Owens Corning (OC) Q2 FY2024 earnings: revenue $2.5 billion, down 2.6% on the year

Owens Corning (OC) reported revenue of $2.5 billion for Q2 FY2024, the quarter ended 30 June 2024, down 2.6% on the same quarter a year earlier. Net income was $285 million, down 17.4% on the year, and diluted earnings per share $3.24. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$2.5 billiondown 2.6%

Net income$285 milliondown 17.4%

Diluted EPS$3.24

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,497	2,017	n/a	n/a
Cost of revenue	1,684	1,389	n/a	n/a
Gross profit	813	628	n/a	n/a
Gross margin	32.6%	31.1%	n/a
Research and development	32.0	27.0	n/a	n/a
Selling, general and administrative	249	212	n/a	n/a
Operating income	418	376	n/a	n/a
Operating margin	16.7%	18.6%	n/a
Interest expense	-63.0	17.0	n/a	n/a
Pre-tax income	356	360	n/a	n/a
Income tax	101	83.0	n/a	n/a
Effective tax rate	28.4%	23.1%	n/a
Net income	285	299	n/a	n/a
Net margin	11.4%	14.8%	n/a
Diluted EPS	$3.24	$3.40	n/a	n/a

$ million except per share.

Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	493	24.0	n/a	n/a
Capital expenditure	157	152	n/a	n/a
Free cash flow	336	-128	n/a	n/a
Free cash flow margin	13.5%	-6.3%	n/a
Cash from investing	-3,008	-146	n/a	n/a
Cash from financing	1,555	-234	n/a	n/a
Depreciation and amortisation	167	131	n/a	n/a
Share-based compensation	39.0	14.0	n/a	n/a
Buybacks	24.0	161	n/a	n/a
Dividends paid	52.0	52.0	n/a	n/a
Dividend per share	$0.60	$0.60	n/a	n/a
Diluted shares, weighted	88m	88m	n/a	n/a
Shares outstanding at period end	87m	87m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	5,472	5,229	n/a	n/a
Non-controlling interest	53.0	18.0	n/a	n/a
Redeemable equity	0.0	25.0	n/a	n/a
Short-term borrowings	155	1.0	n/a	n/a
Debt	5,455	3,078	n/a	n/a
Operating lease liabilities	386	164	n/a	n/a
Other liabilities	3,470	2,754	n/a	n/a
Total liabilities and equity	14,991	11,269	n/a	n/a
Fixed assets	4,640	3,796	n/a	n/a
Goodwill	2,683	1,385	n/a	n/a
Intangible assets	3,006	1,510	n/a	n/a
Cash and equivalents	254	1,254	n/a	n/a
Receivables	1,680	1,410	n/a	n/a
Inventory	1,576	1,205	n/a	n/a
Other assets	1,152	709	n/a	n/a
Total assets	14,991	11,269	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,479	2,304	2,017	2,497	2,763	2,840	2,530	2,747	2,684	n/a	2,265	2,756
Cost of revenue	1,752	1,689	1,389	1,684	1,912	2,041	1,805	1,889	1,927	n/a	1,755	1,963
Gross profit	727	615	628	813	851	799	725	858	757	n/a	510	793
Gross margin	29%	27%	31%	33%	31%	28%	29%	31%	28%	n/a	23%	29%
R&D	29.0	38.0	27.0	32.0	32.0	43.0	35.0	37.0	39.0	n/a	37.0	35.0
SG&A	201	136	212	249	279	219	261	263	240	n/a	258	252
Operating income	462	329	376	418	472	-242	407	505	-327	n/a	120	482
Operating margin	19%	14%	19%	17%	17%	-9%	16%	18%	-12%	n/a	5%	17%
Interest expense	17.0	14.0	17.0	-63.0	-69.0	327	-64.0	-63.0	-65.0	n/a	66.0	69.0
Pre-tax income	446	169	360	356	403	-303	343	442	-393	n/a	54.0	413
Tax rate	25%	24%	23%	28%	29%	n/a	26%	25%	n/a	n/a	28%	25%
Net income	337	131	299	285	321	-258	-93.0	363	-494	n/a	-105	226
Net margin	14%	6%	15%	11%	12%	-9%	-4%	13%	-18%	n/a	-5%	8%
Diluted EPS	$3.71	$1.46	$3.40	$3.24	$3.65	-$2.97	-$1.08	$4.25	-$5.92	n/a	-$1.29	$2.80
Operating cash flow	691	698	24.0	493	699	676	-49.0	327	918	n/a	-154	398
Capital expenditure	110	136	152	157	141	197	203	198	166	n/a	233	199
Free cash flow	581	562	-128	336	558	479	-252	129	752	n/a	-387	199
Buybacks	144	238	161	24.0	203	103	136	227	220	n/a	22.0	208
Dividends paid	47.0	46.0	52.0	52.0	52.0	52.0	59.0	59.0	58.0	n/a	63.0	64.0
Shares outstanding	89m	87m	87m	87m	86m	85m	85m	84m	82m	80m	80m	79m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0001370946-24-000183: the filing on EDGAR. All of Owens Corning's filings: EDGAR company page.

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