The following is a summary of the Owens Corning (OC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Owens Corning reported Q1 net sales similar to the prior year and stable profit margins, with an adjusted EBIT margin of 19% and adjusted EBITDA margin of 25%.

• The reported adjusted diluted earnings per share stood at $3.59.

• The company returned $182 million to shareholders through dividends and share repurchases during the quarter.

• The roofing business demonstrated strong performance with increased margins of 30%. The Insulation segment also had promising prospects due to price realization.

• The company repurchased approximately $130 million of shares in Q1 2024, reiterating its commitment towards maintaining investment-grade rating, specific debt leverage range, and returning sizable cash to shareholders.

Business Progress:

• The company launched 13 new or improved products, with products that aid in saving energy accounting for 59% of 2023's revenue.

• Owens Corning achieved a significant reduction in Scope 1 and 2 emissions, moving towards their goal set for 2030.

• The addition of Masonite expanded their leadership in branded residential building products and a strategic review of the glass reinforcement business was announced.

• The company plans to increase laminates production, supporting contractor growth and improving the margin profile of the roofing business.

• With a focus on creating a lean, flexible network for customer service, they are considering manufacturing investments in the insulation business.

• Owens Corning is planning to sell Masonite's architectural business segment, which gives them several growth opportunities in interior doors.

• The product portfolio of the company, generating 60% of revenue from sustainable and energy-saving goods, aligns strongly with current housing and building material trends.

• The composites segment anticipates price stabilization due to a demand levelling off.

• The expansion of the company's laminate shingle manufacturing capacity is underway, with a target increase by 6 million squares by next year's end.

• The company continues to grow its spray foam business, targeted at suitable building applications following the acquisition of 'Natural Polymers'.

More details: Owens-Corning IR

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