Owens Corning Inc. (OC) - Get Report posted stronger-than-expected fourth quarter profits Wednesday and said it sees returning to a "strong conversion of adjusted earnings into free cash flow" over the coming year.
Owens Corning said adjusted earnings for the three months ending in December came in at $1.38 per share, up 24.3% from the same period last year and well ahead of the Street consensus forecast of $1.21. Group sales, the company said, were 6.2%% higher from last year at $1.7 billion and narrowly topped the consensus estimate of $1.6 billion. The group also boosted its quarterly dividend by 55 to 22 cents per share and said it paid $92 million to shareholders last year.
"Owens Corning had another record year in terms of revenue and adjusted EBIT, with all three businesses delivering double-digit EBIT margins," said CEO Mike Thaman. "Today, Owens Corning is a more resilient and diversified company, better able to generate attractive returns for investors through the cycle."
Owens Corning shares were marked 2.18% lower in the opening minutes of trading Wednesday to change hands at $54.19 each, a move that would trim the stock's three-month gain to around 10.5%