: Fourth-Quarter and Full-Year 2024 Results
FOURTH-QUARTER AND FULL-YEAR 2024 RESULTS Brian Chambers | Chair & Chief Executive Officer Todd Fister | Chief Financial Officer February 24, 2025 | Q4 & FY 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 Full-Year Net Sales of $11.0 Billion; Generates Earnings of $647 Million and Adjusted EBIT of $2.0 Billion 3
Slide 4: Owens Corning Highlights
OWENS CORNING HIGHLIGHTS ($ in millions)1 Q4 2024 Q4 2023 FY 2024 FY 2023 25% reduction in injuries versus Net sales 2,840 2,304 10,975 9,677 prior year Adjusted EBIT 430 392 2,038 1,805 Adjusted EBIT as % of net sales 15% 17% 19% 19% Adjusted EBITDA 629 518 2,702 2,313 18th consecutive quarter deli
Slide 5: Financial Summary
FINANCIAL SUMMARY ($ in millions, except per share data)1 Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales 2,840 2,304 10,975 9,677 Net sales growth 23% 1% 13% (1%) Net (loss) earnings attributable to OC (258) 131 647 1,196 Net (loss) earnings attributable to OC as % of net sales (9%) 6% 6% 12% Adjusted EB
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 Full-Ye
Slide 7: Roofing Business
ROOFING BUSINESS ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales 912 928 4,052 4,030 Delivered full-year revenue of $4.1b, up EBIT 280 284 1,298 1,174 slightly from prior year EBIT as % of net sales 31% 31% 32% 29% EBITDA 296 300 1,360 1,238 EBITDA as % of net sales 32% 32% 34% 31% Generat
Slide 8: Insulation Business
INSULATION BUSINESS ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales 926 931 3,692 3,668 Delivered full-year revenue of $3.7b, up EBIT 155 150 682 619 slightly from prior year EBIT as % of net sales 17% 16% 18% 17% EBITDA 211 201 892 829 EBITDA as % of net sales 23% 22% 24% 23% Generated $6
Slide 9: Doors Business
DOORS BUSINESS ($ in millions) Q4 2024 Acquisition to date1 Net sales 564 1,448 Delivered acquisition-to-date revenue EBIT 29 99 of $1.4b EBIT as % of net sales 5% 7% EBITDA 82 232 EBITDA as % of net sales 15% 16% Generated $232mm of EBITDA with 16% EBITDA margin Revenue by Product2 Revenue by Geogr
Slide 10: Composites Business
COMPOSITES BUSINESS ($ in millions) Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales 515 514 2,118 2,286 Delivered full-year revenue of $2.1b, EBIT 47 26 215 242 down 7% from prior year EBIT as % of net sales 9% 5% 10% 11% EBITDA 94 68 397 414 EBITDA as % of net sales 18% 13% 19% 18% Generated $215mm of EB
Slide 11: Full-Year 2025 Key Financial Outlook
FULL-YEAR 2025 KEY FINANCIAL OUTLOOK FY 2025 General corporate expenses1 $240mm - $260mm Interest expense $250mm - $260mm Full-year effective tax rate 24% - 26% Capital additions2 Approximately $800mm Depreciation and amortization3 Approximately $650mm 1. Includes current estimates for expenses rela
Slide 12: Q1 2025 Business Outlook
Q1 2025 BUSINESS OUTLOOK ENTERPRISE: • Revenue growth for continuing operations around mid-20%, compared to prior year’s revenue of $2.0 billion after adjusting for glass reinforcements • Expect residential and commercial end markets to provide solid, but mixed, opportunities in first half of 2025 •
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