Owens Corning Inc · NYSE:OC
Owens Corning — Q2 2015 Earnings Presentation
12 slides from Owens Corning's earnings presentation, Jul 22, 2015
Slide 1: Second-Quarter 2015 Results
Second-Quarter 2015 Results Company Delivers Strong Second-Quarter Earnings Growth on Significant Progress in Composites and Roofing Mike Thaman Chairman & Chief Executive Officer Michael McMurray Chief Financial Officer July 22, 2015 1
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements and Non-GAAP Measures This presentation consists of this slide deck and the associated remarks and comments, all of which are integrally related and are intended to be presented and understood together. This presentation contains forward-looking statements within the meani
Slide 3: Today's Presentation
Second-Quarter Business Results Today’s Presentation Second-Quarter Review Mike Thaman Financial Results Michael McMurray Questions and Discussion All Closing Remarks Mike Thaman 3
Slide 4: Highlights and Outlook
Highlights and Outlook Safety performance improved 19% vs. Q2 2014 Delivered adjusted EBIT of $156 million Insulation delivered 16th consecutive quarter of EBIT growth Composites grew EBIT by $30MM; delivering the 8th consecutive quarter of EBIT improvement Roofing grew EBIT on stronger vo
Slide 5: Key Financial Data
Key Financial Data ($ in millions, except per share data) Q2 2015 Q2 2014 1H 2015 1H 2014 Net sales $1,414 $1,355 $2,621 $2,633 Net earnings attributable to Owens Corning $91 $21 $109 $141 Diluted earnings per share attributable to Owens $0.77 $0.18 $0.92 $1.19 Corning common stockholders Earnings b
Slide 6: Adjusted EBIT by Business
Adjusted EBIT by Business Q2 2014 Compared with Q2 2015 180 $7 ($5) 160 $28 $156 140 $30 Adjusted EBIT ($ millions) 120 100 $96 80 60 40 20 0 Q2 2014 Adj EBIT Composites Roofing Insulation Corporate & Other Q2 2015 Adj EBIT 6
Slide 7: Insulation Business
Insulation Business Q2 2015 Highlights $ (in millions) Q2 2015 Q2 2014 1H 2015 1H 2014 Delivered 16th consecutive quarter of EBIT growth Net sales* $451 $447 $830 $802 EBIT increased by $7MM on improved pricing Expect 2015 results to benefit from growth in U.S. EBIT $25 $18 $32 $19 new constru
Slide 8: Composites Business
Composites Business Q2 2015 Highlights $ (in millions) Q2 2015 Q2 2014 1H 2015 1H 2014 Delivered 8th consecutive quarter of EBIT improvement Net sales* $508 $505 $986 $982 EBIT increased by $30MM on improved pricing, EBIT $67 $37 $127 $64 strong volumes, and manufacturing performance Anticipat
Slide 9: Roofing Business
Roofing Business Q2 2015 Highlights $ (in millions) Q2 2015 Q2 2014 1H 2015 1H 2014 Delivered 18% EBIT margins on higher sales and production volumes Net sales* $503 $437 $896 $934 Market prices were below last year but improved EBIT $90 $62 $110 $142 sequentially Began to realize benefit of a
Slide 10: Significant Financial Matters & 2015 Outlook
Significant Financial Matters & 2015 Outlook The company’s Board of Directors declared a cash dividend of $0.17 per share, payable on August 4, 2015 to shareholders of record as of July 20, 2015 Repurchased 0.7 million shares of common stock in Q2 As of June 30, 2015, 6.6 million shares remain
Slide 11: Financial Guidance
Financial Guidance Expect full-year adjusted EBIT between $460MM and $500MM We expect corporate expenses to be at the bottom of the $120 million to $130 million guidance range Capital expenditures are expected to total approximately $380 million Depreciation and amortization of about $310 mi
Slide 12: Questions and Discussion
Second-Quarter 2015 Results Questions and Discussion Mike Thaman Chairman & Chief Executive Officer Michael McMurray Chief Financial Officer July 22, 2015 12