Owens Corning (OC) FY2016 results: revenue $5.7 billion, up 6.1% on the year
Owens Corning (OC) reported revenue of $5.7 billion for fiscal 2016, the year ended 31 December 2016, up 6.1% on the year before. Net income was $393 million, up 19.1%, and diluted earnings per share $3.41. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2017.
Revenue
$5.7 billion
+6.1% on the year
FY2009FY2016
Operating margin
12.3%
10.2% a year earlier
FY2009FY2016
Net income
$393 million
+19.1% on the year
FY2009FY2016
Diluted EPS
$3.41
+22.2% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
5,677
5,350
5,260
+6.1%
Cost of revenue
4,300
4,197
4,284
+2.5%
Gross profit
1,377
1,153
976
+19.4%
Gross margin
24.3%
21.6%
18.6%
Research and development
82.0
73.0
76.0
+12.3%
Operating income
697
548
392
+27.2%
Operating margin
12.3%
10.2%
7.5%
Interest expense
108
100
114
+8.0%
Pre-tax income
590
453
232
+30.2%
Income tax
188
120
5.0
+56.7%
Effective tax rate
31.9%
26.5%
2.2%
Net income
393
330
226
+19.1%
Net margin
6.9%
6.2%
4.3%
Diluted EPS
$3.41
$2.79
$1.91
+22.2%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
943
742
452
+27.1%
Capital expenditure
373
401
391
-7.0%
Free cash flow
570
341
61.0
+67.2%
Free cash flow margin
10.0%
6.4%
1.2%
Cash from investing
-815
-369
-297
Cash from financing
-88.0
-333
-142
Depreciation and amortisation
343
300
304
+14.3%
Share-based compensation
41.0
30.0
29.0
+36.7%
Buybacks
247
138
44.0
+79.0%
Dividends paid
81.0
78.0
56.0
+3.8%
Dividend per share
$0.74
$0.68
$0.64
+8.8%
Diluted shares, weighted
115m
118m
118m
-2.4%
Shares outstanding at period end
113m
116m
118m
-2.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
3,849
3,739
3,692
+2.9%
Non-controlling interest
40.0
40.0
38.0
0.0%
Redeemable equity
2.0
0.0
n/a
Short-term borrowings
1.0
6.0
31.0
-83.3%
Debt
2,102
1,865
1,994
+12.7%
Other liabilities
1,747
1,676
1,800
+4.2%
Total liabilities and equity
7,741
7,326
7,555
+5.7%
Fixed assets
3,112
2,956
2,899
+5.3%
Goodwill
1,336
1,167
1,168
+14.5%
Intangible assets
1,138
999
1,017
+13.9%
Cash and equivalents
112
96.0
67.0
+16.7%
Receivables
678
709
674
-4.4%
Inventory
710
644
817
+10.2%
Other assets
655
755
913
-13.2%
Total assets
7,741
7,326
7,555
+5.7%
10-K for the year ended 31 December 2016, filed 8 February 2017: the filing.