owens corning (OC) Key Developments
Owens Corning Announces Board Appointments
Aug 6 14
Owens Corning announced that Cesar Conde, Executive Vice President, NBCUniversal and Maryann T. Seaman, Executive Vice President and Chief Financial Officer, FMC Technologies Inc., have been elected to the company's board of directors. Cesar Conde joined NBCUniversal in October of 2013. He previously served as President of the Univision Networks at Univision Communications Inc. Maryann Seaman is Executive Vice President and Chief Financial Officer of FMC Technologies Inc. She joined the company in 1986 and has served as Senior Vice President and CFO, Vice President, Deputy Chief Financial Officer and Treasurer as well as Vice President of Administration. She also served as the Secretary to the Compensation and the Nominating and Governance Committees of the Board of Directors for FMC Technologies.
Owens Corning and AGY Establish Technology and Service Relationship to Provide High-Performance S-Glass Reinforcements
Jul 30 14
Owens Corning announced that it has signed an agreement with AGY to better serve and grow the composites market with S-Glass reinforcements. Owens Corning will license its S-Glass technology exclusively to AGY, which will assume commercial and operating responsibility for all of Owens Corning's S-Glass-related business effective August 1, 2014. This agreement enables its customers to benefit from AGY's global leadership in S-2 Glass(R) while realizing the full potential of Owens Corning's S-Glass technology. For Owens Corning, this agreement provides the opportunity to better realize the value of S-Glass technology, while at the same time allowing to focus more intently on core products and initiatives. Owens Corning S-Glass products will serve as a natural complement to AGY's existing S-2 Glass(R) business and the agreement will enable AGY to leverage Owens Corning's global market development expertise to grow demand, particularly in the area of S-Glass engineered thermoplastics.
Owens Corning Declares Quarterly Cash Dividend, Payable on July 29, 2014
Jul 23 14
The Board of Directors of Owens Corning declared a quarterly cash dividend of $0.16 per common share. The dividend will be payable on July 29, 2014 to shareholders of record as of July 14, 2014.
Owens Corning Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year 2014
Jul 23 14
Owens Corning reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $1,355 million compared to $1,347 million a year ago. Earnings before interest and taxes were $73 million compared to $118 million a year ago. Earnings before taxes were $42 million compared to $89 million a year ago. Net earnings attributable to company was $21 million compared to $49 million a year ago. Diluted earnings per share were $0.18 compared to $0.41 per share a year ago. Adjusted EBIT was $96 million compared to $124 million a year ago. Adjusted earnings were $45 million or $0.38 per diluted share compared to $68 million or $0.56 per diluted share a year ago.
For six months, the company reported net sales of $2,633 million compared to $2,697 million a year ago. Earnings before interest and taxes were $181 million compared to $175 million a year ago. Earnings before taxes were $123 million compared to $117 million a year ago. Net earnings attributable to company was $141 million compared to $71 million a year ago. Diluted earnings per share were $1.19 compared to $0.59 per share a year ago. Adjusted EBIT was $173 million compared to $201 million a year ago. Adjusted earnings were $80 million or $0.68 per diluted share compared to $103 million or $0.86 per diluted share a year ago. Net cash flow used for operating activities was $117 million against $15 million a year ago. Additions to plant and equipment (including alloy) was $142 million against $125 million a year ago.
For the full year 2014, the company's adjusted EBIT is expected to be greater than the 2013 result of $416 million. Capital expenditures in 2014 are expected to total approximately $370 million, a $30 million reduction from previous guidance. This estimate continues to include an estimated $65 million for the start of construction of a non-wovens facility. The company estimates a long-term effective tax rate of 28% to 30%, and a long-term effective cash tax rate of 10% to 12% on adjusted pre-tax earnings, due to the company's $2.1 billion U.S. tax net operating loss carry forward. The effective book tax rate for 2014 on adjusted earnings is expected to be within the long-term range.
Owens Corning Plans to Build the 110-Employee Plant in Gastonia
Jul 3 14
Owens Corning announced that in October it will build the 110-employee plant in Gastonia. Production is planned for 2015. The 150,000-square-foot plant will be built on 35 acres in Gastonia Technology Park, off U.S. Highway 321 near Gaston College. The plant will make glass-fiber tissue that's used in various industries to add strength to products without adding much weight.