Owens Corning (OC) FY2019 results: revenue $7.2 billion, up 1.5% on the year
Owens Corning (OC) reported revenue of $7.2 billion for fiscal 2019, the year ended 31 December 2019, up 1.5% on the year before. Net income was $405 million, down 25.7%, and diluted earnings per share $3.68. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$7.2 billion
+1.5% on the year
FY2012FY2019
Operating margin
11.0%
11.4% a year earlier
FY2012FY2019
Net income
$405 million
-25.7% on the year
FY2012FY2019
Diluted EPS
$3.68
-24.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,160
7,057
6,384
+1.5%
Cost of revenue
5,551
5,425
4,815
+2.3%
Gross profit
1,609
1,632
1,572
-1.4%
Gross margin
22.5%
23.1%
24.6%
Research and development
87.0
89.0
85.0
-2.2%
Operating income
787
807
797
-2.5%
Operating margin
11.0%
11.4%
12.5%
Interest expense
131
117
107
+12.0%
Pre-tax income
590
704
559
-16.2%
Income tax
186
156
269
+19.2%
Effective tax rate
31.5%
22.2%
48.1%
Net income
405
545
289
-25.7%
Net margin
5.7%
7.7%
4.5%
Diluted EPS
$3.68
$4.89
$2.55
-24.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,037
803
1,016
+29.1%
Capital expenditure
447
537
337
-16.8%
Free cash flow
590
266
679
+121.8%
Free cash flow margin
8.2%
3.8%
10.6%
Cash from investing
-394
-1,589
-901
Cash from financing
-573
647
3.0
Depreciation and amortisation
457
433
371
+5.5%
Share-based compensation
39.0
47.0
44.0
-17.0%
Buybacks
61.0
236
159
-74.2%
Dividends paid
95.0
92.0
89.0
+3.3%
Dividend per share
$0.90
$0.85
$0.81
+5.9%
Diluted shares, weighted
110m
111m
113m
-1.2%
Shares outstanding at period end
109m
110m
112m
-0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,631
4,283
4,162
+8.1%
Non-controlling interest
40.0
41.0
42.0
-2.4%
Redeemable equity
n/a
n/a
0.0
Short-term borrowings
20.0
16.0
1.0
+25.0%
Debt
2,993
3,371
2,409
-11.2%
Operating lease liabilities
138
0.0
n/a
Finance lease liabilities
19.0
n/a
n/a
Other liabilities
2,165
2,060
2,018
+5.1%
Total liabilities and equity
10,006
9,771
8,632
+2.4%
Fixed assets
3,855
3,811
3,425
+1.2%
Goodwill
1,932
1,949
1,507
-0.9%
Intangible assets
1,721
1,779
1,360
-3.3%
Cash and equivalents
172
78.0
246
+120.5%
Receivables
770
794
806
-3.0%
Inventory
1,033
1,072
841
-3.6%
Other assets
523
288
447
+81.6%
Total assets
10,006
9,771
8,632
+2.4%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.