Company Doubles Adjusted EBIT;
Delivers Record First
Quarter Adjusted EPS
-
Composites delivered $64 million of EBIT in the quarter; achieved 14%
EBIT margins
-
Roofing grew EBIT by $53 million in the quarter; delivered 17% EBIT
margins
-
Insulation delivered 19th consecutive quarter of EBIT growth
-
Improved free cash flow performance by $170 million
-
Completed acquisition of InterWrap on April 21, 2016
TOLEDO, Ohio--(BUSINESS WIRE)--
Owens Corning (NYSE: OC) today reported consolidated net sales of $1.23
billion in the first quarter of 2016, compared to net sales of $1.20
billion in the prior-year period.
First-quarter 2016 adjusted earnings were $62 million, or $0.53 per
diluted share, compared with $22 million, or $0.19 per diluted share,
during the same period one year ago. The company reported net earnings
of $57 million, or $0.49 per diluted share, in the first quarter of
2016, compared with net earnings of $18 million, or $0.15 per diluted
share, in 2015.
“Owens Corning had a record first quarter, with all three businesses
demonstrating year-on-year EBIT growth,” said Chairman and Chief
Executive Officer Mike Thaman. “The Composites business displayed
continued momentum in margins and volumes. The Roofing business
delivered particularly strong results, due to growth in underlying
market demand and storm activity late in the quarter. The Insulation
business continued to deliver year-over-year EBIT improvement,” Thaman
said.
Consolidated First-Quarter Results
-
Owens Corning improved its recordable incident rate in the first
quarter of 2016 by 16 percent and continues to maintain a very high
level of safety performance.
-
Adjusted earnings before interest and taxes (EBIT) in the first
quarter of 2016 were $118 million, up from $60 million in 2015.
Reported EBIT for the first quarter was $116 million, compared with
$58 million during the same period in 2015 (See Table 2).
-
Free cash flow improved by $170 million year-over-year as a result of
improved earnings and working capital performance (See Table 8).
-
In addition to the InterWrap acquisition, the company reached
agreement to acquire the non-wovens and fabrics business of Ahlstrom.
That transaction is currently under regulatory review and expected to
close later this year.
-
During the first quarter, Owens Corning repurchased 0.8 million shares
of the company's common stock for $36 million. As of March 31, 2016,
3.8 million shares remained available for repurchase under the
company's current authorization.
Outlook
The company continues to expect a market environment consistent with
consensus expectations for U.S. housing starts and moderate global
growth.
In Composites, the company expects continued growth in the glass fiber
market, driven by moderate global industrial production growth. Based on
the strong start to the year, Owens Corning now expects EBIT improvement
of at least $30 million.
In Roofing, given the strong start to the year and recent storm
activity, the company now sees upside to its prior guidance of modest
market growth in 2016.
In Insulation, the company now expects slightly negative revenue growth
and relatively flat margins for the full year. This outlook reflects the
potential impact of a contractual dispute with a large residential
customer that began early in the second quarter of 2016.
The updated outlook for Roofing and Composites performance should offset
the lower expectations for the Insulation business. In addition, the
company expects the InterWrap acquisition to contribute at least $160
million of revenue and $25 million of adjusted EBIT to the Roofing
segment in 2016.
The company estimates an effective tax rate of 32 percent to 34 percent,
and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax
earnings, due to the company’s $2.0 billion U.S. tax net operating loss
carryforward.
The company expects general corporate expenses to be $120 million to
$130 million in 2016. Capital additions in 2016 are expected to total
approximately $385 million, including an estimated $50 million for the
completion of the previously announced mineral fiber insulation facility
in Joplin, Missouri. Interest expense is now expected to be about $115
million, including the financing of the InterWrap acquisition.
Next Earnings Announcement
Second-quarter 2016 results will be announced on Wednesday, July 27,
2016.
First-Quarter 2016 Conference Call and
Presentation
Wednesday, April 27, 2016
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: 477-4459 (Please dial in 10-15 minutes before conference call
start time)
Live webcast: http://services.choruscall.com/links/oc160427
Telephone and Webcast Replay
Telephone replay will be available one hour after the end of the call
through May 4, 2016. 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: 100-837-22
Replay available at http://services.choruscall.com/links/oc160427
Webcast replay available until April 27, 2017
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 2015 sales of $5.4
billion and employs about 16,000 people in 25 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 and
actual results may differ materially from those results projected in the
statements. These risks, uncertainties and other factors include,
without limitation: relationships with key customers; levels of
residential and commercial construction activity; competitive and
pricing factors; levels of global industrial production; demand for our
products; 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 and
protection of information technology systems; domestic and international
economic and political conditions, including new legislation or other
governmental actions; labor disputes, legal and regulatory proceedings,
including litigation; research and development activities and
intellectual property protection; interest rate movements; our ability
to utilize net operating loss carry-forwards; 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 April 27, 2016, 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
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
NET SALES
|
|
$
|
1,231
|
|
|
$
|
1,203
|
|
COST OF SALES
|
|
959
|
|
|
994
|
|
Gross margin
|
|
272
|
|
|
209
|
|
OPERATING EXPENSES
|
|
|
|
|
|
Marketing and administrative expenses
|
|
134
|
|
|
129
|
|
Science and technology expenses
|
|
19
|
|
|
17
|
|
Other expenses, net
|
|
3
|
|
|
5
|
|
Total operating expenses
|
|
156
|
|
|
151
|
|
EARNINGS BEFORE INTEREST AND TAXES
|
|
116
|
|
|
58
|
|
Interest expense, net
|
|
23
|
|
|
26
|
|
EARNINGS BEFORE TAXES
|
|
93
|
|
|
32
|
|
Income tax expense
|
|
34
|
|
|
13
|
|
NET EARNINGS
|
|
59
|
|
|
19
|
|
Net earnings attributable to noncontrolling interests
|
|
2
|
|
|
1
|
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING
|
|
$
|
57
|
|
|
$
|
18
|
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON
STOCKHOLDERS
|
|
|
|
|
|
Basic
|
|
$
|
0.49
|
|
|
$
|
0.15
|
|
Diluted
|
|
$
|
0.49
|
|
|
$
|
0.15
|
|
Dividend
|
|
$
|
0.18
|
|
|
$
|
0.17
|
|
WEIGHTED AVERAGE COMMON SHARES
|
|
|
|
|
|
Basic
|
|
115.5
|
|
|
117.8
|
|
Diluted
|
|
116.5
|
|
|
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
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Restructuring costs
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
Acquisition-related costs for InterWrap and Ahlstrom transactions
|
|
(2
|
)
|
|
—
|
|
|
Total adjusting items
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
|
|
|
|
The reconciliation from net earnings attributable to Owens Corning
to Adjusted EBIT is shown in the table below (in millions):
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING
|
|
$
|
57
|
|
|
$
|
18
|
|
|
Net earnings attributable to noncontrolling interests
|
|
2
|
|
|
1
|
|
|
NET EARNINGS
|
|
59
|
|
|
19
|
|
|
Income tax expense
|
|
34
|
|
|
13
|
|
|
EARNINGS BEFORE TAXES
|
|
93
|
|
|
32
|
|
|
Interest expense, net
|
|
23
|
|
|
26
|
|
|
EARNINGS BEFORE INTEREST AND TAXES
|
|
116
|
|
|
58
|
|
|
Less: adjusting items from above
|
|
(2
|
)
|
|
(2
|
)
|
|
ADJUSTED EBIT
|
|
$
|
118
|
|
|
$
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
RECONCILIATION TO ADJUSTED EARNINGS
|
|
|
|
|
|
Net earnings attributable to Owens Corning
|
|
$
|
57
|
|
|
$
|
18
|
|
Adjustment to remove adjusting items, net of tax
|
|
1
|
|
|
1
|
|
Adjustment to tax expense to reflect pro forma tax rate*
|
|
4
|
|
|
3
|
|
ADJUSTED EARNINGS
|
|
$
|
62
|
|
|
$
|
22
|
|
|
|
|
|
|
|
RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING
COMMON STOCKHOLDERS
|
|
$
|
0.49
|
|
|
$
|
0.15
|
|
Adjustment to remove adjusting items, net of tax
|
|
0.01
|
|
|
0.01
|
|
Adjustment to tax expense to reflect pro forma tax rate*
|
|
0.03
|
|
|
0.03
|
|
ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING
COMMON STOCKHOLDERS
|
|
$
|
0.53
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
RECONCILIATION TO DILUTED SHARES OUTSTANDING
|
|
|
|
|
|
Weighted-average number of shares outstanding used for basic
earnings per share
|
|
115.5
|
|
|
117.8
|
|
Non-vested restricted and performance shares
|
|
0.6
|
|
|
0.3
|
|
Options to purchase common stock
|
|
0.4
|
|
|
0.4
|
|
Weighted-average number of shares outstanding and common equivalent
shares used for diluted earnings per share
|
|
116.5
|
|
|
118.5
|
|
|
|
|
|
|
|
|
*
|
|
For 2016, we have used a pro forma effective tax rate of 33%, which
is the mid-point of our 2016 effective tax rate guidance of 32% to
34%. For comparability, in 2015, we have used an effective tax rate
of 33%, which was our 2015 effective tax rate excluding the reversal
(recorded in the fourth quarter of 2015) of a valuation allowance
against certain Canadian net deferred tax assets.
|
|
|
|
|
|
Table 4
|
|
Owens Corning and Subsidiaries
|
|
Consolidated Balance Sheets
|
|
(unaudited)
|
|
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
ASSETS
|
|
2016
|
|
2015
|
|
CURRENT ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
54
|
|
|
$
|
96
|
|
|
Receivables, less allowances of $9 at March 31, 2016 and $8 at
December 31, 2015
|
|
785
|
|
|
709
|
|
|
Inventories
|
|
708
|
|
|
644
|
|
|
Assets held for sale
|
|
13
|
|
|
12
|
|
|
Other current assets
|
|
50
|
|
|
47
|
|
|
Total current assets
|
|
1,610
|
|
|
1,508
|
|
|
Property, plant and equipment, net
|
|
2,988
|
|
|
2,956
|
|
|
Goodwill
|
|
1,167
|
|
|
1,167
|
|
|
Intangible assets, net
|
|
996
|
|
|
999
|
|
|
Deferred income taxes
|
|
475
|
|
|
492
|
|
|
Other non-current assets
|
|
219
|
|
|
222
|
|
|
TOTAL ASSETS
|
|
$
|
7,455
|
|
|
$
|
7,344
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
893
|
|
|
$
|
912
|
|
|
Short-term debt
|
|
3
|
|
|
6
|
|
|
Long-term debt – current portion
|
|
163
|
|
|
163
|
|
|
Total current liabilities
|
|
1,059
|
|
|
1,081
|
|
|
Long-term debt, net of current portion
|
|
1,785
|
|
|
1,702
|
|
|
Pension plan liability
|
|
384
|
|
|
397
|
|
|
Other employee benefits liability
|
|
237
|
|
|
240
|
|
|
Deferred income taxes
|
|
9
|
|
|
8
|
|
|
Other liabilities
|
|
153
|
|
|
137
|
|
|
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
|
|
3,956
|
|
|
3,965
|
|
|
Accumulated earnings
|
|
1,091
|
|
|
1,055
|
|
|
Accumulated other comprehensive deficit
|
|
(625
|
)
|
|
(670
|
)
|
|
Cost of common stock in treasury (c)
|
|
(636
|
)
|
|
(612
|
)
|
|
Total Owens Corning stockholders’ equity
|
|
3,787
|
|
|
3,739
|
|
|
Noncontrolling interests
|
|
41
|
|
|
40
|
|
|
Total equity
|
|
3,828
|
|
|
3,779
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
7,455
|
|
|
$
|
7,344
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
10 shares authorized; none issued or outstanding at March 31, 2016,
and December 31, 2015.
|
|
(b)
|
|
400 shares authorized; 135.5 issued and 115.6 outstanding at March
31, 2016; 135.5 issued and 115.9 outstanding at December 31, 2015
|
|
(c)
|
|
19.9 shares at March 31, 2016, and 19.6 shares at December 31, 2015
|
|
|
|
|
|
|
|
Table 5
|
|
Owens Corning and Subsidiaries
|
|
Consolidated Statements of Cash Flows
|
|
(unaudited)
|
|
(in millions)
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES
|
|
|
|
|
Net earnings
|
$
|
59
|
|
|
$
|
19
|
|
|
Adjustments to reconcile net earnings to cash provided by (used for)
operating activities:
|
|
|
|
|
Depreciation and amortization
|
76
|
|
|
75
|
|
|
Deferred income taxes
|
28
|
|
|
4
|
|
|
Provision for pension and other employee benefits liabilities
|
4
|
|
|
5
|
|
|
Stock-based compensation expense
|
8
|
|
|
8
|
|
|
Other non-cash
|
(1
|
)
|
|
—
|
|
|
Change in working capital
|
(82
|
)
|
|
(211
|
)
|
|
Pension fund contribution
|
(7
|
)
|
|
(14
|
)
|
|
Payments for other employee benefits liabilities
|
(5
|
)
|
|
(5
|
)
|
|
Other
|
(17
|
)
|
|
3
|
|
|
Net cash flow provided by (used for) operating activities
|
63
|
|
|
(116
|
)
|
|
NET CASH FLOW USED FOR INVESTING ACTIVITIES
|
|
|
|
|
Cash paid for property, plant and equipment
|
(98
|
)
|
|
(89
|
)
|
|
Net cash flow used for investing activities
|
(98
|
)
|
|
(89
|
)
|
|
NET CASH FLOW (USED FOR) PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from senior revolving credit and receivables securitization
facilities
|
150
|
|
|
529
|
|
|
Payments on senior revolving credit and receivables securitization
facilities
|
(71
|
)
|
|
(247
|
)
|
|
Net decrease in short-term debt
|
(3
|
)
|
|
(17
|
)
|
|
Cash dividends paid
|
(40
|
)
|
|
(39
|
)
|
|
Purchases of treasury stock
|
(43
|
)
|
|
(19
|
)
|
|
Other
|
(1
|
)
|
|
7
|
|
|
Net cash flow (used for) provided by financing activities
|
(8
|
)
|
|
214
|
|
|
Effect of exchange rate changes on cash
|
1
|
|
|
1
|
|
|
Net (decrease) increase in cash and cash equivalents
|
(42
|
)
|
|
10
|
|
|
Cash and cash equivalents at beginning of period
|
96
|
|
|
67
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
54
|
|
|
$
|
77
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
Net sales
|
$
|
473
|
|
|
$
|
474
|
|
|
% change from prior year
|
—
|
%
|
|
—
|
%
|
|
EBIT
|
$
|
64
|
|
|
$
|
60
|
|
|
EBIT as a % of net sales
|
14
|
%
|
|
13
|
%
|
|
Depreciation and amortization expense
|
$
|
34
|
|
|
$
|
32
|
|
|
|
|
|
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
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
Net sales
|
$
|
385
|
|
|
$
|
379
|
|
|
% change from prior year
|
2
|
%
|
|
7
|
%
|
|
EBIT
|
$
|
13
|
|
|
$
|
7
|
|
|
EBIT as a % of net sales
|
3
|
%
|
|
2
|
%
|
|
Depreciation and amortization expense
|
$
|
25
|
|
|
$
|
24
|
|
|
|
|
|
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
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
Net sales
|
$
|
429
|
|
|
$
|
393
|
|
|
% change from prior year
|
9
|
%
|
|
(21
|
)%
|
|
EBIT
|
$
|
73
|
|
|
$
|
20
|
|
|
EBIT as a % of net sales
|
17
|
%
|
|
5
|
%
|
|
Depreciation and amortization expense
|
$
|
10
|
|
|
$
|
9
|
|
|
|
|
|
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
|
|
|
March 31,
|
|
|
2016
|
|
2015
|
|
Restructuring costs
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
Acquisition-related costs for InterWrap and Ahlstrom transactions
|
(2
|
)
|
|
—
|
|
|
General corporate expense and other
|
(32
|
)
|
|
(27
|
)
|
|
EBIT
|
$
|
(34
|
)
|
|
$
|
(29
|
)
|
|
Depreciation and amortization
|
$
|
7
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
Owens Corning and Subsidiaries
Free
Cash Flow Reconciliation Schedules
(unaudited)
|
|
|
|
The following non-GAAP measures are intended to supplement
investors' understanding of the Company's financial information.
Free cash flow is a measure used by investors, financial analysts
and management to help evaluate the Company's ability to use cash
to pursue opportunities that enhance shareholder value. Free cash
flow is used internally by the Company for various purposes,
including reporting results of operations to the Board of
Directors of the Company and analysis of performance. Although
management believes that these measures provide a useful
representation of our operational performance, the measures should
not be considered in isolation or as a substitute for net cash
flow provided by operating activities as prepared in accordance
with accounting principles generally accepted in the United States.
|
|
|
|
The reconciliation from net cash flow provided by (used for)
operating activities to free cash flow is shown in the table below
(in millions):
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2016
|
|
2015
|
|
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES
|
|
|
$
|
63
|
|
|
$
|
(116
|
)
|
|
Less: Cash paid for property, plant and equipment
|
|
|
(98
|
)
|
|
(89
|
)
|
|
FREE CASH FLOW
|
|
|
$
|
(35
|
)
|
|
$
|
(205
|
)
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427005522/en/
Source: Owens Corning