Owens Corning (OC) FY2017 results: revenue $6.4 billion, up 12.5% on the year
Owens Corning (OC) reported revenue of $6.4 billion for fiscal 2017, the year ended 31 December 2017, up 12.5% on the year before. Net income was $289 million, down 26.5%, and diluted earnings per share $2.55. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2018.
Revenue
$6.4 billion
+12.5% on the year
FY2010FY2017
Operating margin
12.5%
12.3% a year earlier
FY2010FY2017
Net income
$289 million
-26.5% on the year
FY2010FY2017
Diluted EPS
$2.55
-25.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
6,384
5,677
5,350
+12.5%
Cost of revenue
4,815
4,300
4,197
+12.0%
Gross profit
1,572
1,377
1,153
+14.2%
Gross margin
24.6%
24.3%
21.6%
Research and development
85.0
82.0
73.0
+3.7%
Operating income
797
697
548
+14.3%
Operating margin
12.5%
12.3%
10.2%
Interest expense
107
108
100
-0.9%
Pre-tax income
559
590
453
-5.3%
Income tax
269
188
120
+43.1%
Effective tax rate
48.1%
31.9%
26.5%
Net income
289
393
330
-26.5%
Net margin
4.5%
6.9%
6.2%
Diluted EPS
$2.55
$3.41
$2.79
-25.2%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,016
943
742
+7.7%
Capital expenditure
337
373
401
-9.7%
Free cash flow
679
570
341
+19.1%
Free cash flow margin
10.6%
10.0%
6.4%
Cash from investing
-901
-815
-369
Cash from financing
3.0
-88.0
-333
Depreciation and amortisation
371
343
300
+8.2%
Share-based compensation
44.0
41.0
30.0
+7.3%
Buybacks
159
247
138
-35.6%
Dividends paid
89.0
81.0
78.0
+9.9%
Dividend per share
$0.81
$0.74
$0.68
+9.5%
Diluted shares, weighted
113m
115m
118m
-1.9%
Shares outstanding at period end
112m
113m
116m
-1.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,162
3,849
3,739
+8.1%
Non-controlling interest
42.0
40.0
40.0
+5.0%
Redeemable equity
0.0
2.0
0.0
Short-term borrowings
1.0
1.0
6.0
0.0%
Debt
2,409
2,102
1,865
+14.6%
Other liabilities
2,018
1,747
1,676
+15.5%
Total liabilities and equity
8,632
7,741
7,326
+11.5%
Fixed assets
3,425
3,112
2,956
+10.1%
Goodwill
1,507
1,336
1,167
+12.8%
Intangible assets
1,360
1,138
999
+19.5%
Cash and equivalents
246
112
96.0
+119.6%
Receivables
806
678
709
+18.9%
Inventory
841
710
644
+18.5%
Other assets
447
655
755
-31.8%
Total assets
8,632
7,741
7,326
+11.5%
10-K for the year ended 31 December 2017, filed 21 February 2018: the filing.