05.03.22
In the first quarter of 2022, Owens Corning reported a net sales increase of 23% to $2.3 billion.
“Building on the momentum from an outstanding 2021, Owens Corning delivered another great quarter to start the year. Our results are being driven by continued strong execution by our teams along with the structural improvements and strategic investments we are making to generate higher, more resilient earnings,” says chair and CEO Brian Chambers. “We remain focused on servicing our customers’ near-term demand while also positioning ourselves to capitalize on longer-term secular trends that will drive additional growth for our company and value for our shareholders.”
Composites net sales increased 28% to $714 million in first-quarter 2022 compared with first-quarter 2021, primarily due to higher selling prices and the favorable impact of customer mix.
Insulation net sales increased 23% to $859 million in first-quarter 2022 compared with first-quarter 2021, driven by higher selling prices and sales volumes.
Roofing net sales increased 18% to $838 million in first-quarter 2022 compared with first-quarter 2021 primarily driven by higher selling prices. Overall, volumes were relatively flat as higher shingle volumes were offset by lower Components volumes.
The key economic factors that impact the company’s businesses are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production.
In the near term, the company expects the U.S. residential housing market and global commercial and industrial markets to remain strong. The company continues to closely manage the ongoing impacts of inflation, supply chain disruptions, and the regional impacts of the Covid-19 pandemic on the business.
“Building on the momentum from an outstanding 2021, Owens Corning delivered another great quarter to start the year. Our results are being driven by continued strong execution by our teams along with the structural improvements and strategic investments we are making to generate higher, more resilient earnings,” says chair and CEO Brian Chambers. “We remain focused on servicing our customers’ near-term demand while also positioning ourselves to capitalize on longer-term secular trends that will drive additional growth for our company and value for our shareholders.”
Composites net sales increased 28% to $714 million in first-quarter 2022 compared with first-quarter 2021, primarily due to higher selling prices and the favorable impact of customer mix.
Insulation net sales increased 23% to $859 million in first-quarter 2022 compared with first-quarter 2021, driven by higher selling prices and sales volumes.
Roofing net sales increased 18% to $838 million in first-quarter 2022 compared with first-quarter 2021 primarily driven by higher selling prices. Overall, volumes were relatively flat as higher shingle volumes were offset by lower Components volumes.
The key economic factors that impact the company’s businesses are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production.
In the near term, the company expects the U.S. residential housing market and global commercial and industrial markets to remain strong. The company continues to closely manage the ongoing impacts of inflation, supply chain disruptions, and the regional impacts of the Covid-19 pandemic on the business.