Owens Corning, a leading firm in insulation and composite materials, has reported net sales of $9.7 billion in fiscal 2023 (FY23), marking a slight decrease from the previous year's figures. However, the company expanded its adjusted EBIT margins to 19 per cent and adjusted EBITDA margins to 24 per cent.

The company delivered a diluted EPS of $13.14 and an adjusted diluted EPS of $14.42. Moreover, Owens Corning generated significant cash flow, with operating cash flow reaching $1.7 billion and free cash flow amounting to $1.2 billion.

The composites segment of Owens Corning experienced a 14 per cent decrease in net sales, totalling $2.3 billion for the year. This decline was primarily attributed to lower volumes and the net impact of divestitures and acquisitions. Despite these challenges, the segment achieved EBIT margins of 11 per cent and EBITDA margins of 18 per cent. The decrease in EBIT by $256 million to $242 million was driven by reduced demand, particularly in glass reinforcements, and production downtime actions taken to balance inventories throughout the year, the company said in a press release.

“The results for the full year demonstrate the strength of our team, the value of our products, and the impact of our enterprise strategy to increase the earnings power of the company and create value for our customers,” said chair and chief executive officer Brian Chambers.