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Owens Corning Inc (NYSE:OC) reported a first-quarter fiscal 2024 net sales decline of 1% year-over-year to $2.3 billion, beating the consensus of $2.28 billion.
During the year, the company paid dividends of $52 million and repurchased 0.9 million shares of common stock for $130 million.
Owens Corning maintains its commitment to innovation, unveiling 13 new or enhanced products in the first quarter to bolster customer support and foster further growth.
For the second quarter of 2024, the company expects overall performance to result in net sales in line with the second quarter of 2023 while generating ~20% EBIT margins for its existing businesses.
For 2024, Owens Corning expects general corporate expenses of $240 million-$250 million and capital additions of ~$550 million.
Price Action: OC shares are trading lower by 0.82 % at $166.24 at the last check Wednesday.
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Posted In: OC