Owens Corning (OC) FY2020 results: revenue $7.1 billion, down 1.5% on the year
Owens Corning (OC) reported revenue of $7.1 billion for fiscal 2020, the year ended 31 December 2020, down 1.5% on the year before. Net income was -$383 million, and diluted earnings per share $-3.53. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$7.1 billion
-1.5% on the year
FY2013FY2020
Operating margin
-2.0%
11.0% a year earlier
FY2013FY2020
Net income
-$383 million
FY2013FY2020
Diluted EPS
-$3.53
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,055
7,160
7,057
-1.5%
Cost of revenue
5,445
5,551
5,425
-1.9%
Gross profit
1,610
1,609
1,632
+0.1%
Gross margin
22.8%
22.5%
23.1%
Research and development
82.0
87.0
89.0
-5.7%
Operating income
-138
787
807
Operating margin
-2.0%
11.0%
11.4%
Interest expense
132
131
117
+0.8%
Pre-tax income
-256
590
704
Income tax
129
186
156
-30.6%
Effective tax rate
n/a
31.5%
22.2%
Net income
-383
405
545
Net margin
-5.4%
5.7%
7.7%
Diluted EPS
-$3.53
$3.68
$4.89
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,135
1,037
803
+9.5%
Capital expenditure
307
447
537
-31.3%
Free cash flow
828
590
266
+40.3%
Free cash flow margin
11.7%
8.2%
3.8%
Cash from investing
-205
-394
-1,589
Cash from financing
-358
-573
647
Depreciation and amortisation
493
457
433
+7.9%
Share-based compensation
41.0
39.0
47.0
+5.1%
Buybacks
318
61.0
236
+421.3%
Dividends paid
104
95.0
92.0
+9.5%
Dividend per share
$0.98
$0.90
$0.85
+8.9%
Diluted shares, weighted
109m
110m
111m
-1.4%
Shares outstanding at period end
109m
109m
110m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,901
4,631
4,283
-15.8%
Non-controlling interest
40.0
40.0
41.0
0.0%
Short-term borrowings
1.0
20.0
16.0
-95.0%
Debt
3,145
2,993
3,371
+5.1%
Operating lease liabilities
99.0
138
0.0
-28.3%
Finance lease liabilities
59.0
19.0
n/a
+210.5%
Other liabilities
2,236
2,165
2,060
+3.3%
Total liabilities and equity
9,481
10,006
9,771
-5.2%
Fixed assets
3,809
3,855
3,811
-1.2%
Goodwill
989
1,932
1,949
-48.8%
Intangible assets
1,667
1,721
1,779
-3.1%
Cash and equivalents
717
172
78.0
+316.9%
Receivables
919
770
794
+19.4%
Inventory
855
1,033
1,072
-17.2%
Other assets
525
523
288
+0.4%
Total assets
9,481
10,006
9,771
-5.2%
10-K for the year ended 31 December 2020, filed 17 February 2021: the filing.