Owens Corning reported significant financial performance for the third quarter and the first nine months of 2024, driven by increased net sales and strategic acquisitions. For the three months ended September 30, 2024, net sales reached $3,046 million, a substantial increase from $2,479 million in the same period of 2023. Year-to-date net sales also rose to $8,135 million, compared to $7,373 million in 2023. The gross margin for Q3 2024 was $908 million, up from $727 million in Q3 2023, while the gross margin for the nine months ended September 30, 2024, was $2,455 million, compared to $2,068 million in the prior year.
Operating income for Q3 2024 was $509 million, slightly higher than $462 million in Q3 2023. However, year-to-date operating income decreased to $1,369 million from $1,483 million in 2023. Net earnings for Q3 2024 were $321 million, down from $337 million in Q3 2023, and year-to-date net earnings fell to $905 million from $1,065 million in the previous year. The decline in net earnings was attributed to increased marketing and administrative expenses, which rose by $78 million in Q3 2024 compared to the same quarter in 2023.
A key strategic development was the acquisition of Masonite International Corporation, completed on May 15, 2024, for $3.2 billion, primarily funded through debt. This acquisition added a new Doors segment to Owens Corning's operations, contributing $884 million in revenues and $54 million in earnings for the nine months ended September 30, 2024. The acquisition incurred transaction costs of $49 million during the same period.
In terms of segment performance, the Roofing segment reported net sales of $1,078 million for Q3 2024, a slight decrease from $1,084 million in Q3 2023, while year-to-date sales increased to $3,140 million. The Insulation segment saw a rise in net sales to $946 million for Q3 2024, up from $913 million in Q3 2023. Conversely, the Composites segment experienced a decline in net sales to $534 million for Q3 2024, down from $567 million in the prior year.
Owens Corning's total long-term debt increased significantly to $5,465 million as of September 30, 2024, from $3,046 million at the end of 2023, reflecting the financing of the Masonite acquisition. The company reported cash and cash equivalents of $499 million, a decrease from $1,323 million a year earlier. Net cash flow from operating activities improved to $1,216 million for the nine months ended September 30, 2024, compared to $1,021 million in 2023.
Overall, Owens Corning's financial results reflect a combination of strong sales growth, strategic acquisitions, and increased operational costs, impacting profitability in the current fiscal period.
About Owens Corning
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.