Owens Corning Delivers Net Sales of $2.3 Billion; Generates Net Earnings of $299 Million and Adjusted EBIT of $438 Million
-
Reported
Net Sales of$2.3 Billion , in-line with Prior Year - Generated Net Earnings Margins of 13%, Adjusted EBIT Margins of 19%, and Adjusted EBITDA Margins of 25%
-
Delivered Diluted EPS of
$3.40 and Adjusted Diluted EPS of$3.59 -
Produced Operating Cash Flow of
$24 Million and Free Cash Outflow of$128 Million -
Returned
$182 Million to Shareholders through Dividends and Share Repurchases
“Owens Corning started the year with first-quarter results that continue to highlight our strong and consistent enterprise performance. These results are driven by the strength of our team and the actions we have taken over the last several years to generate higher, more resilient earnings,” said Chair and Chief Executive Officer
Enterprise Performance
($ in millions, except per share amounts) |
First-Quarter |
|||
2024 |
2023 |
Change |
||
|
|
|
|
(1%) |
Net Earnings Attributable to OC* |
299 |
383 |
(84) |
(22%) |
As a Percent of |
13% |
16% |
N/A |
N/A |
Adjusted EBIT |
438 |
361 |
77 |
21% |
As a Percent of |
19% |
15% |
N/A |
N/A |
Adjusted EBITDA |
565 |
487 |
78 |
16% |
As a Percent of |
25% |
21% |
N/A |
N/A |
Diluted EPS* |
3.40 |
4.17 |
(0.77) |
(18%) |
Adjusted Diluted EPS |
3.59 |
2.80 |
0.79 |
28% |
Operating Cash Flow (Outflow) |
24 |
(164) |
188 |
N/A |
Free Cash Outflow |
(128) |
(322) |
194 |
N/A |
*2023 includes earnings impact of |
Enterprise Strategy Highlights
-
Owens Corning sustained a high level of safety performance in first-quarter 2024, with a recordable incident rate (RIR) of 0.31, a more than 50% improvement over first-quarter 2023.
- Owens Corning’s previously announced acquisition of Masonite International Corporation, a leading global provider of interior and exterior doors and door systems, remains on track to close mid-2024.
-
Owens Corning engaged Morgan Stanley as its financial advisor to review strategic alternatives for its global glass reinforcements business. The review of this business was announced in the first quarter and is ongoing.
-
Owens Corning continues to invest in new product and process innovation to support customers and generate additional growth. In the first quarter, it launched 13 new or improved products.
-
In March,
Owens Corning published its 2023 Sustainability Report, Making the Difference, which outlined the company’s progress toward its 2030 sustainability goals. This marks the 18th sustainability report fromOwens Corning , which published its first report in 2006.
Cash Returned to Shareholders
-
During the first quarter, the company returned
$182 million to shareholders through dividends and share repurchases. The company paid dividends of$52 million and repurchased 0.9 million shares of common stock for$130 million .
- Owens Corning’s capital allocation strategy is unchanged, and the company remains committed to returning approximately 50% of cash to shareholders over time through a combination of share repurchases and dividends. With the Masonite acquisition, the company will prioritize repayment of the short-term portion of the debt incurred until net debt-to-EBITDA is at the low end of the 2-3x target range.
“Owens Corning delivered an outstanding start to the year, growing enterprise earnings and expanding margins in the first quarter. These results demonstrate the value created through our enterprise strategy and operating model,” said Executive Vice President and Chief Financial Officer
First-Quarter Business Performance
- The company started the year by strengthening earnings on relatively flat revenue, with good performance in each of its businesses.
-
In Roofing, net sales increased 7% to
$957 million compared with first-quarter 2023, resulting from carryover price and favorable mix driven by demand for premium laminate shingles and strong attachment of components products. Volumes for the quarter were positively impacted by strong carryover storm demand, which was mostly offset by volume impact from the segment’s exit of protective packaging. EBIT increased$77 million to$286 million , with 30% EBIT margins and 31% EBITDA margins, primarily due to positive price as well as favorable manufacturing costs and mix.
-
In Insulation, net sales decreased 2% to
$904 million compared with first-quarter 2023, as demand in the segment’s North American business remained relatively stable while its European business was impacted by the weaker macro environment. Favorable mix and positive price were more than offset by lower volumes, primarily inEurope . EBIT increased$5 million to$161 million , with 18% EBIT margins and 23% EBITDA margins, as positive price and favorable delivery were partially offset by lower volumes and higher overall manufacturing costs.
-
In Composites, net sales decreased 11% to
$523 million compared with first-quarter 2023, as positive price for nonwovens was offset by lower volumes and price declines in glass reinforcements on broader market pressure. EBIT decreased$3 million to$46 million , resulting in 9% EBIT margins and 17% EBITDA margins, primarily due to lower price and the impact of production downtime and lower demand, partially offset by favorable manufacturing costs, and deflation for both delivery and input costs.
Second-Quarter and Full-Year 2024 Outlook
-
The key economic factors that impact the company’s business are residential repair and remodeling activity,
U.S. housing starts, global commercial construction activity, and global industrial production.
-
Owens Corning expects its North American building and construction markets to remain favorable, with good demand for its products in the near-term.Outside North America , macroeconomic trends and geopolitical tensions continue to result in slow global economic growth.
- For the second-quarter 2024, the company expects overall performance to result in net sales in line with second quarter 2023, while generating approximately 20% EBIT margins for its existing businesses.
Current 2024 financial outlook is presented below:
General Corporate Expenses |
|
||||||||
Interest Expense |
|
||||||||
Effective Tax Rate on Adjusted Earnings |
24% to 26% |
||||||||
Capital Additions |
Approximately |
||||||||
Depreciation and Amortization |
Approximately |
The above outlook excludes the impact of any acquisitions or divestitures not yet completed.
First-Quarter 2024 Conference Call and Presentation
All Callers
-
Live dial-in telephone number:
U.S. 1 .833.470.1428;Canada 1.833.950.0062; and other international +1.404.975.4839. - Entry number: 540263 (Please dial in 10-15 minutes before conference call start time)
- Live webcast: https://events.q4inc.com/attendee/185236891
Telephone and Webcast Replay
-
Telephone replay will be available one hour after the end of the call through
May 1, 2024 . In theU.S. , call 1.866.813.9403. InCanada , call 1.226.828.7578. In other international locations, call +1.929.458.6194. - Conference replay number: 257137.
- Webcast replay will be available for one year using the above link.
About
Use of Non-GAAP Measures
For purposes of internal review of
Free cash flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the company's ability to generate cash to pursue opportunities that enhance shareholder value. The company defines free cash flow as net cash flow provided by operating activities, less cash paid for property, plant and equipment. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the company's mandatory debt service requirements. Free cash flow conversion is a non-GAAP liquidity measure used to measure the company’s efficiency in turning profits into free cash flow from its core operations. The Company defines free cash flow conversion as free cash flow divided by adjusted earnings. Free cash flow and free cash flow conversion is used internally by the company for various purposes, including reporting results of operations to the Board of Directors of the company and analysis of performance.
Management believes that these measures provide a useful representation of our operational performance and liquidity; however, the measures should not be considered in isolation or as a substitute for net cash flow provided by operating activities or net earnings attributable to
When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors and actual results may differ materially from any results projected in the statements. These risks, uncertainties and other factors include, without limitation:
levels of residential and commercial or industrial construction activity; demand for our products; industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures, interest rate and financial markets volatility, and the viability of banks and other financial institutions; availability and cost of energy and raw materials; levels of global industrial production; competitive and pricing factors; relationships with key customers and customer concentration in certain areas; issues related to acquisitions, divestitures and joint ventures or expansions, including the planned acquisition of Masonite; climate change, weather conditions and storm activity; legislation and related regulations or interpretations, in
Table 1 |
||||||
|
||||||
Consolidated Statements of Earnings |
||||||
(unaudited) |
||||||
(in millions, except per share amounts) |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
|
$ |
2,300 |
|
$ |
2,331 |
|
COST OF SALES |
|
1,620 |
|
|
1,742 |
|
Gross margin |
|
680 |
|
|
589 |
|
OPERATING EXPENSES |
|
|
||||
Marketing and administrative expenses |
|
212 |
|
|
204 |
|
Science and technology expenses |
|
31 |
|
|
28 |
|
Gain on sale of site |
|
— |
|
|
(189 |
) |
Other expense, net |
|
34 |
|
|
12 |
|
Total operating expenses |
|
277 |
|
|
55 |
|
OPERATING INCOME |
|
403 |
|
|
534 |
|
Non-operating expense |
|
— |
|
|
— |
|
EARNINGS BEFORE INTEREST AND TAXES |
|
403 |
|
|
534 |
|
Interest expense, net |
|
17 |
|
|
22 |
|
EARNINGS BEFORE TAXES |
|
386 |
|
|
512 |
|
Income tax expense |
|
88 |
|
|
130 |
|
NET EARNINGS |
|
298 |
|
|
382 |
|
Net loss attributable to non-redeemable and redeemable noncontrolling interests |
|
(1 |
) |
|
(1 |
) |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING |
$ |
299 |
|
$ |
383 |
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
|
|
||||
Basic |
$ |
3.42 |
|
$ |
4.19 |
|
Diluted |
$ |
3.40 |
|
$ |
4.17 |
|
WEIGHTED AVERAGE COMMON SHARES |
|
|
||||
Basic |
|
87.3 |
|
|
91.3 |
|
Diluted |
|
87.9 |
|
|
91.9 |
|
Table 2 |
||||||
|
||||||
EBIT Reconciliation Schedules |
||||||
(unaudited) |
||||||
|
||||||
Adjusting income (expense) items to EBIT are shown in the table below (in millions): |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
Restructuring costs |
$ |
(14 |
) |
$ |
(18 |
) |
Gains on sale of certain precious metals |
|
— |
|
|
2 |
|
Strategic review-related charges |
|
(2 |
) |
|
— |
|
Acquisition-related costs |
|
(18 |
) |
|
— |
|
|
|
(1 |
) |
|
— |
|
Gain on sale of |
|
— |
|
|
189 |
|
Total adjusting items |
$ |
(35 |
) |
$ |
173 |
|
The reconciliation from Net earnings attributable to |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING |
$ |
299 |
|
$ |
383 |
|
Net loss attributable to non-redeemable and redeemable noncontrolling interests |
|
(1 |
) |
|
(1 |
) |
NET EARNINGS |
|
298 |
|
|
382 |
|
Income tax expense |
|
88 |
|
|
130 |
|
EARNINGS BEFORE TAXES |
|
386 |
|
|
512 |
|
Interest expense, net |
|
17 |
|
|
22 |
|
EARNINGS BEFORE INTEREST AND TAXES |
|
403 |
|
|
534 |
|
Less: Adjusting items from above |
|
(35 |
) |
|
173 |
|
ADJUSTED EBIT |
$ |
438 |
|
$ |
361 |
|
Net sales |
$ |
2,300 |
|
$ |
2,331 |
|
ADJUSTED EBIT as a % of Net sales |
|
19 |
% |
|
15 |
% |
|
|
|
||||
EARNINGS BEFORE INTEREST AND TAXES |
$ |
403 |
|
$ |
534 |
|
Depreciation and amortization |
|
131 |
|
|
127 |
|
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION |
|
534 |
|
|
661 |
|
Less: Adjusting items from above |
|
(35 |
) |
|
173 |
|
Accelerated depreciation and amortization included in restructuring |
|
(4 |
) |
|
(1 |
) |
ADJUSTED EBITDA |
$ |
565 |
|
$ |
487 |
|
Net sales |
$ |
2,300 |
|
$ |
2,331 |
|
ADJUSTED EBITDA as a % of Net sales |
|
25 |
% |
|
21 |
% |
|
|
|||||
Table 3 |
||||||
|
||||||
EPS Reconciliation Schedules |
||||||
(unaudited) |
||||||
(in millions, except per share data) |
||||||
|
||||||
A reconciliation from Net earnings attributable to |
||||||
|
Three Months Ended |
|||||
|
|
2024 |
|
|
2023 |
|
RECONCILIATION TO ADJUSTED EARNINGS |
|
|
||||
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING |
$ |
299 |
|
$ |
383 |
|
Adjustment to remove adjusting items (a) |
|
35 |
|
|
(173 |
) |
Adjustment to remove tax (benefit) expense on adjusting items (b) |
|
(7 |
) |
|
46 |
|
Adjustment to tax (benefit) expense to reflect pro forma tax rate (c) |
|
(11 |
) |
|
1 |
|
ADJUSTED EARNINGS |
$ |
316 |
|
$ |
257 |
|
|
|
|
||||
RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
|
|
||||
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
$ |
3.40 |
|
$ |
4.17 |
|
Adjustment to remove adjusting items (a) |
|
0.40 |
|
|
(1.88 |
) |
Adjustment to remove tax (benefit) expense on adjusting items (b) |
|
(0.08 |
) |
|
0.50 |
|
Adjustment to tax (benefit) expense to reflect pro forma tax rate (c) |
|
(0.13 |
) |
|
0.01 |
|
ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS |
$ |
3.59 |
|
$ |
2.80 |
|
|
|
|
||||
RECONCILIATION TO DILUTED SHARES OUTSTANDING |
|
|
||||
Weighted-average number of shares outstanding used for basic earnings per share |
|
87.3 |
|
|
91.3 |
|
Non-vested restricted stock units and performance share units |
|
0.6 |
|
|
0.6 |
|
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share |
|
87.9 |
|
|
91.9 |
|
(a) |
Please refer to Table 2 "EBIT Reconciliation Schedules" for additional information on adjusting items. |
|
(b) |
The tax impact of adjusting items is based on our expected tax accounting treatment and rate for the jurisdiction of each adjusting item. |
|
(c) |
To compute adjusted earnings, we apply a full year pro forma effective tax rate to each quarter presented. For 2024, we have used a full year pro forma effective tax rate of 25%, which is the mid-point of our 2024 effective tax rate guidance of 24% to 26%. For comparability, in 2023, we have used an effective tax rate of 24%, which was our 2023 effective tax rate, excluding the adjusting items referenced in (a) and (b). |
|
Table 4 |
||||||
|
||||||
Consolidated Balance Sheets |
||||||
(unaudited) |
||||||
(in millions, except per share data) |
||||||
ASSETS |
|
|
||||
CURRENT ASSETS |
|
|
||||
Cash and cash equivalents |
$ |
1,254 |
|
$ |
1,615 |
|
Receivables, less allowance of |
|
1,410 |
|
|
987 |
|
Inventories |
|
1,205 |
|
|
1,198 |
|
Other current assets |
|
112 |
|
|
117 |
|
Total current assets |
|
3,981 |
|
|
3,917 |
|
Property, plant and equipment, net |
|
3,796 |
|
|
3,841 |
|
Operating lease right-of-use assets |
|
221 |
|
|
222 |
|
|
|
1,385 |
|
|
1,392 |
|
Intangible assets, net |
|
1,510 |
|
|
1,528 |
|
Deferred income taxes |
|
30 |
|
|
24 |
|
Other non-current assets |
|
346 |
|
|
313 |
|
TOTAL ASSETS |
$ |
11,269 |
|
$ |
11,237 |
|
LIABILITIES AND EQUITY |
|
|
||||
CURRENT LIABILITIES |
|
|
||||
Accounts payable |
$ |
1,177 |
|
$ |
1,216 |
|
Current operating lease liabilities |
|
59 |
|
|
62 |
|
Long-term debt - current portion |
|
433 |
|
|
431 |
|
Other current liabilities |
|
599 |
|
|
615 |
|
Total current liabilities |
|
2,268 |
|
|
2,324 |
|
Long-term debt, net of current portion |
|
2,645 |
|
|
2,615 |
|
Pension plan liability |
|
68 |
|
|
69 |
|
Other employee benefits liability |
|
110 |
|
|
112 |
|
Non-current operating lease liabilities |
|
164 |
|
|
165 |
|
Deferred income taxes |
|
423 |
|
|
427 |
|
Other liabilities |
|
319 |
|
|
315 |
|
Total liabilities |
|
5,997 |
|
|
6,027 |
|
Redeemable noncontrolling interest |
|
25 |
|
|
25 |
|
OWENS CORNING STOCKHOLDERS’ EQUITY |
|
|
||||
Preferred stock, par value |
|
— |
|
|
— |
|
Common stock, par value |
|
1 |
|
|
1 |
|
Additional paid in capital |
|
4,159 |
|
|
4,166 |
|
Accumulated earnings |
|
5,041 |
|
|
4,794 |
|
Accumulated other comprehensive deficit |
|
(539 |
) |
|
(503 |
) |
Cost of common stock in treasury (c) |
|
(3,433 |
) |
|
(3,292 |
) |
Total |
|
5,229 |
|
|
5,166 |
|
Noncontrolling interests |
|
18 |
|
|
19 |
|
Total equity |
|
5,247 |
|
|
5,185 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
11,269 |
|
$ |
11,237 |
|
(a) |
10 shares authorized; none issued or outstanding at |
|
(b) |
400 shares authorized; 135.5 issued and 86.7 outstanding at |
|
(c) |
48.8 shares at |
Table 5 |
||||||
|
||||||
Consolidated Statements of Cash Flows |
||||||
(unaudited) |
||||||
(in millions) |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
|
||||
Net earnings |
$ |
298 |
|
$ |
382 |
|
Adjustments to reconcile net earnings to cash from operating activities: |
|
|
||||
Depreciation and amortization |
|
131 |
|
|
127 |
|
Deferred income taxes |
|
(8 |
) |
|
20 |
|
Stock-based compensation expense |
|
14 |
|
|
13 |
|
Gain on sale of site |
|
— |
|
|
(189 |
) |
Other adjustments to reconcile net earnings to cash from operating activities |
|
(1 |
) |
|
(5 |
) |
Changes in operating assets and liabilities |
|
(402 |
) |
|
(506 |
) |
Pension fund contribution |
|
(1 |
) |
|
(1 |
) |
Payments for other employee benefits liabilities |
|
(4 |
) |
|
(3 |
) |
Other |
|
(3 |
) |
|
(2 |
) |
Net cash flow provided by (used for) operating activities |
|
24 |
|
|
(164 |
) |
|
|
|
||||
Cash paid for property, plant, and equipment |
|
(152 |
) |
|
(158 |
) |
Proceeds from the sale of assets or affiliates |
|
6 |
|
|
189 |
|
Other |
|
— |
|
|
(7 |
) |
Net cash flow (used for) provided by investing activities |
|
(146 |
) |
|
24 |
|
NET CASH FLOW USED FOR FINANCING ACTIVITIES |
|
|
||||
Dividends paid |
|
(52 |
) |
|
(48 |
) |
Purchases of treasury stock |
|
(161 |
) |
|
(160 |
) |
Finance lease payments |
|
(10 |
) |
|
(8 |
) |
Other |
|
(11 |
) |
|
— |
|
Net cash flow used for financing activities |
|
(234 |
) |
|
(216 |
) |
Effect of exchange rate changes on cash |
|
(5 |
) |
|
14 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(361 |
) |
|
(342 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
1,623 |
|
|
1,107 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ |
1,262 |
|
$ |
765 |
|
|
|
|
||||
Table 6 |
||||||
|
||||||
Segment Information |
||||||
(unaudited) |
||||||
Roofing |
||||||
|
||||||
The table below provides a summary of net sales, EBIT, depreciation and amortization expense and EBITDA for the Roofing segment (in millions): |
||||||
|
|
|
||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
Net sales |
$ |
957 |
|
$ |
895 |
|
% change from prior year |
|
7 |
% |
|
7 |
% |
EBIT |
$ |
286 |
|
$ |
209 |
|
EBIT as a % of net sales |
|
30 |
% |
|
23 |
% |
Depreciation and amortization expense |
$ |
15 |
|
$ |
16 |
|
EBITDA |
$ |
301 |
|
$ |
225 |
|
EBITDA as a % of net sales |
|
31 |
% |
|
25 |
% |
Insulation |
||||||
|
||||||
The table below provides a summary of net sales, EBIT, depreciation and amortization expense and EBITDA for the Insulation segment (in millions): |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
Net sales |
$ |
904 |
|
$ |
919 |
|
% change from prior year |
|
-2 |
% |
|
7 |
% |
EBIT |
$ |
161 |
|
$ |
156 |
|
EBIT as a % of net sales |
|
18 |
% |
|
17 |
% |
Depreciation and amortization expense |
$ |
51 |
|
$ |
51 |
|
EBITDA |
$ |
212 |
|
$ |
207 |
|
EBITDA as a % of net sales |
|
23 |
% |
|
23 |
% |
Composites |
||||||
|
||||||
The table below provides a summary of net sales, EBIT, depreciation and amortization expense and EBITDA for the Composites segment (in millions): |
||||||
|
|
|
||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
Net sales |
$ |
523 |
|
$ |
585 |
|
% change from prior year |
|
-11 |
% |
|
-18 |
% |
EBIT |
$ |
46 |
|
$ |
49 |
|
EBIT as a % of net sales |
|
9 |
% |
|
8 |
% |
Depreciation and amortization expense |
$ |
44 |
|
$ |
44 |
|
EBITDA |
$ |
90 |
|
$ |
93 |
|
EBITDA as a % of net sales |
|
17 |
% |
|
16 |
% |
Table 7 |
||||||
|
||||||
Corporate, Other and Eliminations |
||||||
(unaudited) |
||||||
Corporate, Other and Eliminations |
||||||
The table below provides a summary of EBIT and depreciation and amortization expense for the Corporate, Other and Eliminations category (in millions): |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
Restructuring costs |
$ |
(14 |
) |
$ |
(18 |
) |
Gain on sale of |
|
— |
|
|
189 |
|
Gains on sale of certain precious metals |
|
— |
|
|
2 |
|
Strategic review-related charges |
|
(2 |
) |
|
— |
|
Acquisition-related costs |
|
(18 |
) |
|
— |
|
|
|
(1 |
) |
|
— |
|
General corporate expense and other |
|
(55 |
) |
|
(53 |
) |
EBIT |
$ |
(90 |
) |
$ |
120 |
|
Depreciation and amortization |
$ |
21 |
|
$ |
16 |
|
Table 8 |
||||||
|
||||||
Free Cash Flow Reconciliation Schedule |
||||||
(unaudited) |
||||||
|
||||||
The reconciliation from net cash flow provided by (used for) operating activities to free cash flow is shown in the table below (in millions): |
||||||
|
Three Months Ended
|
|||||
|
|
2024 |
|
|
2023 |
|
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
$ |
24 |
|
$ |
(164 |
) |
Less: Cash paid for property, plant and equipment |
|
(152 |
) |
|
(158 |
) |
FREE CASH FLOW |
$ |
(128 |
) |
$ |
(322 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424571080/en/
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