Owens Corning reported a net sales increase of 13.4% for the fiscal year ending December 31, 2024, reaching $10.975 billion, compared to $9.677 billion in 2023. The company's net earnings attributable to Owens Corning were $647 million, a significant decrease from $1.196 billion in the previous year. The adjusted earnings before interest and taxes (EBIT) rose to $2.038 billion, up from $1.805 billion in 2023, driven primarily by the performance of its newly acquired Doors segment, which contributed $1.448 billion in revenue and $99 million in EBIT from May 15, 2024, to year-end.
The company underwent significant strategic changes during the year, including the acquisition of Masonite International Corporation for $3.2 billion, which was primarily funded through debt. This acquisition is expected to enhance Owens Corning's position in the building products market. Additionally, Owens Corning announced the divestiture of its glass reinforcements business, generating approximately $436 million, which aligns with its strategy to focus on residential and commercial building products in North America and Europe. The divestiture is anticipated to close in 2025 and will be classified as discontinued operations in future financial statements.
Operationally, Owens Corning's workforce remained stable at approximately 25,000 employees across 31 countries. The company reported a slight increase in its Roofing segment's EBIT to $1.298 billion, while the Insulation segment also saw an increase to $682 million. However, the Composites segment experienced a decline in EBIT to $215 million, attributed to lower selling prices and sales volumes. The company continues to face challenges in the Composites market, which is influenced by economic conditions and competitive pricing pressures.
Looking ahead, Owens Corning anticipates that demand for its products will be influenced by various factors, including residential repair and remodeling activity, new construction trends, and macroeconomic conditions such as inflation and interest rates. The company plans to manage costs and capital expenditures effectively while focusing on integrating Masonite into its operations. The outlook for the roofing and insulation segments remains cautiously optimistic, although the company acknowledges potential challenges in the commercial and industrial construction markets.
About Owens Corning
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