Owens Corning (OC) FY2018 results: revenue $7.1 billion, up 10.5% on the year
Owens Corning (OC) reported revenue of $7.1 billion for fiscal 2018, the year ended 31 December 2018, up 10.5% on the year before. Net income was $545 million, up 88.6%, and diluted earnings per share $4.89. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$7.1 billion
+10.5% on the year
FY2011FY2018
Operating margin
11.4%
12.5% a year earlier
FY2011FY2018
Net income
$545 million
+88.6% on the year
FY2011FY2018
Diluted EPS
$4.89
+91.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,057
6,384
5,677
+10.5%
Cost of revenue
5,425
4,815
4,300
+12.7%
Gross profit
1,632
1,572
1,377
+3.8%
Gross margin
23.1%
24.6%
24.3%
Research and development
89.0
85.0
82.0
+4.7%
Operating income
807
797
697
+1.3%
Operating margin
11.4%
12.5%
12.3%
Interest expense
117
107
108
+9.3%
Pre-tax income
704
559
590
+25.9%
Income tax
156
269
188
-42.0%
Effective tax rate
22.2%
48.1%
31.9%
Net income
545
289
393
+88.6%
Net margin
7.7%
4.5%
6.9%
Diluted EPS
$4.89
$2.55
$3.41
+91.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
803
1,016
943
-21.0%
Capital expenditure
537
337
373
+59.3%
Free cash flow
266
679
570
-60.8%
Free cash flow margin
3.8%
10.6%
10.0%
Cash from investing
-1,589
-901
-815
Cash from financing
647
3.0
-88.0
+21,466.7%
Depreciation and amortisation
433
371
343
+16.7%
Share-based compensation
47.0
44.0
41.0
+6.8%
Buybacks
236
159
247
+48.4%
Dividends paid
92.0
89.0
81.0
+3.4%
Dividend per share
$0.85
$0.81
$0.74
+4.9%
Diluted shares, weighted
111m
113m
115m
-1.6%
Shares outstanding at period end
110m
112m
113m
-1.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,283
4,162
3,849
+2.9%
Non-controlling interest
41.0
42.0
40.0
-2.4%
Redeemable equity
n/a
0.0
2.0
Short-term borrowings
16.0
1.0
1.0
+1,500.0%
Debt
3,371
2,409
2,102
+39.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,060
2,018
1,747
+2.1%
Total liabilities and equity
9,771
8,632
7,741
+13.2%
Fixed assets
3,811
3,425
3,112
+11.3%
Goodwill
1,949
1,507
1,336
+29.3%
Intangible assets
1,779
1,360
1,138
+30.8%
Cash and equivalents
78.0
246
112
-68.3%
Receivables
794
806
678
-1.5%
Inventory
1,072
841
710
+27.5%
Other assets
288
447
655
-35.6%
Total assets
9,771
8,632
7,741
+13.2%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.