Q2 2024 Owens Corning Earnings Call Transcript
Key Points
- Owens-Corning Inc (OC) delivered strong financial results with an adjusted EBIT margin of 21% and an adjusted EBITDA margin of 27% in Q2 2024.
- The company achieved a significant milestone of 16 consecutive quarters of mid-teens or better adjusted EBIT margins and 20% or better adjusted EBITDA margins.
- Owens-Corning Inc (OC) completed the acquisition of Masonite, expanding its portfolio of branded residential building products.
- The company generated $336 million of free cash flow and returned $52 million to shareholders through dividends in the quarter.
- The insulation business delivered its highest EBIT and EBITDA margin performance since 2006, reflecting structural improvements and strong demand in North America.
- The European market remains challenged by a weaker macro environment, impacting the insulation segment's performance.
- The doors segment, recently acquired from Masonite, is facing near-term volume pressures due to discretionary spending pullbacks in the repair and remodeling market.
- The composites segment experienced a 12% decline in revenue compared to the prior year, driven by lower demand and pricing in the glass reinforcements business.
- The company anticipates continued volume pressure in the roofing components segment due to normalized purchases and inventory levels at distribution.
- Owens-Corning Inc (OC) expects input cost inflation in the roofing segment, which could impact margins if not offset by price increases.
Hello all, and welcome to Owens Corning's second-quarter 2021 earnings call. My name is Lydia, and I will be your operator today. (Operator Instructions)
I'll now hand you over to Amber Wohlfarth, Vice President of Investor Relations, Corporate Affairs to begin. Please go ahead.
Good morning. Thank you for taking the time to join us for today's conference call and review of our business results for the second quarter of 2024. Joining us today are Brian Chambers, Owens Corning's Chair and Chief Executive Officer; and Todd Fister, our Chief Financial Officer. Following our presentation this morning, we will open this one-hour call to your questions. In order to accommodate as many call participants as possible, please limit yourself to one question only.
Earlier this morning, we issued a news release and filed a 10-Q that detailed our financial results for the second quarter of 2024. For the purposes of our discussion today, we have prepared presentation slides summarizing our
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