Owens Corning (OC) FY2015 results: revenue $5.3 billion, up 1.7% on the year
Owens Corning (OC) reported revenue of $5.3 billion for fiscal 2015, the year ended 31 December 2015, up 1.7% on the year before. Net income was $330 million, up 46.0%, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2016.
Revenue
$5.3 billion
+1.7% on the year
FY2008FY2015
Operating margin
10.2%
7.5% a year earlier
FY2008FY2015
Net income
$330 million
+46.0% on the year
FY2008FY2015
Diluted EPS
$2.79
+46.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
5,350
5,260
5,295
+1.7%
Cost of revenue
4,197
4,284
4,329
-2.0%
Gross profit
1,153
976
966
+18.1%
Gross margin
21.6%
18.6%
18.2%
Research and development
73.0
76.0
77.0
-3.9%
Operating income
548
392
385
+39.8%
Operating margin
10.2%
7.5%
7.3%
Interest expense
100
114
112
-12.3%
Pre-tax income
453
232
273
+95.3%
Income tax
120
5.0
68.0
+2,300.0%
Effective tax rate
26.5%
2.2%
24.9%
Net income
330
226
204
+46.0%
Net margin
6.2%
4.3%
3.9%
Diluted EPS
$2.79
$1.91
$1.71
+46.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
742
452
383
+64.2%
Capital expenditure
401
391
353
+2.6%
Free cash flow
341
61.0
30.0
+459.0%
Free cash flow margin
6.4%
1.2%
0.6%
Cash from investing
-369
-297
-283
Cash from financing
-333
-142
-96.0
Depreciation and amortisation
300
304
332
-1.3%
Share-based compensation
30.0
29.0
28.0
+3.4%
Buybacks
138
44.0
63.0
+213.6%
Dividends paid
78.0
56.0
0.0
+39.3%
Dividend per share
$0.68
$0.64
$0.00
+6.3%
Diluted shares, weighted
118m
118m
119m
-0.1%
Shares outstanding at period end
116m
118m
118m
-1.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,739
3,692
3,793
+1.3%
Non-controlling interest
40.0
38.0
37.0
+5.3%
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
6.0
31.0
1.0
-80.6%
Debt
1,865
1,994
2,027
-6.5%
Other liabilities
1,676
1,800
1,789
-6.9%
Total liabilities and equity
7,326
7,555
7,647
-3.0%
Fixed assets
2,956
2,899
2,932
+2.0%
Goodwill
1,167
1,168
1,166
-0.1%
Intangible assets
999
1,017
1,040
-1.8%
Cash and equivalents
96.0
67.0
57.0
+43.3%
Receivables
709
674
683
+5.2%
Inventory
644
817
810
-21.2%
Other assets
755
913
959
-17.3%
Total assets
7,326
7,555
7,647
-3.0%
10-K for the year ended 31 December 2015, filed 10 February 2016: the filing.