Company Delivers Strong Second-Quarter Earnings Growth on
Significant Progress in Composites and Roofing
-
Composites delivered 8th consecutive quarter of EBIT
improvement
-
Roofing grew EBIT on stronger volumes and improved margins
-
Insulation delivered 16th consecutive quarter of EBIT growth
-
Company expects full-year adjusted EBIT between $460 million and $500
million
TOLEDO, Ohio--(BUSINESS WIRE)--
Owens Corning (NYSE: OC) today reported consolidated net sales of $1.41
billion in the second quarter of 2015, up from $1.36 billion in 2014.
Second-quarter 2015 adjusted earnings were $93 million, or $0.79 per
diluted share, up from the adjusted earnings of $45 million, or $0.38
per diluted share, in the same period last year. Net earnings in the
second quarter of 2015 were $91 million, or $0.77 per share, compared to
second-quarter 2014 net earnings of $21 million, or $0.18 per diluted
share. (See Table 3 for a discussion and reconciliation of these items.)
“Owens Corning is pleased with its second-quarter performance as all
three businesses made substantial contributions to earnings,” said Mike
Thaman, chairman and chief executive officer. “Composites had an
outstanding quarter driven by continued strong commercial and
operational execution. Roofing experienced strong shipments and
improving margins throughout the quarter. Insulation continues to make
progress with growth expected to accelerate in the second half on the
recent improvement in U.S. housing starts.”
Consolidated Second-Quarter 2015 Results
-
Owens Corning continued to perform at a high level of safety with a
Recordable Incident Rate (RIR) of 0.53 for the six months ending June
30, 2015. The second quarter demonstrated improvement versus the first
quarter.
-
Adjusted earnings before interest and taxes (adjusted EBIT) in the
second quarter of 2015 were $156 million, up from $96 million in 2014.
Reported EBIT for the second quarter was $156 million, compared with
$73 million during the same period in 2014. (See Table 2.)
-
During the second quarter, Owens Corning repurchased 0.7 million
shares of the company’s common stock for $28 million. As of June 30,
2015, 6.6 million shares remained available for repurchase under the
company’s current authorization.
-
The company’s Board of Directors declared a quarterly cash dividend of
$0.17 per common share. The dividend will be payable on August 4, 2015
to shareholders of record as of July 20, 2015.
Outlook
The company continues to expect to benefit in 2015 from sustained
improvement in the U.S. housing market and moderate global growth.
In Composites, the company now expects a full-year EBIT improvement of
about $60 million based on current volume and pricing strength,
including the impact of $25 million in currency headwinds.
In Roofing, the company continues to expect that the full-year U.S.
shingle market will be in line with last year. Based on the decline in
first-half shipments, the market is expected to grow mid-single digits
in the second half.
Insulation should continue to benefit from growth in U.S. residential
new construction, improved pricing and operating leverage.
The company estimates an effective tax rate of 30 percent to 32 percent,
and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax
earnings, due to the company’s $2.2 billion U.S. tax net operating loss
carryforward.
The company expects general corporate expenses to be at the bottom of
the range of $120 million to $130 million in 2015, and capital
expenditures of approximately $380 million. Interest expenses are
expected to be about $110 million.
For the full year 2015, the company expects adjusted EBIT between $460
million and $500 million, with most of the variability within this range
driven by the Roofing business.
Next Earnings Announcement
Third-quarter 2015 results will be announced on Wednesday, October 21,
2015.
Conference Call and Presentation
Wednesday, July 22, 2015
11 a.m. Eastern Time
All Callers
Live dial-in telephone number: U.S. 1.888.317.6003; Canada
1.866.284.3684; and other international +1.412.317.6061.
Entry
number: 293-7971 (Please dial in 10-15 minutes before conference call
start time)
Live webcast: http://services.choruscall.com/links/owens150722.html
Telephone and Webcast Replay
Telephone replay will be available one hour after the end of the call
through July 29, 2015. In the U.S., call 1.877.344.7529. In Canada, call
1.855.669.9658. In other international locations, call +1.412.317.0088.
Conference
replay number: 100-683-93
Replay available at https://services.choruscall.com/ccforms/replay.html
Webcast
replay available until July 22, 2016
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures and markets insulation,
roofing and fiberglass composites. Global in scope and human in scale,
the company’s market-leading businesses use their deep expertise in
materials, manufacturing and building science to develop products and
systems that save energy and improve comfort in commercial and
residential buildings. Through its glass reinforcements business, the
company makes thousands of products lighter, stronger and more durable.
Ultimately, Owens Corning people and products make the world a better
place. Based in Toledo, Ohio, Owens Corning posted 2014 sales of $5.3
billion and employs about 15,000 people in 26 countries. It has been a
Fortune 500® company for 61 consecutive years. For more information,
please visit www.owenscorning.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are subject to risks, uncertainties and other factors that may cause
actual results to differ materially from those projected in these
statements. Such factors include, without limitation: economic and
political conditions, including levels of residential and commercial
construction activity; competitive and pricing factors; levels of global
industrial production; demand for our products; relationships with key
customers; industry and economic conditions that affect the market and
operating conditions of our customers, suppliers or lenders; foreign
exchange and commodity price fluctuations; our level of indebtedness;
weather conditions; availability and cost of credit; availability and
cost of energy and raw materials; issues involving implementation of new
business systems; domestic and international economic and political
conditions including new legislation or other governmental actions; our
ability to use our net operating loss carry forwards; research and
development activities and intellectual property protection; interest
rate movements; labor disputes and litigation; uninsured losses; issues
related to acquisitions, divestitures and joint ventures; achievement of
expected synergies, cost reductions and/or productivity improvements;
defined benefit plan funding obligations; and, factors detailed from
time to time in the company’s Securities and Exchange Commission
filings. The information in this news release speaks as of July 22,
2015, and is subject to change. The company does not undertake any duty
to update or revise forward-looking statements except as required by
federal securities laws. Any distribution of this news release after
that date is not intended and should not be construed as updating or
confirming such information.
Owens Corning Investor Relations News
|
Table 1
Owens Corning and Subsidiaries
Consolidated
Statements of Earnings
(unaudited)
(in
millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
NET SALES
|
|
$
|
1,414
|
|
|
$
|
1,355
|
|
|
$
|
2,621
|
|
|
$
|
2,633
|
|
|
COST OF SALES
|
|
1,106
|
|
|
1,107
|
|
|
2,104
|
|
|
2,151
|
|
|
Gross margin
|
|
308
|
|
|
248
|
|
|
517
|
|
|
482
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
Marketing and administrative expenses
|
|
130
|
|
|
130
|
|
|
259
|
|
|
262
|
|
|
Science and technology expenses
|
|
18
|
|
|
20
|
|
|
35
|
|
|
39
|
|
|
Charges related to cost reduction actions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
Other expenses (income), net
|
|
4
|
|
|
25
|
|
|
9
|
|
|
(12
|
)
|
|
Total operating expenses
|
|
152
|
|
|
175
|
|
|
303
|
|
|
301
|
|
|
EARNINGS BEFORE INTEREST AND TAXES
|
|
156
|
|
|
73
|
|
|
214
|
|
|
181
|
|
|
Interest expense, net
|
|
26
|
|
|
31
|
|
|
52
|
|
|
58
|
|
|
Gain on extinguishment of debt
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
EARNINGS BEFORE TAXES
|
|
135
|
|
|
42
|
|
|
167
|
|
|
123
|
|
|
Less: Income tax expense (benefit)
|
|
44
|
|
|
21
|
|
|
57
|
|
|
(18
|
)
|
|
Equity in net earnings of affiliates
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
NET EARNINGS
|
|
92
|
|
|
22
|
|
|
111
|
|
|
142
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING
|
|
$
|
91
|
|
|
$
|
21
|
|
|
$
|
109
|
|
|
$
|
141
|
|
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON
STOCKHOLDERS
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.77
|
|
|
$
|
0.18
|
|
|
$
|
0.93
|
|
|
$
|
1.20
|
|
|
Diluted
|
|
$
|
0.77
|
|
|
$
|
0.18
|
|
|
$
|
0.92
|
|
|
$
|
1.19
|
|
|
Dividend
|
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
$
|
0.34
|
|
|
$
|
0.32
|
|
|
WEIGHTED AVERAGE COMMON SHARES
|
|
|
|
|
|
|
|
|
|
Basic
|
|
117.5
|
|
|
117.4
|
|
|
117.6
|
|
|
117.6
|
|
|
Diluted
|
|
118.3
|
|
|
118.3
|
|
|
118.3
|
|
|
118.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
Owens Corning and Subsidiaries
EBIT
Reconciliation Schedules
(unaudited)
|
|
|
|
|
|
|
|
Adjusting items are shown in the table below (in millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Charges related to cost reduction actions and related items
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(12
|
)
|
|
Impairment loss on European Stone business
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
|
Gain on sale of Hangzhou, China facility
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
Net loss related to Hurricane Sandy
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(6
|
)
|
|
Total adjusting items
|
|
$
|
—
|
|
|
$
|
(23
|
)
|
|
$
|
(2
|
)
|
|
$
|
8
|
|
|
|
|
|
|
|
|
The reconciliation from net earnings attributable to Owens Corning
to Adjusted EBIT is shown in the table below (in millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING
|
|
$
|
91
|
|
|
$
|
21
|
|
|
$
|
109
|
|
|
$
|
141
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
NET EARNINGS
|
|
92
|
|
|
22
|
|
|
111
|
|
|
142
|
|
|
Equity in net earnings of affiliates
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
Less: Income tax expense (benefit)
|
|
44
|
|
|
21
|
|
|
57
|
|
|
(18
|
)
|
|
EARNINGS BEFORE TAXES
|
|
135
|
|
|
42
|
|
|
167
|
|
|
123
|
|
|
Interest expense, net
|
|
26
|
|
|
31
|
|
|
52
|
|
|
58
|
|
|
Gain on extinguishment of debt
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
EARNINGS BEFORE INTEREST AND TAXES
|
|
156
|
|
|
73
|
|
|
214
|
|
|
181
|
|
|
Less: adjusting items from above
|
|
—
|
|
|
(23
|
)
|
|
(2
|
)
|
|
8
|
|
|
ADJUSTED EBIT
|
|
$
|
156
|
|
|
$
|
96
|
|
|
$
|
216
|
|
|
$
|
173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For purposes of internal review of Owens Corning’s year-over-year
operational performance, management excludes from net earnings
attributable to Owens Corning certain items it believes are not the
result of current operations. The adjusted financial measure
resulting from these adjustments is used internally by Owens Corning
for various purposes, including reporting results of operations to
the Board of Directors, analysis of performance, and related
employee compensation measures. Although management believes that
these adjustments result in a measure that provides it a useful
representation of its operational performance, the adjusted measure
should not be considered in isolation or as a substitute for net
earnings attributable to Owens Corning as prepared in accordance
with accounting principles generally accepted in the United States.
|
|
|
|
Table 3
|
|
Owens Corning and Subsidiaries
|
|
EPS Reconciliation Schedules
|
|
(unaudited)
|
|
(in millions, except per share data)
|
|
|
|
For purposes of internal review of Owens Corning’s year-over-year
operational performance, management excludes from net earnings
attributable to Owens Corning certain items it believes are not the
result of current operations. The adjusted financial measures
resulting from these adjustments are used internally by Owens
Corning for various purposes, including reporting results of
operations to the Board of Directors, analysis of performance and
related employee compensation measures. Although management believes
that these adjustments result in measures that provide it a useful
representation of its operational performance, the adjusted measures
should not be considered in isolation or as a substitute for net
earnings attributable to Owens Corning as prepared in accordance
with accounting principles generally accepted in the United States.
|
|
|
|
A reconciliation from net earnings attributable to Owens Corning to
Adjusted Earnings and a reconciliation from diluted earnings per
share to adjusted diluted earnings per share are shown in the tables
below:
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
RECONCILIATION TO ADJUSTED EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Owens Corning
|
|
$
|
91
|
|
|
$
|
21
|
|
|
$
|
109
|
|
|
$
|
141
|
|
|
Adjustment to remove adjusting items, net of tax
|
|
—
|
|
|
21
|
|
|
2
|
|
|
—
|
|
|
Adjustment to remove significant tax reserve reversals
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|
Adjustment to tax expense (benefit) to reflect pro forma tax rate*
|
|
2
|
|
|
3
|
|
|
4
|
|
|
13
|
|
|
ADJUSTED EARNINGS
|
|
$
|
93
|
|
|
$
|
45
|
|
|
$
|
115
|
|
|
$
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING
COMMON STOCKHOLDERS
|
|
$
|
0.77
|
|
|
$
|
0.18
|
|
|
$
|
0.92
|
|
|
$
|
1.19
|
|
|
Adjustment to remove adjusting items, net of tax
|
|
—
|
|
|
0.18
|
|
|
0.02
|
|
|
—
|
|
|
Adjustment to remove significant tax reserve reversals
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.62
|
)
|
|
Adjustment to tax expense (benefit) to reflect pro forma tax rate*
|
|
0.02
|
|
|
0.02
|
|
|
0.03
|
|
|
0.11
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING
COMMON STOCKHOLDERS
|
|
$
|
0.79
|
|
|
$
|
0.38
|
|
|
$
|
0.97
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO DILUTED SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares outstanding used for basic
earnings per share
|
|
117.5
|
|
|
117.4
|
|
|
117.6
|
|
|
117.6
|
|
|
Non-vested restricted and performance shares
|
|
0.4
|
|
|
0.4
|
|
|
0.3
|
|
|
0.4
|
|
|
Options to purchase common stock
|
|
0.4
|
|
|
0.5
|
|
|
0.4
|
|
|
0.5
|
|
|
Weighted-average number of shares outstanding and common equivalent
shares used for diluted earnings per share
|
|
118.3
|
|
|
118.3
|
|
|
118.3
|
|
|
118.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
For 2015 we have used a pro forma effective tax rate of 31%. For
comparability, in 2014, we have used an effective tax rate of 30%
that excludes the resolution of a significant uncertain tax position
and the reversal of a valuation allowance recorded in prior years
against certain European net deferred tax assets.
|
|
|
|
|
Table 4
Owens Corning and Subsidiaries
Consolidated
Balance Sheets
(unaudited)
(in millions,
except per share data)
|
|
|
|
|
|
|
|
ASSETS
|
|
June 30,
2015
|
|
December 31,
2014
|
|
CURRENT ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
80
|
|
|
$
|
67
|
|
|
Receivables, less allowances of $10 at June 30, 2015 and December
31, 2014
|
|
853
|
|
|
674
|
|
|
Inventories
|
|
786
|
|
|
817
|
|
|
Assets held for sale
|
|
13
|
|
|
16
|
|
|
Other current assets
|
|
248
|
|
|
233
|
|
|
Total current assets
|
|
1,980
|
|
|
1,807
|
|
|
Property, plant and equipment, net
|
|
2,891
|
|
|
2,899
|
|
|
Goodwill
|
|
1,168
|
|
|
1,168
|
|
|
Intangible assets
|
|
1,010
|
|
|
1,017
|
|
|
Deferred income taxes
|
|
403
|
|
|
444
|
|
|
Other non-current assets
|
|
227
|
|
|
220
|
|
|
TOTAL ASSETS
|
|
$
|
7,679
|
|
|
$
|
7,555
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
925
|
|
|
$
|
949
|
|
|
Short-term debt
|
|
9
|
|
|
31
|
|
|
Long-term debt – current portion
|
|
3
|
|
|
3
|
|
|
Total current liabilities
|
|
937
|
|
|
983
|
|
|
Long-term debt, net of current portion
|
|
2,165
|
|
|
1,991
|
|
|
Pension plan liability
|
|
414
|
|
|
447
|
|
|
Other employee benefits liability
|
|
247
|
|
|
252
|
|
|
Deferred income taxes
|
|
27
|
|
|
22
|
|
|
Other liabilities
|
|
141
|
|
|
130
|
|
|
OWENS CORNING STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Preferred stock, par value $0.01 per share (a)
|
|
—
|
|
|
—
|
|
|
Common stock, par value $0.01 per share (b)
|
|
1
|
|
|
1
|
|
|
Additional paid in capital
|
|
3,950
|
|
|
3,954
|
|
|
Accumulated earnings
|
|
874
|
|
|
805
|
|
|
Accumulated other comprehensive deficit
|
|
(584
|
)
|
|
(550
|
)
|
|
Cost of common stock in treasury (c)
|
|
(533
|
)
|
|
(518
|
)
|
|
Total Owens Corning stockholders’ equity
|
|
3,708
|
|
|
3,692
|
|
|
Noncontrolling interests
|
|
40
|
|
|
38
|
|
|
Total equity
|
|
3,748
|
|
|
3,730
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
7,679
|
|
|
$
|
7,555
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
10 shares authorized; none issued or outstanding at June 30, 2015,
and December 31, 2014
|
|
(b)
|
|
400 shares authorized; 135.5 issued and 117.6 outstanding at June
30, 2015; 135.5 issued and 117.8 outstanding at December 31, 2014
|
|
(c)
|
|
17.9 shares at June 30, 2015, and 17.7 shares at December 31, 2014
|
|
|
|
|
|
Table 5
Owens Corning and Subsidiaries
Consolidated
Statements of Cash Flows
(unaudited)
(in
millions)
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES
|
|
|
|
|
|
Net earnings
|
|
$
|
111
|
|
|
$
|
142
|
|
|
Adjustments to reconcile net earnings to cash provided by (used for)
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
151
|
|
|
154
|
|
|
Gain on sale of fixed assets
|
|
(1
|
)
|
|
(47
|
)
|
|
Impairment loss on European Stone business
|
|
—
|
|
|
19
|
|
|
Deferred income taxes
|
|
37
|
|
|
(29
|
)
|
|
Provision for pension and other employee benefits liabilities
|
|
7
|
|
|
9
|
|
|
Stock-based compensation expense
|
|
14
|
|
|
14
|
|
|
Other non-cash
|
|
(11
|
)
|
|
(13
|
)
|
|
Gain on extinguishment of debt
|
|
(5
|
)
|
|
—
|
|
|
Change in working capital
|
|
(201
|
)
|
|
(336
|
)
|
|
Pension fund contribution
|
|
(25
|
)
|
|
(24
|
)
|
|
Payments for other employee benefits liabilities
|
|
(10
|
)
|
|
(12
|
)
|
|
Other
|
|
13
|
|
|
6
|
|
|
Net cash flow provided by (used for) operating activities
|
|
80
|
|
|
(117
|
)
|
|
NET CASH FLOW USED FOR INVESTING ACTIVITIES
|
|
|
|
|
|
Additions to plant and equipment
|
|
(151
|
)
|
|
(125
|
)
|
|
Proceeds from the sale of assets or affiliates
|
|
2
|
|
|
62
|
|
|
Purchases of alloy
|
|
(7
|
)
|
|
(17
|
)
|
|
Proceeds from sale of alloy
|
|
7
|
|
|
15
|
|
|
Net cash flow used for investing activities
|
|
(149
|
)
|
|
(65
|
)
|
|
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from senior revolving credit and receivables securitization
facilities
|
|
819
|
|
|
769
|
|
|
Payments on senior revolving credit and receivables securitization
facilities
|
|
(634
|
)
|
|
(522
|
)
|
|
Payments on long-term debt
|
|
(8
|
)
|
|
(1
|
)
|
|
Net increase (decrease) in short-term debt
|
|
(19
|
)
|
|
16
|
|
|
Cash dividends paid
|
|
(39
|
)
|
|
(19
|
)
|
|
Purchases of treasury stock
|
|
(47
|
)
|
|
(44
|
)
|
|
Other
|
|
11
|
|
|
7
|
|
|
Net cash flow provided by financing activities
|
|
83
|
|
|
206
|
|
|
Effect of exchange rate changes on cash
|
|
(1
|
)
|
|
—
|
|
|
Net increase in cash and cash equivalents
|
|
13
|
|
|
24
|
|
|
Cash and cash equivalents at beginning of period
|
|
67
|
|
|
57
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
80
|
|
|
$
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6
Owens Corning and Subsidiaries
Segment
and Business Information
(unaudited)
|
|
|
|
|
|
|
|
Composites
|
|
|
|
|
|
The table below provides a summary of net sales, EBIT and
depreciation and amortization expense for the Composites segment
(in millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net sales
|
|
$
|
508
|
|
|
$
|
505
|
|
|
$
|
986
|
|
|
$
|
982
|
|
|
% change from prior year
|
|
|
1
|
%
|
|
|
7
|
%
|
|
|
—
|
%
|
|
5
|
%
|
|
EBIT
|
|
$
|
67
|
|
|
$
|
37
|
|
|
$
|
127
|
|
|
$
|
64
|
|
|
EBIT as a % of net sales
|
|
|
13
|
%
|
|
|
7
|
%
|
|
|
13
|
%
|
|
7
|
%
|
|
Depreciation and amortization expense
|
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
63
|
|
|
$
|
68
|
|
|
|
|
|
|
|
|
Insulation
|
|
|
|
|
|
The table below provides a summary of net sales, EBIT and
depreciation and amortization expense for the Insulation segment
(in millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net sales
|
|
$
|
451
|
|
|
$
|
447
|
|
|
$
|
830
|
|
|
$
|
802
|
|
|
% change from prior year
|
|
|
1
|
%
|
|
|
8
|
%
|
|
|
3
|
%
|
|
8
|
%
|
|
EBIT
|
|
$
|
25
|
|
|
$
|
18
|
|
|
$
|
32
|
|
|
$
|
19
|
|
|
EBIT as a % of net sales
|
|
|
6
|
%
|
|
|
4
|
%
|
|
|
4
|
%
|
|
2
|
%
|
|
Depreciation and amortization expense
|
|
$
|
26
|
|
|
$
|
26
|
|
|
$
|
50
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
Roofing
|
|
|
|
|
|
The table below provides a summary of net sales, EBIT and
depreciation and amortization expense for the Roofing segment (in
millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net sales
|
|
$
|
503
|
|
|
$
|
437
|
|
|
$
|
896
|
|
|
$
|
934
|
|
|
% change from prior year
|
|
|
15
|
%
|
|
|
-14
|
%
|
|
|
-4
|
%
|
|
-16
|
%
|
|
EBIT
|
|
$
|
90
|
|
|
$
|
62
|
|
|
$
|
110
|
|
|
$
|
142
|
|
|
EBIT as a % of net sales
|
|
|
18
|
%
|
|
|
14
|
%
|
|
|
12
|
%
|
|
15
|
%
|
|
Depreciation and amortization expense
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
19
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7
|
|
Owens Corning and Subsidiaries
|
|
Corporate, Other and Eliminations
|
|
(unaudited)
|
|
|
|
Corporate, Other and Eliminations
|
|
|
|
The table below provides a summary of EBIT and depreciation and
amortization expense for the Corporate, Other and Eliminations
category (in millions):
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Charges related to cost reduction actions and related items
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(12
|
)
|
|
Impairment loss on European Stone business
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
|
Gain on sale of Hangzhou, China facility
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
Net loss related to Hurricane Sandy
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(6
|
)
|
|
General corporate expense and other
|
|
(26
|
)
|
|
(21
|
)
|
|
(53
|
)
|
|
(52
|
)
|
|
EBIT
|
|
$
|
(26
|
)
|
|
$
|
(44
|
)
|
|
$
|
(55
|
)
|
|
$
|
(44
|
)
|
|
Depreciation and amortization
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
19
|
|
|
$
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722005283/en/
Source: Owens Corning