Owens Corning (OC) reported $3.05 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 22.9%. EPS of $4.38 for the same period compares to $4.15 a year ago.The reported revenue represents a surprise of +0.17% over the Zacks Consensus Estimate of $3.04 billion. With the consensus EPS estimate being $4.01, the EPS surprise was +9.23%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Group 1: Earnings Performance - Owens Corning reported quarterly earnings of $4.38 per share, exceeding the Zacks Consensus Estimate of $4.01 per share, and up from $4.15 per share a year ago, representing an earnings surprise of 9.23% [1] - The company posted revenues of $3.05 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.17%, and compared to year-ago revenues of $2.48 billion [2] - Over the last four quarters, Owens Corning has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Owens Corning shares have increased by approximately 23.2% since the beginning of the year, outperforming the S&P 500's gain of 21.2% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $3.06 for the coming quarter and $15.34 for the current fiscal year [4][7] - The current estimate revisions trend for Owens Corning is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Building Products - Miscellaneous industry, to which Owens Corning belongs, is currently in the bottom 38% of the Zacks industry rankings, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Owens Corning's unaudited consolidated financial statements for Q3 and the nine months ended September 30, 2024, reflecting significant impacts from the Masonite acquisition [Consolidated Statements of Earnings](index=3&type=section&id=Consolidated%20Statements%20of%20Earnings) This statement details the company's net sales and earnings, showing a Q3 2024 sales increase to $3.05 billion but a nine-month net earnings decrease to $905 million Consolidated Earnings Summary (in millions) | Metric | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $3,046 | $2,479 | $8,135 | $7,373 | | **Gross Margin** | $908 | $727 | $2,455 | $2,068 | | **Operating Income** | $509 | $462 | $1,369 | $1,483 | | **Net Earnings Attributable to Owens Corning** | $321 | $337 | $905 | $1,065 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of September 30, 2024, shows total assets increased to $15.05 billion and total liabilities to $9.38 billion, largely due to the Masonite acquisition Balance Sheet Highlights (in millions) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $499 | $1,615 | | Goodwill | $2,867 | $1,392 | | Intangible assets, net | $2,771 | $1,528 | | **Total Assets** | **$15,054** | **$11,237** | | Long-term debt, net of current portion | $5,028 | $2,615 | | **Total Liabilities** | **$9,381** | **$6,027** | | **Total Equity** | **$5,673** | **$5,185** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement shows net cash from operating activities increased to $1.22 billion, while investing activities used $3.19 billion, primarily for the Masonite acquisition Cash Flow Summary (Nine Months Ended Sep 30, in millions) | Category | 2024 | 2023 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $1,216 | $1,021 | | Net cash flow used for investing activities | $(3,193) | $(219) | | Net cash flow provided by (used for) financing activities | $901 | $(585) | | **Net (decrease) increase in cash** | **$(1,104)** | **$225** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies, the Masonite acquisition, the creation of the Doors segment, the strategic review of the GR business, and contingent liabilities - On May 15, 2024, the Company acquired **Masonite International Corporation**, a leading global manufacturer of doors, creating a new '**Doors**' reportable segment[14](index=14&type=chunk)[15](index=15&type=chunk) - The company announced a **strategic review** for its **global glass reinforcements (GR) business**, part of the Composites segment, generating approximately **$1.3 billion** in annual revenue[24](index=24&type=chunk) - A subsidiary, **Paroc**, issued **recalls** for certain **marine insulation products** due to potential nonconformance with fire safety requirements, leading to an **estimated liability** on the balance sheet[136](index=136&type=chunk) - Subsequent to the quarter end, on November 4, 2024, the company entered an agreement to **sell its building materials business in China and Korea**, which has annual revenues of approximately **$130 million**[166](index=166&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, the Masonite acquisition's impact on revenue and segment results, liquidity, and the strategic review of the glass reinforcements business - The acquisition of **Masonite** on May 15, 2024, for **$3.2 billion** created a new **Doors reportable segment**, contributing **$573 million in revenue** and **$36 million in EBIT** for Q3 2024[171](index=171&type=chunk) Q3 2024 vs Q3 2023 Performance (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $3,046 | $2,479 | +23% | | Net Earnings | $321 | $337 | -5% | | Adjusted EBIT | $582 | $518 | +12% | - The company is conducting a **strategic review** of its **global glass reinforcements (GR) business**, which has annual revenues of approximately **$1.3 billion**[177](index=177&type=chunk) - An interim **goodwill impairment test** for the **Composites reporting unit** as of September 30, 2024, indicated its **fair value exceeded its carrying value by less than 10%**, highlighting a **risk of future impairment**[247](index=247&type=chunk)[248](index=248&type=chunk) [Segment Results](index=48&type=section&id=Segment%20Results) This section details Q3 2024 segment performance, showing EBIT increases for Roofing and Insulation, $36 million EBIT for the new Doors segment, and a decline for Composites EBIT by Segment - Q3 2024 vs Q3 2023 (in millions) | Segment | Q3 2024 EBIT | Q3 2023 EBIT | Change | | :--- | :--- | :--- | :--- | | Roofing | $359 | $343 | +$16 | | Insulation | $183 | $150 | +$33 | | Doors | $36 | N/A | N/A | | Composites | $61 | $80 | -$19 | - **Roofing:** **EBIT increased** due to **higher selling prices** and **favorable product mix**, offsetting lower sales volumes and higher manufacturing costs[200](index=200&type=chunk) - **Insulation:** **EBIT growth** was driven by **higher selling prices**, **favorable delivery costs**, and **lower production downtime**[206](index=206&type=chunk) - **Composites:** **EBIT decreased** primarily due to **lower selling prices**, **higher start-up costs**, and **unfavorable customer mix**[218](index=218&type=chunk) [Liquidity, Capital Resources and Other Related Matters](index=52&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Other%20Related%20Matters) This section outlines the company's liquidity, including $499 million in cash and $5.5 billion in total debt, detailing the financing and refinancing of the Masonite acquisition Liquidity Position as of Sep 30, 2024 (in millions) | Source | Amount/Availability | | :--- | :--- | | Cash and cash equivalents | $499 | | Senior Revolving Credit Facility Availability | $996 | | Receivables Securitization Facility Availability | $299 | - The company issued **$2.0 billion** in **new senior notes** (due 2027, 2034, and 2054) to repay the temporary credit facility used for the **Masonite acquisition**[174](index=174&type=chunk)[231](index=231&type=chunk) - The company **repurchased 2.1 million shares** for **$332 million** during the first nine months of 2024[160](index=160&type=chunk)[262](index=262&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material change in its market risk exposure during the first nine months of 2024, referring to its 2023 Annual Report for full details - There has been **no material change** in the company's exposure to **market risk** during the first nine months of 2024[256](index=256&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control over financial reporting during the quarter - The **CEO and CFO** concluded that the company's **disclosure controls and procedures were effective** as of the end of the reporting period[258](index=258&type=chunk) - **No changes** in **internal control over financial reporting** occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[259](index=259&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates legal proceedings information from Note 13 of the financial statements, detailing contingent liabilities including the Paroc product recall - Information regarding **legal proceedings** is detailed in **Note 13** of the financial statements, covering **contingent liabilities** and other matters[260](index=260&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its 2023 Annual Report on Form 10-K - **No material changes** to the **risk factors** disclosed in the 2023 Form 10-K have occurred[261](index=261&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, the company repurchased 1.2 million shares for $202 million, with 6.9 million shares remaining available under its authorization Q3 2024 Share Repurchases | Month | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2024 | 4,527 | $174.40 | | August 2024 | 565,019 | $166.09 | | September 2024 | 661,087 | $166.68 | | **Total Q3** | **1,230,633** | **$166.44** | - As of September 30, 2024, **6.9 million shares** remain available for repurchase under the company's **10 million share repurchase authorization** approved in December 2022[160](index=160&type=chunk)[262](index=262&type=chunk) [Other Information](index=61&type=section&id=Item%205.%20Other%20Information) This section discloses two executives entered Rule 10b5-1 trading plans and the company adopted new indemnification agreements for directors - **Two executives**, José Méndez-Andino and Gunner Smith, entered into **Rule 10b5-1 trading plans** for future sales of company stock[264](index=264&type=chunk)[265](index=265&type=chunk) - The company adopted a **new form of indemnification agreement** for its **directors** on November 1, 2024[266](index=266&type=chunk)

Exhibit 99.1 ($ in millions, except per share amounts) Third-Quarter Nine Months NEWS RELEASE Owens Corning Delivers Net Sales of $3.0 Billion; Generates Net Earnings of $321 Million and Adjusted EBIT of $582 Million TOLEDO, Ohio – November 6, 2024 – Owens Corning (NYSE: OC), a residential and commercial building products leader, today reported third-quarter 2024 results. • Reported Net Sales of $3.0 Billion, a 23% Increase from Prior Year, with Newly Acquired Doors Business Contributing $573 Million in Rev ...

The upcoming report from Owens Corning (OC) is expected to reveal quarterly earnings of $4.01 per share, indicating a decline of 3.4% compared to the year-ago period. Analysts forecast revenues of $3.04 billion, representing an increase of 22.7% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a company reveals its earnings, it is ...

The market expects Owens Corning (OC) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on November 6, 2024, might help the stock move higher if these key numbers ...

Owens Corning (OC) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this construction materials company have returned +4.8%, compared to the Zacks S&P 500 composite's +2.7% change. During this period, the Zacks Building Products - Miscellaneous industry, which Owens Corning falls in, has gained 1%. The key question now is: What could b ...

In the latest trading session, Owens Corning (OC) closed at $186.20, marking a -1.79% move from the previous day. This change lagged the S&P 500's daily loss of 0.18%. Meanwhile, the Dow lost 0.8%, and the Nasdaq, a tech-heavy index, added 0.27%.Prior to today's trading, shares of the construction materials company had gained 8.84% over the past month. This has outpaced the Construction sector's loss of 3.59% and the S&P 500's gain of 4.46% in that time.The upcoming earnings release of Owens Corning will be ...

Core Insights - The individual is pursuing a Bachelor's degree in Economics and Management while working as a financial market analyst, indicating a strong academic and professional background in finance [1] - The focus is on mid- and large-cap growth companies, particularly in the financial, technology, healthcare sectors, and REITs, suggesting a diversified investment strategy [1] - The investment journey began during the Covid lockdowns, highlighting a trend where many individuals turned to investing during economic uncertainty [1] Industry Focus - The financial industry is a primary area of interest, which may indicate potential growth opportunities as the economy stabilizes post-pandemic [1] - Technology and healthcare sectors are also emphasized, reflecting ongoing trends in digital transformation and health innovation, which are likely to continue driving market growth [1] - The inclusion of REITs suggests an interest in real estate investments, which can provide diversification and income generation in a portfolio [1]

Core Viewpoint - Owens Corning's strategic growth initiatives and investments are expected to drive future growth, particularly in the Insulation and Roofing segments, despite facing inflationary pressures and labor challenges [1][2]. Factors Supporting Owens Corning's Growth - Strategic growth initiatives focus on expanding product offerings, optimizing networks, and automating processes, enhancing efficiency and cost-effectiveness, leading to stronger profits and growth [3]. - The Composites segment is expanding key product platforms like non-wovens and investing in new product lines, including structural composite lumber and decking [4]. - In the Roofing segment, the company is expanding its contractor network, innovating new products, and increasing shingle capacity, which has led to significant capital investments over the past two years [5]. - The acquisition of Masonite strengthens Owens Corning's position in residential and commercial markets, diversifying its portfolio and accelerating growth [6]. - Commitment to product innovation, including new weather-resistant barriers and product lines, ensures the company stays ahead of market trends, with 13 new or improved products launched in Q1 2024 [7]. - The roofing segment has shown steady growth, with a 2% year-over-year increase in top-line performance during the first half of 2024, driven by higher selling prices and a favorable product mix [8]. Financial Strength - Owens Corning maintains a solid liquidity position of $1.4 billion as of June 30, consisting of $254 million in cash and cash equivalents and $1.1 billion available on bank debt facilities, with a debt-to-EBITDA ratio of 2.2x [10][9]. Hurdles to Cross - The company anticipates flat or declining revenues in certain segments for Q3, particularly in roofing and doors, with industry shipments for U.S. shingle end-market demand expected to decline mid-to-high single digits [10][11]. - Inflationary pressures and rising costs of raw materials continue to challenge profitability, particularly in insulation and roofing segments [12]. - Currency risks from operations in Europe and Asia-Pacific have affected sales and profits, with global economic uncertainties potentially exacerbating these issues [13]. - The company's performance is closely tied to the housing market, with higher inflation impacting housing affordability and potentially dampening demand for building materials [14].