Owens Corning Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Owens Corning Reports Second Quarter 2024 Financial Results
Toledo, OH, August 1, 2024 – Owens Corning has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $2.86B | $2.67B | $2.64B | +8.3% | +7.1% | $2.76B |
| Earnings Per Share (EPS) | $4.34 | $3.89 | $4.06 | +6.9% | +11.6% | $4.32 |
Owens Corning's financial performance for the second quarter of 2024 showed robust growth with revenue exceeding Wall Street consensus estimates. Overall, the impressive year-over-year and quarter-over-quarter improvements reflect strong market conditions and effective operational strategies.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Q2 2023 Revenue |
|---|---|---|---|
| Roofing | $1.16B | $1.08B | $1.18B |
| Insulation | $0.81B | $0.77B | $0.80B |
| Composites | $0.59B | $0.54B | $0.67B |
| Doors | $0.31B (new) | - | - |
Notably, the largest growth came from the new Doors segment following the acquisition of Masonite International Corporation. This addition has already contributed $0.31 billion in revenue, indicating a strong start. The Roofing segment witnessed a minor decline compared to last year. Despite a competitive industry environment, gains in pricing and product mix helped maintain stability in our core segments.
Key Operational Data
- Employee Safety: Recordable Incident Rate (RIR) for Q2 2024 was 0.46, an improvement from 0.59 in Q2 2023.
Comments from Company Officers
Chief Executive Officer Brian Chambers commented, "This quarter yielded outstanding progress across all our business segments. The seamless integration of Masonite International is already delivering meaningful value as demonstrated by our inaugural earnings from our new Doors segment."
Share Repurchase Program
The company did not repurchase any shares in Q2 2024. As of June 30, 2024, 8.1 million shares remain available for repurchase under the current authorization.
Forward Guidance
Owens Corning reiterated their focus on organic growth, operational excellence, and further integration of Masonite. While specific revenue or EPS guidance was not provided, the company maintains a positive outlook for the rest of the fiscal year.
Stock Price Movement
Post earnings release, Owens Corning's stock price saw a modest increase of 0.015%, reflecting investor confidence in the strong results and outlook presented.
Conclusion
Owens Corning posted strong Q2 2024 results with significant year-over-year and quarter-over-quarter growth driven largely by strategic acquisitions and operational efficiencies, showcasing the company's ability to expand its market footprint and deliver sustained financial performance.
