Owens Corning reports rising sales as it reshapes the company

Ohio, US – Building products specialist Owens Corning has reported a 13.4% increase in net sales for 2024, up from 2023’s $9.68bn to $10.98bn last year. Adjusted EBIT for the year of $2.04bn represents a 12.9% increase on the previous year’s $1.80bn. In its insulation business, sales were up 0.7%, rising from $3.67bn in 2023 to $3.69bn last year.

The growth rate was faster in the fourth quarter, increasing by 23% to $2.84bn from $2.30bn in the 2023 fourth quarter. Sales slipped slightly in the insulation business, dropping 0.5% from $931m to $926m quarter-on-quarter.

“Strong commercial and operational execution fuelled enterprise margin expansion over prior year, as each of the businesses delivered strong performance relative to market conditions,” the company said.

During the year, the company sold its building materials business in China and Korea. In February this year, it agreed to sell its glass reinforcements business to India’s Praana. This, the company said, strengthens its position in building products, with the sale expected to close later this year.

“2024 was a transformative year for Owens Corning as we successfully executed three major strategic moves to reshape and focus the company on building products in North America and Europe, while consistently delivering higher, more resilient earnings and cash flow,” said Brian Chambers, the company’s chair and CEO.

Looking to 2025, the company expects near-term demand for non-discretionary repair activity to remain stable, with residential new construction and remodelling expected to remain soft, and commercial construction activity in North America predicted to start the year more slowly.

“The result of incremental tariffs which have not yet been implemented may also have a near-term impact,” it said. “In Europe, the company expects market conditions to remain weak in the near-term in residential and commercial markets, similar to the second half 2024.”
 

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