$OC
Owens Corning

2023 Q2 Form 10-Q Financial Statement

#000137094623000023 Filed on April 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.563B $2.331B
YoY Change -1.46% -0.64%
Cost Of Revenue $1.788B $1.742B
YoY Change -4.23% 0.87%
Gross Profit $775.0M $589.0M
YoY Change 5.59% -4.85%
Gross Profit Margin 30.24% 25.27%
Selling, General & Admin $206.0M $204.0M
YoY Change 2.49% 10.87%
% of Gross Profit 26.58% 34.63%
Research & Development $28.00M $28.00M
YoY Change 16.67% 21.74%
% of Gross Profit 3.61% 4.75%
Depreciation & Amortization $159.0M $127.0M
YoY Change 15.22% -3.79%
% of Gross Profit 20.52% 21.56%
Operating Expenses $241.0M $55.00M
YoY Change -2.43% -69.27%
Operating Profit $534.0M $534.0M
YoY Change 9.65% 21.36%
Interest Expense -$23.00M $22.00M
YoY Change -188.46% -21.43%
% of Operating Profit -4.31% 4.12%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $464.0M $512.0M
YoY Change 0.22% 23.67%
Income Tax $121.0M $130.0M
% Of Pretax Income 26.08% 25.39%
Net Earnings $345.0M $383.0M
YoY Change 0.58% 25.99%
Net Earnings / Revenue 13.46% 16.43%
Basic Earnings Per Share $3.81 $4.19
Diluted Earnings Per Share $3.78 $4.17
COMMON SHARES
Basic Shares Outstanding 90.11M shares 90.77M shares
Diluted Shares Outstanding 91.30M shares 91.90M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $968.0M $757.0M
YoY Change 19.51% 1.2%
Cash & Equivalents $968.0M $757.0M
Short-Term Investments
Other Short-Term Assets $122.0M $108.0M
YoY Change -34.41% -23.4%
Inventory $1.288B $1.340B
Prepaid Expenses
Receivables $1.413B $1.388B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.791B $3.593B
YoY Change 2.76% 4.72%
LONG-TERM ASSETS
Property, Plant & Equipment $3.947B $3.745B
YoY Change 7.14% -2.09%
Goodwill $1.387B $1.387B
YoY Change 28.54% 41.1%
Intangibles $1.565B $1.610B
YoY Change -3.04% 0.25%
Long-Term Investments
YoY Change
Other Assets $311.0M $275.0M
YoY Change 16.48% 6.18%
Total Long-Term Assets $7.210B $7.247B
YoY Change 5.19% 5.26%
TOTAL ASSETS
Total Short-Term Assets $3.791B $3.593B
Total Long-Term Assets $7.210B $7.247B
Total Assets $11.00B $10.84B
YoY Change 4.34% 5.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.201B $1.243B
YoY Change -9.5% -6.4%
Accrued Expenses $59.00M $55.00M
YoY Change 9.26% 5.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.000M
YoY Change -100.0% 0.0%
Long-Term Debt Due $31.00M $29.00M
YoY Change 24.0% 11.54%
Total Short-Term Liabilities $1.832B $1.933B
YoY Change -7.19% -3.3%
LONG-TERM LIABILITIES
Long-Term Debt $3.004B $2.999B
YoY Change 0.5% 1.35%
Other Long-Term Liabilities $668.0M $308.0M
YoY Change 151.13% 19.38%
Total Long-Term Liabilities $3.672B $3.307B
YoY Change 12.81% 2.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.832B $1.933B
Total Long-Term Liabilities $3.672B $3.307B
Total Liabilities $5.987B $6.003B
YoY Change 0.52% 15.09%
SHAREHOLDERS EQUITY
Retained Earnings $4.427B $4.129B
YoY Change 34.89% 38.84%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.920B $2.816B
YoY Change 31.41% 31.34%
Treasury Stock Shares
Shareholders Equity $5.014B $4.791B
YoY Change
Total Liabilities & Shareholders Equity $11.00B $10.84B
YoY Change 4.34% 5.08%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $345.0M $383.0M
YoY Change 0.58% 25.99%
Depreciation, Depletion And Amortization $159.0M $127.0M
YoY Change 15.22% -3.79%
Cash From Operating Activities $494.0M -$164.0M
YoY Change 6.01% -203.8%
INVESTING ACTIVITIES
Capital Expenditures $122.0M $158.0M
YoY Change -216.19% -247.66%
Acquisitions
YoY Change
Other Investing Activities -$4.000M $7.000M
YoY Change -97.28% 250.0%
Cash From Investing Activities -$126.0M $24.00M
YoY Change -50.0% -127.27%
FINANCING ACTIVITIES
Cash Dividend Paid $48.00M
YoY Change 37.14%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -169.0M -$216.0M
YoY Change 17.36% -24.21%
NET CHANGE
Cash From Operating Activities 494.0M -$164.0M
Cash From Investing Activities -126.0M $24.00M
Cash From Financing Activities -169.0M -$216.0M
Net Change In Cash 199.0M -$342.0M
YoY Change 184.29% 62.09%
FREE CASH FLOW
Cash From Operating Activities $494.0M -$164.0M
Capital Expenditures $122.0M $158.0M
Free Cash Flow $372.0M -$322.0M
YoY Change -34.85% -221.51%

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NetIncomeLoss
304000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91300000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
600000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
700000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91900000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100200000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.19
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.06
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.17
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.03
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
130000000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
107000000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-652000000 usd
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-581000000 usd

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