“Owens Corning delivered another outstanding quarter while advancing our enterprise strategy which accelerates our growth, strengthens our earnings power, and creates additional value for our shareholders. Our global teams continue to execute at a high level as we make strategic investments to expand our total addressable markets and enhance our market-leading positions,” said chair and chief executive officer Brian Chambers. “For the second half of the year, we remain focused on delivering strong financial results and positioning the company for long-term success.”
The net sales of composites increased 23 per cent to $719 million in the second quarter of 2022 compared with the second quarter of 2021, primarily due to higher selling prices and the favourable impact of customer mix. EBIT increased $56 million to $154 million, with 21 per cent EBIT margins, on higher selling prices and favourable mix, which more than offset input cost inflation and increased transportation costs, the company said in a press release.
Insulation's net sales increased 16 per cent to $934 million in the second quarter of 2022 compared with the second quarter of 2021, as a result of higher selling prices and the impact of favourable customer mix, partially offset by the negative impact of foreign currency. EBIT increased $45 million to $157 million, with 17 per cent EBIT margins, on higher selling prices and favourable mix, which more than offset accelerating energy, material and transportation inflation.
Roofing’s net sales increased 11 per cent to $1.0 billion in the second quarter of 2022 compared with the second quarter of 2021, with higher selling prices partially offset by lower sales volumes. EBIT increased $24 million to $258 million, with 25 per cent EBIT margins, primarily due to higher selling prices which more than offset accelerating cost inflation, primarily asphalt, and increased transportation costs.
For third-quarter 2022, the company expects overall performance to result in net sales and adjusted EBIT growth for the quarter, versus the comparable quarter in the prior year.
Fibre2Fashion News Desk (RR)