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Owens Corning Reports 3Q 2021 Results

Article-Owens Corning Reports 3Q 2021 Results

Illustration of growth and profits using construction equipment
Roofing produced $212 million of EBIT with 24% EBIT margins.

Owens Corning reported consolidated net sales of $2.2 billion in third-quarter 2021, compared with $1.9 billion in third-quarter 2020, an increase of 16%.

Third-quarter 2021 net earnings attributable to Owens Corning were $260 million, or $2.50 per diluted share, compared with $206 million, or $1.88 per diluted share, in third-quarter 2020.

Third-quarter 2021 adjusted earnings were $262 million, or $2.52 per diluted share, compared with $193 million, or $1.76 per diluted share, during the same period one year ago. Third-quarter 2021 adjusted EBIT was $400 million, compared with $289 million in the same period in 2020.

Roofing produced $212 million of EBIT with 24% EBIT margins

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 housing market and global commercial and industrial markets to remain strong. The company continues to closely monitor and manage inflation, supply chain disruptions, and the regional impacts of the COVID-19 pandemic on the business.

“Building on the momentum of an outstanding first half, Owens Corning delivered a record third-quarter driven by the exceptional execution of our global team to operate our facilities and service our customers while overcoming supply chain disruptions and higher inflation,” Chair and CEO Brian Chambers said. “As we focus on finishing the year strong, we continue to make strategic choices to enhance the earnings power of our company and position us for future growth.”

“We are pleased with our continued strong cash flow performance. Through the first nine months of 2021, we generated $1.2 billion of operating cash flow and $925 million of free cash flow,” added EVP and CFO Ken Parks.

View the full results here.

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