Owens ning(US:OC)2024-04-24 15:47Financial Performance - Net sales were $23 billion in Q1 2024, a decrease of 1% compared to $2331 billion in Q1 2023[7] - Adjusted EBIT increased to $438 million in Q1 2024 from $361 million in Q1 2023, representing 19% and 15% of net sales respectively[7] - Adjusted EBITDA rose to $565 million in Q1 2024, compared to $487 million in Q1 2023, accounting for 25% and 21% of net sales respectively[7] - Return on capital was 17% for the last twelve months[9] Business Segment Results - Roofing business net sales increased by 7% to $957 million in Q1 2024 from $895 million in Q1 2023, with EBIT at $286 million and 30% of net sales[17] - Insulation business net sales decreased by 2% to $904 million in Q1 2024 from $919 million in Q1 2023, with EBIT at $161 million and 18% of net sales[11, 21] - Composites business net sales decreased by 11% to $523 million in Q1 2024 from $585 million in Q1 2023, with EBIT at $46 million and 9% of net sales[34, 35] Capital Allocation and Outlook - Capital additions are expected to be approximately $550 million[15] - General corporate expenses are expected to range between $240 million and $250 million[15] - The company returned $182 million of free cash flow to shareholders through share repurchases and dividends[9]