Owens Corning (OC) FY2023 results: revenue $8.4 billion, down 14.2% on the year
Owens Corning (OC) reported revenue of $8.4 billion for fiscal 2023, the year ended 31 December 2023, down 14.2% on the year before. Net income was $1.2 billion, down 3.6%, and diluted earnings per share $13.14. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.
Revenue
$8.4 billion
-14.2% on the year
FY2016FY2023
Operating margin
19.6%
17.6% a year earlier
FY2016FY2023
Net income
$1.2 billion
-3.6% on the year
FY2016FY2023
Diluted EPS
$13.14
+3.5% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,719
1,760
1,503
-2.3%
Capital expenditure
526
446
416
+17.9%
Free cash flow
1,193
1,314
1,087
-9.2%
Free cash flow margin
14.2%
13.5%
12.8%
Cash from investing
-356
-623
-377
Cash from financing
-877
-974
-881
Depreciation and amortisation
609
531
502
+14.7%
Share-based compensation
51.0
51.0
50.0
0.0%
Buybacks
657
795
570
-17.4%
Dividends paid
188
136
108
+38.2%
Dividend per share
$2.16
$1.57
$1.13
+37.6%
Diluted shares, weighted
91m
98m
104m
-6.9%
Shares outstanding at period end
87m
92m
100m
-5.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
5,166
4,575
4,296
+12.9%
Non-controlling interest
19.0
21.0
39.0
-9.5%
Redeemable equity
25.0
25.0
0.0
0.0%
Short-term borrowings
1.0
1.0
6.0
0.0%
Debt
3,046
3,020
2,985
+0.9%
Operating lease liabilities
165
152
109
+8.6%
Finance lease liabilities
122
103
74.0
+18.4%
Other liabilities
2,693
2,855
2,506
-5.7%
Total liabilities and equity
11,237
10,752
10,015
+4.5%
Fixed assets
3,841
3,729
3,873
+3.0%
Goodwill
1,392
1,383
990
+0.7%
Intangible assets
1,528
1,602
1,617
-4.6%
Cash and equivalents
1,615
1,099
959
+47.0%
Receivables
987
961
939
+2.7%
Inventory
1,198
1,334
1,078
-10.2%
Other assets
676
644
559
+5.0%
Total assets
11,237
10,752
10,015
+4.5%
10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.