Owens Corning sales hold at $2.8 billion

• Owens Corning reported second-quarter net sales of $2.76 billion, broadly unchanged from the previous year.
• Free cash flow increased 54% to $199 million, while the company returned $264 million to shareholders.
• Owens Corning expects third-quarter revenue of $2.6–$2.7 billion and an adjusted EBITDA margin of 20%–22%.

Owens Corning (NYSE:OC) reported second-quarter net sales from continuing operations of $2.76 billion, broadly unchanged from the previous year.

Sales exceeded the company’s previous $2.6–$2.7 billion outlook, while its 24% adjusted EBITDA margin topped the forecast 20%–22% range.

Net earnings fell 7% to $310 million, adjusted EBITDA declined 6% to $660 million and free cash flow rose 54% to $199 million.

Following the announcement, Owens Corning's share price was up 1.8% at $145.57 in premarket trading, as the company forecast third-quarter revenue of $2.6–$2.7 billion.

Roofing sales increased to $1.31 billion and insulation sales reached $971 million, while doors revenue declined to $513 million.

Owens Corning completed its glass reinforcements sale, achieved $135 million in Doors cost synergies and returned $264 million through dividends and repurchases.