SECOND-QUARTER 2021 RESULTS
Brian Chambers | Chair & Chief Executive Officer Ken Parks | Chief Financial Officer
July 28, 2021 | Q2 2021
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES
This presentation and the associated remarks contain forward-looking statements. We caution you against relying on these statements as they involve risks and uncertainties that are difficult to predict and the Company's actual results may differ materially from those projected. Such risks and uncertainties include, without limitation: the severity and duration of the current COVID-19 pandemic on our operations, customers and suppliers, as well as related governmental actions; levels of residential, commercial and industrial construction activity; global industrial production; competitive and pricing factors; demand for our products and relationships with key customers; raw material and other input availability, issues related to acquisitions, divestitures, joint ventures or expansions; industry, economic and political conditions, including new legislation, policies or other governmental actions in the U.S. or elsewhere; climate change, weather and storm activity; changes to tariff, trade or investment policies or law; uninsured losses, including those from natural disasters, pandemics, catastrophe, theft or sabotage; energy, transportation, price volatility and cost issues; legal and regulatory, including environmental, disputes or proceedings; ability to protect our intellectual property and information technology systems; achievement of expected synergies or productivity improvements; the level of fixed costs required to run our business; currency, commodity and interest rate fluctuations; our level of indebtedness, liquidity, and the availability and cost of credit; levels of goodwill or other indefinite-lived intangible assets; price volatility in U.S. wind energy markets; labor disputes or shortages, or loss of key employees;
pension obligations; and factors detailed from time to time in the Company's SEC filings.
The terms "year to date" or last twelve months ("LTM") refer to the period ended on the last calendar day of the quarter preceding the date of the investor event referenced on the first page above. Otherwise the information in this presentation speaks as of the date of the investor event, and is subject to change. The Company assumes no obligation to update or revise forward-looking statements except as required by law. Any distribution of this presentation after the investor event is not intended and should not be construed as updating or confirming such information.
This presentation contains references to certain "non-GAAP financial measures" as defined by the SEC, which may be referenced in the Appendix or in the tables of our earnings press release. Adjusted EBIT, adjusted EBITDA, adjusted earnings, adjusted EPS and return on capital exclude certain items that management does not allocate to its segment results because it believes they are not representative of the Company's ongoing operations. When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and reconciliations to those GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effects on future GAAP results.
THE PINK PANTHER™ & © 1964-2021Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. © 2021 Owens Corning. All Rights Reserved. | 2 |
AGENDA
Business updates | Brian Chambers |
Financial results | Ken Parks |
Business outlook | Brian Chambers |
Questions and discussion | All |
Company Delivered Record Net Sales of $2.2 Billion;
Generated Net Earnings of $298 Million and
Record Adjusted EBIT of $408 Million
3
HIGHLIGHTS
- Maintained a high level of safety performance
- Revenue up 38%, 35% on a constant currency basis
- Adjusted EBIT of $408mm, a record for any quarter
- Entered into an agreement to sell our Santa Clara, California Insulation site
- Announced the acquisition of vliepa GmbH to complement our nonwovens business
INSULATION | COMPOSITES | ROOFING | ||
Delivered $112mm of EBIT | Reported $98mm of EBIT with | Produced $234mm of EBIT | ||
with 14% EBIT margins | 17% EBIT margins | with 26% EBIT margins | ||
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KEY FINANCIAL DATA
($ in millions, except per share data) | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | ||||
Net sales | 1,625 | 4,154 | 3,226 | |||||
2,239 | ||||||||
Net earnings (loss) attributable to Owens Corning | 298 | 96 | 508 | (821) | ||||
Diluted earnings (loss) per common share (EPS) | $2.82 | $0.88 | $4.80 | ($7.55) | ||||
attributable to Owens Corning common stockholders | ||||||||
Earnings (loss) before interest and taxes (EBIT) | 428 | 171 | 729 | (695) | ||||
Earnings (loss) before interest, taxes, depreciation and | 550 | 287 | 970 | (463) | ||||
amortization (EBITDA) | ||||||||
Adjusted EBIT | 408 | 167 | 690 | 283 | ||||
Adjusted EBITDA | 529 | 283 | 929 | 514 | ||||
Adjusted earnings | 274 | 99 | 457 | 166 | ||||
Adjusted EPS (diluted) | $2.60 | $0.91 | $4.32 | $1.53 | ||||
Adjusted EBIT as a % of net sales | 18% | 10% | 17% | 9% | ||||
Adjusted EBITDA as a % of net sales | 24% | 17% | 22% | 16% | ||||
Depreciation and amortization (D&A) | 122 | 116 | 241 | 232 | ||||
Net cash flow provided by operating activities | 498 | 281 | 702 | 229 | ||||
Free cash flow | 405 | 233 | 525 | 89 | ||||
Net debt | 2,279 | 2,901 | 2,279 | 2,901 | 5 | |||
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Owens Corning published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 15:23:21 UTC.