Owens Corning aspires to be a net positive company through strategic collaborations, intentional decision making, and effective corporate guidance.
Economic growth is central to a sustainable enterprise. We are committed to balancing economic growth with social progress and environmental stewardship to continue delivering sustainable solutions to our customers and stakeholders across the globe.
Owens Corning’s economic progress can be measured by its financial indicators and robust performance across each of its businesses. In 2018, Owens Corning reported EBIT for full-year 2018 was $821 million, compared with $737 million during 2017 while adjusted EBIT in 2018 was $861 million, up from $855 million in 2017. The company generated operating cash flow of $803 million and free cash flow of $266 million in 2018. Additionally, Owens Corning converted adjusted earnings to free cash flow at a rate of 48%. During 2018, the company repurchased 2.9 million shares of its common stock for $203 million. As of the end of 2018, 4.6 million shares were available for repurchase under the current authorization. The company’s performance reflects the continued improvements it has made to its portfolio of businesses. The company operates low-cost assets that generate healthy margins and allow for a disciplined capital allocation strategy.
Our communities play an integral role in the success of Owens Corning. We define “communities” as the neighbors of our operating locations, our partner organizations and all other stakeholders. We are committed to improving the living standard of our communities. To achieve this goal, we encourage employee volunteer activities and provide cash and in-kind contributions.
We aspire to build market leading businesses; global in scope – human in scale. Our employees are at the core of everything we do. We are building a diverse and creative workforce through training and development programs, learning opportunities, and incentives. We are committed to work-life balance and ensuring our employees are safe and healthy.
Owens Corning is a long-standing partner and supporter of Habitat for Humanity. Our partnership with Habitat for Humanity continues to help the company deliver on its purpose.