owens corning (OC) Key Developments
Owens Corning Announces Amendment to Credit Agreement
Nov 17 15
On November 13, 2015, Owens Corning and certain of its subsidiaries entered into the amended and restated credit agreement, which amends and restates the credit agreement dated as of May 26, 2010, by and among the company, certain of its subsidiaries, the lenders signatory thereto and Wells Fargo Bank, National Association, as Administrative Agent. The restated credit agreement amends the credit facility contemplated by the Prior Credit Agreement to provide for, among other things, the following: (i) the extension of the maturity date from November 19, 2018 to November 13, 2020, and (ii) an increase in the uncommitted incremental loans that are permitted under the facility from $200 million to $600 million.
Owens Corning Announces North American Launch of its Innovative PulStrand 4100 Roving at the CAMX 2015 Show
Oct 27 15
Owens Corning announced the North American launch of its innovative PulStrand 4100 roving at the CAMX 2015 show. The PulStrand 4100 roving delivers breakthrough processing advantages and performance benefits in pultrusion compared to existing competitive offerings. The global composites market for pultrusion continues to grow requiring higher performing solutions. The PulStrand 4100 product, introduced in Europe in early 2015, offers superior processing qualities, strength, and fatigue resistance in a multi-compatible product for polyester, vinyl ester, epoxy, and polyurethane resin systems. This higher-productivity material has the potential to provide faster line speeds while reducing downtime, scrap, and labor, and enhances the modulus and durability of the pultruded profiles for a variety of high-performance markets. The sizing chemistry of the PulStrand 4100 product ensures excellent resin-to-glass adhesion and fast, uniform wet-out "by more than 50% when compared to existing products. Further extensive benchmark tests of competitive products have also shown a reduction of fuzz formation of up to 92%, less part owing, and deformation and excellent humidity resistance. In addition, the sizing also allows for increased glass content (higher modulus) and helps to improve the flexural, shear, and compressive strength of composite products. Tests have highlighted an increase of up to 57% in flexural strength. Combining these characteristics with the outstanding corrosion resistance provided by Advantex® E-CR glass, the PulStrand 4100 product is specially designed to optimize the durability and service life of applications in corrosive environments. The PulStrand 4100 product covers a wide tex range (600-9600) and can be customized to specific application requirements allowing for the production of profiles for the consumer, recreation, corrosion, electrical, transportation, and construction markets.
Owens Corning - Analyst/Investor Day
Oct 21 15
To review its businesses in more detail
Owens Corning Declares Third Quarter 2015 Cash Dividend, Payable on November 3, 2015
Oct 21 15
Owens Corning Board of Directors declared a cash dividend of $0.17 per share payable on November 3, 2015, to shareholders of record as of October 19, 2015.
Owens Corning Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year of 2015
Oct 21 15
Owens Corning reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net sales of $1,461 million against $1,382 million a year ago. Earnings before interest and taxes were $196 million against $107 million a year ago. Earnings before taxes were $168 million against $79 million a year ago. Net earnings attributable to the company were $113 million against $52 million a year ago. Diluted earnings per share were $0.95 against $0.44 a year ago. Adjusted EBIT was $198 million against $132 million a year ago. Adjusted earnings were $113 million against $73 million a year ago. Adjusted diluted earnings per share were $0.96 against $0.62 a year ago.
For the nine months, the company reported net sales of $4,082 million against $4,015 million a year ago. Earnings before interest and taxes were $410 million against $288 million a year ago. Earnings before taxes were $335 million against $202 million a year ago. Net earnings attributable to the company were $221 million against $193 million a year ago. Diluted earnings per share were $1.87 against $1.63 a year ago. Adjusted EBIT was $414 million against $305 million a year ago. Adjusted earnings were $225 million against $153 million a year ago. Adjusted diluted earnings per share were $1.90 against $1.29 a year ago. Net cash flow provided by operating activities was $384 million against $62 million a year ago. Additions to plant and equipment were $240 million against $216 million a year ago.
The company continues to expect to benefit in 2015 from sustained improvement in the U.S. housing market and moderate global growth. In Composites, the company now expects a full-year EBIT improvement of about $80 million based on current volume and pricing strength, including the impact of $25 million in currency headwinds. The company now estimates an effective tax rate of 32% to 34%, and a cash tax rate of 10% to 12% on adjusted pre-tax earnings, due to the company’s estimated $2 billion U.S. tax net operating loss carry forward. For the full year 2015, the company now expects adjusted EBIT to be at or above the high end of its previous guidance range of $460 million to $500 million.